All Forum Posts by: Rick M.

I just called their "customer service" line and a guy named Dave answered. I asked if this was erentpayment.com customer service and he kindly said "Nope you have the wrong number". I would be concerned, since this is the number directly off their site.

From the homepage you would think they are a reputable business, I'm not sure they aren't, but you need to stop the bleeding and tell the community what's going on. Staying silent is the worst thing to do, even if the announcement on the Homepage turns away a few potential customers that's the sacrifice you took switching banks and not planning this out better. At least it would show you cared about previous customers. I use Cozy.co and if they did this I would be just as mad as other customers of erentpayment are currently. I think Cozy is going to be getting a flood of new customers soon.

You need a non-conforming use permit. If not you are dead in the water. Not having the non-conform permit would be a deal killer of me.

I'd have the seller do all this; they need to provide the non-conformity letter. If they can't do that why would you want the property? You couldn't give me a property if it was being used illegally, which currently is basically how it's being used today. 

You have acquired the unit, change the lock and call it a life

If I stuck to the formulas I was given on this site, I wouldn’t have bought the property I have currently.

Do the math. Do you have a net profit at the end of each month? That’s how I calculated mine. I use https://www.whatsmypayment.com/ to get a ballpark of the mortgage (With taxes, insurance). From what I have read if you are making $100 a door net profit, you made a good buy. But like others have said some buy for appreciation, some for cashflow, some want to live for free. The real question is for whatever reason you bought the property, is it fulfilling that task?

Luckily for me the previous owner used Cozy.co to collect rent. Now I use it for all my inherited tenants. First month was a breeze, I anticipate a lot more to come!!!

I was going to say the problem with "Cash only" looks like he's looking to dump the property on you that no bank would touch. With that much cash I'd go elsewhere. Besides at the end of the sale the seller gets cash anyway, whether its your cash or the banks is to be determined by you.

If they keep the unit in good shape and are up-to-date on the rent, it would be a shame to kick out a well-behaved tenant. I know NYC is a hugely tenant friendly state, what’s the price bump from the S8 Tenant rents to market value? For me to bump out a tenant, especially a well-behaved/up-to-date on rent, it would need to be a huge bump in unit rent. My Dad used to always say “If it’s not broke, don’t fix it”

Showing you give a sh!t about the tenants, IMO, is time and money well spent.

Sweet Dreams are made of these

I would think having a pool would be a leg up on the competition. Who wouldn’t want a pool in the summer? That’s an amenity, which I would think, would be a huge asset. Make sure to draft up a pool waiver, get the proper insurance, and pick only the best tenants. I rarely see multifamily properties with pools. I’m not advocating building a pool, but if the property comes with one, maintain it and keep it as a amenity that others don’t have.