All Forum Posts by: Mathew Zorn

@Charlie Pioli Did you ever resolve this?

I do have two properties on a VA loan right now. First property we lived in for 6 years refi and then bought our second house as a main hoise and rented out the first. Im now trying to understand how I can establish a LLC and have the business buy the home. From research Ive found that I can have the LLC buy the home but leave the deed in my personal name and not to transfer the deed to still be compliant with the deed clause for VA.

theres also some bluetooth dead bolts that can be used instead. Kevo is what I have now on my main home. Kevo allows a few things: bluetooth access via smart phone, bluetooth keyfob, and traditional key. Theres a lot more into it but a rental could use this and the landlord could assign a virtual key as well as a hard key to give the tenants a few options of being able to get into the house. When it comes to eviction time it would be easy to revoke virtual keys. Just some food for thought and something for everyone to look into.  

Is a home equity line of credit a refi? Im trying to approach different ways of trying to get my portfolio built before I retire in 11 years with at least 22 properties (single family and multi family along with residential and commercial properties) on the books so i see no loss in income but a gain in income.

I went to my mortgage lender (PennyMac) to use their equity tool. My rental property is estimated at $141,000 and I owe around $126,000 on it. Zillow shows $126,000 (bought the house in 2010 and it dropped 4.1 percent) will lenders see the same thing and how can i tap into it? Im looking to tap into equity to start flipping houses and eventually get more rental properties after I pay off my credit card debt to lower my debt to income ratio, any advice would be appreciated!

So from my experience with the one home I own and rent out I would recommend letting them know that you are the point of contact for the property and to keep it professional. For example if you owned a restaurant and had those regular customers come in every day for their cup of coffee you will get to know them but you still charge them for what hey order and every now and then you might give them some free coffee but you still charge them. This can be the same for the PM/owner where they get to know their tenant and understand parts of their life’s but not to personal so they know you are the person that can charge them and enforce the contract. My friend is my PM and doesn’t charge me because she’s showing me how to manage my property but still being the voice and go to person for my tenant. I left on deployment and the tenant knew and she took advantage of the situation and racked up over $2,000 in fees between late payments and feeling what she felt was right to pay and not following the lease. So when I got back home I had a hard time dealing with the tenant and the PM to be on the same page. We are in the process of renewing the lease and starting over with this tenant. They are on certified funds only and if they miss one payment or they are late then I will start the eviction process. They were told they better settle up before I get home and I laid the law down the best I could. So long story short make sure if you hire a PM make sure they have your best interest in mind and they also follow the lease. I had to forgive a lot of the fees because my PM had so much going on between selling homes and managing over 20 other properties and the storms that came through along with personal family issues that I got put on the back burner. Lessons learned and I know how to manage a little better and want to do this full time when I retire in 11 years! Sorry this was long and I hope I gave you some food for thought.

I have a PM that is the middle man but is also training me not to be a PM as well. I’m not paying anything to this PM but she’s showed me how to screen tenants from credit checks and background checks. I also use a website called cozy.co to screen all of my potential tenants. That way the SSN is blocked out except the last four and I only get the full SSN when they go to apply after meeting the screening requirements.

I use Cozy.co which is free to landlords for most of it and is a really good cloud based platform! Read the QA sections to make your decision!

I’ve tried read all of your replies and will comment soon! Been really sick and getting my 18 year old sister and her 1 year old daughter moving in with us from Indiana. So it’s very stressful here at my home right now. Her plane has been canceled twice now because of the area that I live in can’t handle this much snow. 

Look into Cozy for this. Cozy.co is the web address.