All Forum Posts by: Roy Bias
Roy Bias has started 2 posts and replied 8 times.
Originally posted by @Ivan Chavez:
Originally posted by @Roy Bias:
Originally posted by @Ivan Chavez:
Originally posted by @Roy Bias:
Nathan G -
Thanks, Nathan. I plan to weigh pros and cons once I find a few sites that are reputable.
Let me know what works and what was just garbage!
I went with Avail and loved the details it’d show, i was able to add additional types of fees as needed, able to take in partial payments, etc.. only issue is that my tenant repeatedly claimed to have issues, so going to try apartments.com next.. actually just registered this AM
also, if you find one with text reminders/texting capabilities, let me know!
Ivan,
My wife is a research master lol. I'm going to ask her if she can do a pros and cons for 3-4 different sites. I'll definitely let you know what we think is the best choice for us. FYI..A buddy of mine has mentioned to me that apartments.com gave his tenant some payment issues. Specifically, being able to connect to smaller banks or credit unions. So he's had to make other arrangements for payment and couldn't use the site for rent payments.
Haha put her to work! Keep me posted!
I guess it’s just picking your poison with these sites haha each having their own flaws and pros
also, big congrats on your first rental!!!
We decided to go with a site called Turbotenant and thus far its been great! It says it send out text and email reminders for rent but we haven't collected the first months rent yet so I'll have to update you down the road. I get text messages when a new lead comes in or if someone fills out an application, which I like. The paperwork portion, I believe there are 32 different forms and a state specific lease that can be purchased for $79. That $79 is for one year. If you already have a lease and the "landlord" documents, the site is free to use.
Originally posted by @Ivan Chavez:
Originally posted by @Roy Bias:
Nathan G -
Thanks, Nathan. I plan to weigh pros and cons once I find a few sites that are reputable.
Let me know what works and what was just garbage!
I went with Avail and loved the details it’d show, i was able to add additional types of fees as needed, able to take in partial payments, etc.. only issue is that my tenant repeatedly claimed to have issues, so going to try apartments.com next.. actually just registered this AM
also, if you find one with text reminders/texting capabilities, let me know!
Ivan,
My wife is a research master lol. I'm going to ask her if she can do a pros and cons for 3-4 different sites. I'll definitely let you know what we think is the best choice for us. FYI..A buddy of mine has mentioned to me that apartments.com gave his tenant some payment issues. Specifically, being able to connect to smaller banks or credit unions. So he's had to make other arrangements for payment and couldn't use the site for rent payments.
Originally posted by @Cameron Braig:
Thanks for posting and congrats on getting started.
Thank you, Cameron!
Nathan G -
Thanks, Nathan. I plan to weigh pros and cons once I find a few sites that are reputable.
Grant Thompson -
Thank you! It certainly was frustrating at times but I'm glad I pulled the trigger. I'll give these sites a try, thanks!
After about 4 months of looking at different properties, I've finally closed on my first rental! Only bad thing, in my opinion, is that its a condo. Condo fees are currently $205/month (it will go back to $125 after the 4k has been reached for the new roof they put on two months prior to buying it). That does include trash, snow removal, and landscaping. Total monthly expenses are around $710 per month and market average for this area with similar sqft, bedrooms, amenities is around $1200. Just wanted to share with this community since its what helped get me started!
Also, any suggestions websites to help manage it? I've heard Zillow has a good rental management tool that allows me to list, send lease agreements, receive rent payments, etc.
Thanks in advance,
Roy
Originally posted by @Corby Goade:
What do you mean that you could "borrow more money" if they are both requiring 25% down? I typically preach on these boards to shop for lenders based on service, not rates, but you have quite a difference here in the cost of money, why such a big difference in the rates? Are you sure you aren't paying points on the lower one? Lenders love to make their quotes as confusing as possible for this exact reason. Typically if you are getting a very low rate, you'll have higher closing costs and vice versa.
I would still weigh your decision heavily on service- if you are in this for the long haul, you need a relationship with a lender who will go to bat for you!
Company A (4.1%) stated I could only borrow 130k. Company B (2.99%) stated I could borrow up to 180k. Company B did not mention paying points. I ended up going with Company A for a few reasons and you mentioned some of them in your reply. Thanks for helping out and answering my questions!
Hello all. I'm a rookie investor and need some advice. I am currently in contract on my first investment property. I was using lending Company A who gave me a 4.2% on a 30 year with 25% down. Company B stated they could give me a 2.99% with the same amount down (25%), same length, and I could borrow more money. After deciding to use Company B and having a pre-approval for the same property, they came back after being in contract and said they could only do a 15 year at 2.99% because the amount I was borrowing (110k with 25% down) was too small to qualify for a 30 year. Should I go back to Company A so that I have more cashflow each month (worried about closing being delayed if I switch) or stick with Company B? I should mention that there is a $205/ month condo feeThanks in advance for the advice.