All Forum Posts by: Ganessan P.

I have tried Zillow rental application manager recently and there are good improvements. They wanted to verify that i am legitimate buyer and after back and forth with support team with documentation, it got resolved in 24 hours. Its reasonable.

I have similar question on the same topic. If i get real estate agent license, and if i am going to use just for my investing purpose .. still ..do i need to get any insurance ? and do i need to work under any brokers ?

@John Lanser

3 options which i know . 

• You can try zillow rental manager, where tenant can do the ACH for free of cost (to both the tenant and the landlord) . Only thing i hate is it takes 7 days to receive the rent amount in my account. 
• If tenant has premium checking account in their banks, bank can do unlimited same day wire transfer.
• Other option is Zelle which you can receive the money right away, but only downside is $1000 per day.

@Snehann Kapnadak - Congrats on your first property. Great summary, the lesson learnt is more important than how much we earned in our deal.

Hi @Dom. Yes, you are 

@Dominique Long - Yes, you are 100% correct, you can withdraw only on the equity. Please note that there are credit unions which would do HELOC without closing costs. You need to call around. Strongly recommend to create a spreadsheet and put all the credit unions, local banks and big banks who can offer HELOC without closing costs. This data point would be very useful in your REI journey. Yes the offers on closing costs could vary based on timings and there are some financial institutions who offer promotional rates on HELOC for first 9-12 months too.

How many days does the Cozy take for the payments to be credited in your account ?. Zillow takes 7 days that's the pain in Zillow.

I have used zillow in the past for the background checks, and it works fine for me.

Looking at a lot, the seller asking price is around 260K where CAD ( Central Appraisal District ) price in the online is around 150K .. Is this normal ?

Yes, it is common to put the offer before seeing the property where tenants occupied especially for duplex, triplex and fourplex. In the contract you put the language for a) Maintenance work order receipts for the last 2 year b) Lease Agreements. Sometime seller is willing to share the lease agreements before executing the contract.

I am new to this, but i have learnt ( reading books and podcast ) is ... Keep the primary ( since its appreciating it ) and rent it out, and at the same time pull out the equity as HELOC . You can use the $$$ from the HELOC to put down as down payment in your next property.