All Forum Posts by: Elizabeth Chang

@Kayla Jones

I've been using Cozy for all my rentals and I am very happy with it. ACH direct payment transfer when rent is due from Tenant's bank account to my rental checking account once it is set up. You can set it to collect the late fee automatically as well. I don't use Venmo or Zelle unless it is absolutely necessary since I want to automate my rent collection as much as possible. 

I like their listing syndication to major rental platforms, tenant application and background check features as well. Best thing is it doesn't cost me anything :)  

@Anthony Vander Meer also messaged you! Thanks! :)

@Joe Splitrock thanks for responding! My understanding is by doing this loan, I'd be able to avoid paying PMI as well!

@Jason Lee

Ahh thank you for breaking it down, you are totally right. End of the day it's 90% LTV financing contingency in the contract. Thanks for the insight, super helpful to help me think through it.

@Anthony Vander Meer That's awesome. Congrats Anthony! Do you mind me asking how did you position your offer to make it more competitive since it's really 90% LTV financing contingency in the contract which is not typical in NYC or Manhattan luxury condo space. How can I make a case to strengthen my offer? Thanks in advance!

@Jason Lee

Thank you Jason! Yes this is exactly what I was looking for! Found a helpful article as well below, looks like I can position the offer as 80% LTV with convention loan since the Heloc is a separate loan that I'd be taken out at closing if I'm not mistaken.

https://www.nerdwallet.com/article/mortgages/80-10-10-loan-how-it-saves-you-money

Do you know any lender who has this product in NY? I’d appreciate the referral! Thanks.

Hi all! 

I am based in NYC and looking to purchase a primary residence Condo in Manhattan. Has anyone successfully done a purchase with 20% down, 80% financing where the buyer only puts down 10% cash, the other 10% is funded by HELOC of the same subject property at closing? Esentially buyer will close the first mortgage at closing then simultaneously applying for a HELOC. I have heard about this financing method from a few people, but want to reach out to the BP community and the financing experts out there! Does this method work for both Condo & Coop in NYC? Thank you!

Hi, I'm looking to buy a SFR in Las Vegas. Purchase price around 500k. What's the typical EMD? Thank you

@Jimmy O'Connor Hi Jimmy - agreed with what you said above. The market is still very active, similarly, I have been outbid on 3 deals in Philly just last 3 days. I am looking specifically in West Philly for cash flow buy and hold. I also sent you a PM, would love the opportunity to network and I'm currently looking for more investment deals in Philly. 

I’m certainly seeing the impacts. My properties are in urban metro cities, we are experiencing 1-2 cancellation per day due to coronavirus. People want to avoid crowds and visit major sites especially family with kids.