All Forum Posts by: Ned J.

Wow...just signed up with them in anticipation of using them when I fill my 2 current vacancies.....I had looked at Cozy also, but it looked very basic for customized options and accepts partial rent payments, which I don't like at all....

This website scares me too..... :)...... I had 3 rentals before I even found this website and I have learned a ton since I found it. I've learned that even though I have 3 SFR's for about 4 years, I don't know JACK!! My deals were still good, but not nearly as good as I thought they were.... there is so much information on here, that I often feel overwhelmed and completely clueless compared to others on here....so many different options within REI that it can be completely overwhelming to try and understand all of them.....and opinions are all over the place... I've learned that there really is no "right" answer or option/plan...... sometimes I feel like I am drowning in my options and having some many choices paralyzes me to choose one.... that's my hurdle I have to overcome......I just need to pick a plan and move on it.

I will freely admit it.....I'm intimidated by all the people on here that know a ton more and own a ton more than me.....but the people are fantastic and I have learned so much with the help of some great people.....

Depends on the cost difference....if you can get SS pretty close in cost to a white etc, then go SS for a more modern look. A tenant isn't going to outwardly say "oh wow, stainless steel appliances.... I'll take it".... but subconsciously it will be there just as much as having nicer paint colors and floor etc. Just consider the return on investment....if we are talking small $$ to get the "better" look of SS, its probably worth it......but tenants are going to look at a ton of other things before they truly care about the color of the appliances

Its all about risk......yes paying off your primary is a poor CoC return at 4%, but the risk is ZERO, and if you take the cash you were paying the bank and use it to fund more deals, you are still moving in the right direction. And for me at least, you can't put a "return" on the feeling that I own my own home straight up. Once I paid it off, I took out a HELOC, so the $$ isn't completely locked up for me to use if I want to..... if things crash, the banks may freeze it, but in the mean time I'm stockpiling cash so I may not even need it.

For me it came down to the fact that in CA, the deals are very sparse, hard to find and tons of competition....so I got tired of seeing my cash just sit there earning 0.05% in a savings account. I was able to pay off my house and still have enough cash that if something did come up, I could use cash and some HELOC to buy it. So I didn't make myself "broke" by paying off my house....still got lots of other investments in stocks/mutual funds/IRA/401k etc etc...and I have 3 rentals .....so paying off my house is just part of my low risk aspect of my investments.....but far from the best investment return for that portion of my investments....

I have zero plan to pay off my rental mortgages any quicker than necessary....my philosophy for my primary vs rentals is different.

I have investments that have higher risk and potential higher rewards....and some that are conservative with much lower risk that don't return as well....its a balance.

I'm looking into this currently also.... I have 2 vacancies and figured it was a good time to switch over from the "check in the mail" way to electronic I signed up for Cozy first and then found erentpayments.com..... haven't officially used either yet, but my first impression....Cozy is very basic and simple.....erentpayment has a lot more features that you can tailor....like accepting partials payments or not, when and how to tag on late fees, one time vs recurrent payments etc, email notifications etc etc....so you have quite a few settings to tweak to your liking....Cozy seems very basic......but is free.....but erentpayment is only $3/transaction.....

I think I'm leaning towards erentpayment.com

I'm about to install the Lifeproof vinyl plank "click together" plank this weekend...we bought the more expensive, thicker version at $2.79/sq ft.....we will see how it goes. My wife and I did glue down engineered hardwood in out own house and if we can do that, I'm sure we can do a "click and lock". Everything I researched pointed toward the LVT plank..... nearly indestructible and water proof...I have no plans to ever replace carpet again....and tile is more expensive to install....

@Yiftach Ilyov....Cap Ex is Capital expenses.....its the expense category for big ticket long term items like roof, carpet, paint, HVAC, etc that every property will need to have repaired/replaced at some time. Some people set aside a certain % of the income from the property (typically 8-10% of the monthly income on the property) into a separate account so when those big ticket items come up, the cash is sitting there available to pay for those items..... that account balance is allotted just for CapEx expenses.....other just lump it into one account and keep big reserves available and all their expenses come out of the same account

CapEx should always be accounted for in your cash reserves....you will have those expenses sooner or later....some just partition it out rather that lump it

If the place is in that bad of shape and needs quite a bit of real work done I would get them out and start fresh. Depending on their current lease status, that may mean just 60 days notice, or cash to move out etc. Trying to rehab a home with a lot of neglected maintenance while an "iffy" tenant is there is a huge PITA. They are already primed to complain about stuff (and sue) and once you start fixing things, they will add more and more to the list that they feel is "necessary" that you feel is not and there will be conflict.... you can bet on it. They think they have a new sugar daddy savior to make the house exactly the way they think it should be.....

My advice.....get the tenants out....fix the important stuff and get new tenants. I know having a vacancy is scary, but is likely less hassle than trying it the other way

No way in hell am I moving/removing/altering a 24 foot load bearing wall without a structural engineering plan in place.  That's a huge span and altering it is nothing to take lightly.

I'm in CA, so 4k seems dirt cheap...which would scare the hell out of me.....especially when the other one is 14k....something doesn't add up.

We are all trying to save $$ but remember.....this isn't hanging drywall, or painting, or carpet or counter tops....this holds the house up !!! Don't cut corners or cheap out....do it right....