All Forum Posts by: Lucas Hall

Nice work @Al Williamson!

Hi @Rasheed Mcdaniel

I've used Avvo.com in the past.  It worked well for helping me create a "short list" of attorneys. 

Tenants will only initially look at the rent price when shopping for their new home. They usually don't consider the utilities until after a showing.  You're going to narrow your pool of potential inquiries by raising the rent.  

I'd go with the normal heater. 

Hi @Bryan Bacallao

I suggest getting a credit report and a background check. 

Here are my standards:

1. Income = 2-3x rent
2. No evictions, ever
3. No convictions last 2 years
4. No violent / armed crimes, ever
5. No or low credit card debt
6. 650 credit score or higher

I don't think collecting last month's rent is wise.  It only restricts your usage as a landlord.  If you want more security than first month's rent + a 1 month deposit, then collect a 2 month deposit.  But also know that most tenants will have a hard time coming up with 3 months worth of money at once while continuing to pay their current rent. 

 I've been collecting 1st months rent + a 1 month deposit for 10 years and it works fine as long as a do a great job screening applicants. 

I would also say "no".  The public school system wouldn't accept your background check if the situation was reversed, and nor should you.

A middle school student can falsify a background check with photoshop in less than 5 minutes.  It's too risky. 

Hi Justin,

I think it's wise to keep a separate operating account from your personal funds.  Further, I think it's good idea (and maybe a statutory requirement depending on your state), to keep security deposits in their own separate account.  I have 5 properties, and my setup is:

- 1 operating bank account for all rentals (where rent goes and expenses are paid from). 

- 5 accounts with check writing abilities - one for each property - where I store the security deposit, and nothing else!

Hi @Kristen T.

How about a coupon for "free babysitting".  I know that's kind of personal, but as a parent of a 3 year old, I know it would be greatly appreciated. 

I also wrote a post with some other ideas last christmas: https://www.landlordology.com/gifts-for-tenants/

Good luck!  Let us know what you choose!

Congrats @Dustin Figenscher!  

Once you're able to prove your rental income on a tax return, but before you move-out, you'll likely be able to refinance it and get rid of that FHA mortgage insurance. That'll probably save you a few hundred dollars a month too! But once you vacate, and it's not your primary residence anymore, then you probably won't qualify for a refi so quickly afterward to the original purchase.

Great work man! From everyone at Cozy, we're happy to support you!

Hi @Craig H.

Good news! Cozy will work on any mobile device or tablet.  Just login via a mobile web browser.  No need to download another app. You can also save it to your home screen by following these instructions: http://www.howtogeek.com/196087/how-to-add-website...

With that said, enough people still want an app to download in the App store, so we're building one.  But in the mean time, all the same access is there via your browser.  Cheers!

Thanks @Brandon Turner!  That explains a lot.  Thanks for the feedback!

@Justin C. Yes, faster options are coming!  While the national ACH system is regulated by the Fed Reserve, soon with Cozy you'll be able to accept credit cards, and even push the payments to a debit card - which should shorten delivery to 1-2 days.  

Just an FYI, 3-6 business days is the standard ACH turnaround time with any company using the ACH network, and there's often some delay depending on each bank's policies.  If it's any faster than that, they are loaning you money in the interim - which is fine but it usually has a max transfer limit, or there is a lengthy pre-approval process where you turn in previous tax returns, proof of business, profit/loss statements, etc. When you're looking into payment companies, be sure to check their approval process for payments.  For example, it took me 3 months to get approved through Buildium to accept online rent payments when I was using it a few years ago. 3 months!

At the end of the day, 3-5 days is not bad considering Cozy is free.  

Other things you can do is to request that your tenants account for the transfer time when they pay.  There's no reason why they have to wait until the last minute to pay rent. 

Tenants get credited with payment on they they initiate payment - just like with a check - they get credit for the day they drop off the check, and then the landlord must wait a few days for the check to process.  

Anyway, I hope that helps.