All Forum Posts by: Carol Kohn

Sorry about resurrecting this old thread, but wanted to comment on how incredibly helpful this thread and @Gabriel Garces experience has been to the current property I am trying to refinance after paying all cash. Being a buy and hold investor, and after reading this article, I am going to definitely go with a cash out refi instead of a home equity loan in order to get the lowest payment possible, for as long as possible. 

As a side note, I just found a fantastic mortgage loan officer with GEM Mortgage Alan World who is an investor himself, and knows all the ins and outs of cash out refi versus home equity loans in my state. Always nice to have a mortgage guy with the mindset of an investor to bounce ideas off of. 

Thanks again for the great post on this topic!

@Sarnen Steinbarth I mistyped that sentence. It should have read Would be especially helpful when custom questions are added so they can be previewed as part of the application. 

Hopefully some of the suggestions can be implemented in future versions. 

Luckily, I had one potential tenant request a viewing last weekend and the tenant fully qualified. Now that my place is rented, I thought I would give a review of TurboTenant (TT).

I will not rehash what I posted previously as it was just unfortunate timing that I signed up the day that the website went down due to AWS server issues. 

As stated previously, it does take time for the listing to show up on the major listing sites like Zillow and Trulia. In my case, updates to the description/rental price took about 24 hours. 

Pros: 

1. Tenant flyer. The best feature, by far, is the printable flyer. It has a QR code and a tiny URL (handy for posting to Twitter). Very nice presentation and layout on the flyer as well.
2. The application process. The QR code on the flyer makes submitting applications via a mobile device very easy for applicants. Especially since some potential tenants only have internet access on their phones. The questions on the application itself are fairly all inclusive, and there is an ability to add a few custom questions. A nice feature is the ability to add attachments/photos like drivers license, paycheck stubs, etc.
3. Tenant screening. Although TT is a bit higher ($5) than other screening providers, the layout of the screening report is very easy to read with a recommendation on whether to accept or reject the applicant. I do like that it shows the actual credit score on the screening report (compared to some other tenant screening services). 

Cons:

1. Long wait time for synching to syndicated websites. Once all the kinks were worked out with the website being down, a simple edit to the description and monthly rent $ took about 24 hours to show up on other sites. Once the property was rented, it took a full 48 hours for the listing to be removed from the syndicated websites. Next time, I will publish on Zillow first, then TT to ensure timely updates. TT does syndicate to sites that Zillow does not, so I see no harm in posting to both (my opinion only).
2. It would be nice if there was a way to easily preview the application template. I had to search through the help pages to find this info. Would be especially helpful if custom questions are added. 
3. The printouts of the applications and screening reports are not well formatted. The content is cut off at the top and bottom. On a side note, as a temporary workaround for those wanting PDF exports, I use the "print to PDF" functionality on my computer to create PDF files for the applications. @Sarnen Steinbarth I keep all my accepted tenant applications on a cloud drive (I am sure alot of landlords do the same), so it would definitely be a nice feature to download to a PDF.
4. The process for publishing rentals and working with applications is not very intuitive. It would be helpful to have more step by step guides on the website. I found myself combing through the help center/faq's in order to complete my first listing. 

I will use TurboTenant from now on, however, in the future I will definitely post on Zillow first simply for the speed of listing changes. 

Oh, and I am still waiting on that Amazon gift card Sarnen... 

I just tried TurboTenant for the first time and have had nothing but a bad experience. As I was drafting the listing, the TurboTenant website went down for a few hours. Since it was late at night, I had to wait until the next day to finish drafting. Finally drafted all content, uploaded all photos, made the application available online, and marketed online.  The listing showed up within a few hours on zillow, hotpads, trulia, etc, however.... the photos did not show up on any of the listings. Customer service says this happens frequently and they had to do a manual push to the syndicated websites. Waited several more hours until the photos finally showed up. After all this, I realized the rental price was incorrect. Another 12-48 hours for this to be corrected. Now the photos are missing again on all the syndicated websites! I had planned on an open house today but due to lack of responses to my listing, I am postponing until next weekend. 1 week of possible revenue lost due to the issues with TurboTenant. Will likely not use again unless TurboTenant can majorly resolve their issues.

@Sarnen Steinbarth can you look into this?

@Nitin Dhiman I just spoke with Quicken Loans and the 50(a)6 rule does not apply to investment properties. QL does have a 6 month seasoning requirement though. Did you ever find a lender to do your cash out refi? I am looking for one now... 

@Joseph Knapp I currently self manage so I have no property mgmt fees. Also, tenants pay all utilities and are responsible for lawn maintenance. I am considering moving to a model that will offer lawn maintenance for a higher rent price, but it's just a thought. Here is a more in depth look at income/expenses:

@Eric Stephens Only multifamily properties (2-4 units). If you run across any, would be glad to hear about them! Thanks!

@Shanel Wiggins Working on it. Just toured a duplex today that I will likely make an offer on. Will update on whether that work out. 

@Shanel Wiggins I found it on MLS. It was an aging listing because it was overpriced at $189k. I offered $150k to see if the seller responded. He did and we ended up at $165k.

@Thurman Schweitzer It has been a great learning experience for my 1st time. The price was initially negotiated to $170k, then a further reduction to $165k based on the appraisal. 

Here are the final stats (not sure if this will copy and paste correctly):

On the land lording side, I was forced into a crash course when I had to kick out one of the tenants due to non-payment of rent. I filed for eviction, but tenant requested a written agreement for a payment plan to pay back rents owed and a final move out date. I assumed that tenant would not stick to agreement for payments, but they did move out on the agreed date, with only minor damage to the unit (less than $1k damage. They knocked out a 12"x12" hole in the sheetrock, but could have been much worse). I now have dependable renters in that unit who pay every month on time. 

Also, both tenants pay online now, rather than driving 30 miles into the previous management company location. They are both happier about that :).

Will be looking at my second duplex this week and hopefully making an offer.