All Forum Posts by: Chris Wange

Hi @Greg Schuricht.  I've been using Cozy for over a year now.  Like everyone else has said, payments can take 5-7 days when considering weekends and holidays, but it's free.  If you're looking to keep payments, applications, background checks, etc. under one roof, there are going to be tradeoffs.  TenantCloud is another I'm considering, and the main reason I haven't moved there already is that they don't currently allow tenants to create an auto-debit each month.  They do cost $90/year if you want to allow bank transfers, and it appears to take a similar amount of time.  But they also allow for residential and employment verifications through RentPrep so you don't have to do that yourself.  I don't believe Cozy has this option so last time I did the background checks through them but had to do the verifications myself.

Is it just the top that is stained?  If so, and you are unable to clean it off, how about just replacing the top?  Not sure how easy it would be to source a top of that age, but it could be more cost effective than replacing the whole thing.  We have a oven/stove which was new and got a chip in the top by a contractor, and they just replaced the top.

Hi @Sara Dunn.  If they admit fault, can you have them pay the repair person directly?  Also, maybe add something to the lease such as:

"Any repairs due to tenant abuse or negligence which must be done immediately will be added to the next month's rent as 'additional rent.'  This will be due along with the next month's rent and subject to late fees and possible eviction if not paid by the due date."

Not a lawyer, but maybe that would give you what you are looking for?

Hi @Bob Dole.  Do your current expenses include saving for repairs, maintenance, capex, etc.?  Are you planning on finding and vetting tenants, doing your own repairs, and dealing with tenant drama; or will you be sourcing all of that to a property management company?

Based on your rent range and your total expenses, I'd say you've got some slim margins if the expenses include what I've mentioned.  If not, you'll need to carry the difference.  Maybe you can do that, but what if rents go down or you have a vacancy?  How much are you willing to put into this of your own money?  

How much has been your maintenance and repairs so far?  How old are the furnace, A/C, roof, etc.?  Make sure you're budgeting for all of that.

Coming from someone who has 2 rentals which were former residences and not purchased as investments it can be tough to make it work.  Especially at the start and in a market such as yours.

It might be better to sell it and take advantage of the tax free money and put that towards an actual investment whether that be near you or somewhere else.

Good luck.

I second looking into Huntington. I just closed last weekend on an investment property HELOC. They offered a max of 75% LTV on one investment property. Not sure if they have branches in Ohio though.

@Elenis Camargo - I didn't want to be sitting on the cash and have to start making principle and interest payments right away.  I prefer to have it waiting for me until I need it and have the flexibility of only having to make interest only payments if it made sense.  Also, I applied when they had a promo eliminating their annual fee so it costs me nothing to have this.

Hi @Elenis Camargo. I am actually closing on a HELOC (on an investment property) on Saturday with Huntington Bank. They allow for a max CLTV of 75% on one property. So if you have multiple, you can't get a HELOC on multiple investment properties. I probably called a dozen local banks and Huntington was the only one which offered a HELOC. Several would do a HEL, but it isn't what I wanted. Hopefully they are in your area.

Hey @Sean Morrisey.  At our inspection a couple months ago, they only asked for the landlord-tenant addendum and background checks.  Did we just squeak by before they started asking for more?

@David Ho - Is the triplex still available?

@Joshua Mercado - Do a search for house hacking.  That might appeal to you and is a great way to get started.