All Forum Posts by: Jon W.

I use cozy.com. They keep updating their service. Very easy to use. You can upload leases and send them to tenants also do background checks, receive maintenance requests and of course receive monthly rent payment. You can also input automatic late fees!

Hope that helps!

No matter what property you buy you are more than likely going to have to fix something. Floors, vanity, toilets, appliances, etc. 

I would make sure whatever you buy the 1st time there are no major concerns i.e roof, septic, furnace, that's pretty much the most expensive things on the list. 

I would definitely recommend self management so you can learn the jists and how to control tenants. Also educate yourself on your states specific laws regarding landlord/tenant disputes. Eventually you will have to evict someone and it will probably be the tenant or tenants that come with the property you purchase.

I wouldn't worry to much about the realtor as long as they seem smart and respond back to you in a reasonable amount of time. 

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raise the rent 20% plus or exclude water etc or both. I would never end a lease on a tenant who always pays the rent unless they are damaging property etc

they cant sue because you are backing out of the deal because of unforeseen issues uncovered in the inspection. 

Immediate execution of the tenant(s). There is no room for negotiations especially from inherited tenants.

If the tenant always pays on time and doesnt call or txt you about nonsense issues I might say ok.

If they constantly complain it's going to be this stove top and then next week it's going to be the closet door that doesnt close perfectly and then the bathroom toilet and then a new refrigerator etc.

Grease lightning! I'll decide for you.

Say no!

New York state lending laws will allow you to put less than 20% down on a investment property. 

You have to find a lender that is willing to do the deal which usually means you are walking into equity the day you buy the deal putting just 10% down bringing your LTV to 75-80%

Quicken will not do this deal. Trust me. They are to large of a bank to bother with it.

Small community banks and credit unions in the area the investment is located will be willing to lend less than 20-25 %. 

Make sure you specifically explain to the banker in detail exactly why you know the deal has existing equity i.e. recent sales comparables and of course the appraisal says it all!

  You can use google voice on your phone. I have gave my actual cell number to tenants in the past and they only abuse it by calling late at night or early in the a.m. 

  I have even had tenants prank call me. So I would recommend not giving a tenant your cell number especially with the month to month people that you have on the property which sounds like you more than likely will have to evict for one reason or the other!

You will need a electrician to look at the meters to see if they can be split. 

 Be careful who you use contractors will take advantage of you once they find out their working on a rental property.

650 sounds like you can definitely raise rent. I would find out how long the current tenants have been living on the property because if they are long term tenants you more than likely will not be able to successfully raise rent without doing a eviction!

Hello! 

I've been thinking about doing a portfolio loan cash out for my rental property which is valued based off the DSCR. My only concerns is what if my residential rentals appreciate more from recent sale comps? Would I be able to pull them out of the portfolio loan? Or would I be better off taking equity loans or investor cash out loans to get money to buy more rental property?

Any thoughts?