All Forum Posts by: Karen Higgins

Has anyone used Cozy.co??  Pros / cons?

Hey everyone!  I'm in need of a new online rent payment system / property management program.  I have used erentpayment.com in the past, without a problem until this week.  They are having some serious issues and have not deposited the rent into our account for this month.  It's approx $12,000 that is currently "being held" and that is unacceptable.  We currently have 56 units and I would like something that has online payment options.  Let me know what you use and the pros / cons of options out there.  Thank you for your help in advance!!  It's a bit stressful right now.

We have 2 accounts. One for security deposits and another for operations. What percentage are people putting in their capex accounts, if separate? Are you putting in a percentage of total rents or NOI?

Thanks for all of the advice.  I will be looking into attending some of these groups.

@John Woodrich, Thanks for the information.  Do you currently do CPA / tax work, with a specialty in real estate?  I would like to discuss our situation with you further if that is an area you specialize in.  We are from the north metro area of Minneapolis, Andover, and invest primarily in the north metro region, and up to an hour north.

Good morning!  I'm looking into attending / joining the Minneapolis based MnREIA.  Are others members and / or would you recommend that I join.  My husband and I are buy and hold real estate investors in the Twin Cities metro, primarily northern region, with 30+ units in our current portfolio.  Thanks!   Karen

My question is about marketing / branding of our company. My husband and I are primarily buy and hold real estate investors and currently have 30+ units. They are separated into 3 separate LLC's for asset protection. What is the recommended way to brand our company? Is it okay to just pick one of the LLC's names and use that on business cards and our website? What are other people doing when they have multiple LLC's. Any advise welcomed. Thanks! Karen

@David Moore

I have been working with NREIG insurance, and they are giving me great quotes for premiums. Almost 1/2 of what my we are currently paying. Thanks for the recommendation.  Question: What are most people using for their insurance coverage standards??

"The Replacement Cost minimum coverage amount is valued at $70 per square foot or $35 per square foot for Condo units."  This is the minimum coverage offered.  Does that seem like enough coverage?  What are most people using for their insurance coverage standards??  Any help would be appreciated.  Thanks!

Thanks for the input!  I'm currently putting together our information to get a quote from NREIG.  We currently have 19 single family resistance and 2 multi-family properties (one is 3 units, the other 4 units).  We have also done a handful of flips as well.

Hey all! 

I'm new to Bigger Pockets and am very excited to be part of this community.  I'm looking for some guidance regarding insurance options for our multi-unit properties in Minnesota.  Our currently agency is requiring that we have an "apartment policy" for all properties that are > 2 units.  They are running $200+ per month per property, which seems a little excessive.  Our single family properties are able to be insured for $60-$70 per month.  Does anyone have any good recommendations for companies with more reasonable rates.  Thanks!

Karen Higgins

Higgins Investments, LLC