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All Forum Posts by: Connie Chan

Connie Chan has started 13 posts and replied 233 times.

Post: Anyone ever used Cozy.com

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Randy Bloch yup, it has a few other features. Of course I mostly use the rent collection and rent notifications and financial reports. But there’s also other features like receipt tracking, documented tenant chats, and free listings and tenant screenings. I haven’t used the listings service yet but it covers all the major sites. My favorite part though is the multi user support. You can add property managers or co-owners (I set my husband and mom as co-owner) and this way you can all access and manage the rental together. If mom goes to Home Depot she can log a receipt and I can see it on my end and edit however needed. Kind of like Google docs for property management!

Post: Anyone ever used Cozy.com

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Michael Pike what are the features on TC that you like most?
Any tips to get the best rates on a refinance for a rental?

Post: Anyone ever used Cozy.com

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Clark Harris I use the Tellus app too. It has rent collection screening and listings. The listings covers Zillow and craigslist too so it’s quite comprehensive. And also free!
@Jacob Jeb I have landlord friends who use a lot of the common payment apps. Venmo, PayPal, cash app, etc. but I have advised all of them to switch to landlord specific software. There are indeed downsides to using the non-real estate options. Here are a few: 1) really hard for tracking and bookkeeping which means you won’t scale as easily -- also Venmo has a wIthdraw daily maximum, 2) can’t block partial payments which means hard to do an eviction in some cities, 3) can’t automatically enforce late fees which means you have to be the one checking if rent came in and go ask for late fees if not, 4) takes more time in the long run (When you’re doing taxes or having to remember each month if someone is late, the time really adds up). I use an app called Tellus that lets my tenants pay but it’s made for landlords so it addresses those issues above and I get a notification automatically if rent is late.

Post: crowdfunding is it good or bad?

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Randy Bloch also following to hear what others will say. Am curious what people like and dislike about all of the online options out there.

Post: want to block partial payments

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Grant Delmonte I also use a TellusApp and can confirm it does allow you to block partial payments. You can also change that setting by property so it’s nice to stay flexible. I wouldn’t recommend Venmo for rent collection. It’s hard for finance record keeping, doesn’t let you block partial payments and most importantly there’s a cap to how much you can withdraw to your bank account. I know landlords who every month for five days straight need to transfer money out. I’d rather just automate all of that away.

Post: Do you use Home Warranty?

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Michinori Kaneko I don’t use the warranty because I find they usually can’t respond to most issues fast enough. It doesn’t give me control over the service I provide to my tenants. However I think the answer depends on what class rentals your homes are and how susceptible do you think they are to having issues where the warranty will kick in. For example a fairly new class A rental I wouldn’t buy it.

Post: Reccomended Books on AirBNB

Connie ChanPosted
  • Investor
  • Posts 239
  • Votes 149
@Thomas Glenn Nolo has a book just for Airbnb rentals. They have some fantastic books for landlords so I would recommend checking theirs out. Also remember these management books are tax deductible so keep the receipt.
@Shiloh Lundahl I think it still helps for 1) downside price protection and 2) also getting longer term tenants. The thing is school ratings change so while its a nice to have, dont make the purchase decision based on it.