All Forum Posts by: Jeffrey St.Laurent

@Charles Situ I like that layout In the first picture it’s functional loos good and more cabinet counter space etc - I have seen it before

@Charles Situ Here is an example of a property with the L shaped kitchen https://www.zillow.com/homedet...

@Charles Situ and @Michael H. - converting the pantry to a second half bathroom with washer and dryer is also very common and it’s a nice touch. Who doesn’t love two bathrooms?

@Charles Situ I am with you on the load bearing wall. I am sure it’s doable like anything but how much engineering and work is involved to make that happen. At that point your likely opening most walls so moving a gas line to an exterior wall likely isn’t a big deal. I don’t think your truly need two showers. Probably not worth the additional cost as it really wouldn’t get you much more rent if any compared to a half bath. More plumbing more headaches. A full bath and a Half bath is enough in my opinion. Also looking at more work and cost moving the washer and dryer into the back hallish area. A coat rack and shoe area would probably be more appealing to most tenants. I think the L shape is a better look and usage of the space then an island. The islands in those properties always feel and look more out of space as they end up awkwardly placed in the middle of the room. In my opinion I just haven’t seen one done right that looks like it fits and just wasn’t thrown in there. I am sure it happens but I am yet to see it.

It seems rarer and rarer to see the dining room actually used as a dining room and most use it as an extending living area or playroom/spare room office etc even though it’s open.

I have seen many layouts changes over the past years. A common thing is removing the wall between the living room and kitchen. Another common method is putting the back left bedroom door in the hallway and removing it from the kitchen area. Another method I’ve seen is doing an L shaped kitchen where the parlor heater/stove normally is. I have questioned if the middle wall is load bearing and what is involved with removing that wall. I personally have not been involved in such a project just seen the completed layouts.

I know many of the siding companies in the area won’t do 3 families. I’ve heard good things about Scott’s siding and they also do 3 families from what I have been told.

@Daniel Hyman Could you share the names or DM (if needed). I would like to take a look at what else is out there.

Long time cozy.co member/user. As you likely know apartments.com has acquired cozy.co. As of today there has been no impact to current customers but I fear that won't continue to be the case for any current member. Cozy.co says accounts will be migrated by mid year 2021.

I just helped a family member setup a new landlord account to use cozy.co. New landlord accounts can only create directly on apartments.com and no longer on cozy.co. 

The new site on apartments.com is very limiting and clunky - it's a total 180 spin form cozy.co which works great. You have to enter data for every unit even occupied units that you have no plans to rent anytime soon. They want to know availability date for occupied units, rent, bedrooms, baths and sq feet. 

The most concerning change from cozy.co is they are forcing you to screen every single tenant if you allow applications (of course to make more money). If you live in a State like I do you can’t have tenants pay application fees - its not allowed and has already been a court case about using sites like zillow to charge tenants. 

You’re basically forced with two different options going forward with apartments.com:

1. Forced into accepting screening for every applicant. (Again illegal in some States to charge application fees)

2. Or, can no longer accept digital applications via this service which complicates operations and makes it that much harder to go from the application to automatic rent collection. Previously it would be just "one more step" now its a bunch of hoops if you can't accept digital applications due to the cost of screening.

Previously you could send the application to people and have them skip the screening steps until you reach the point where its time to screen. I personally do all the reference checks, employment checks etc before screening to reduce cost. After reviewing and finalizing their application you could then request they complete the screening step. Landlord were able to screen the tenants they are moving forward with based on a application that meets the requirements and only incur one application fee versus potentially dozens.

The new site is not impressive. I suggest if you use cozy.co you voice your concerns to apartments.com about the poor interface and inability to request screen tenants as I suspect all existing members will be forced to use this poorly executed site. Even the apartment listings are horrible and basically useless for small landlords. All the apartment complexes/luxury apartments are displayed first "Premium" before small multi families making it that much harder for a tenant to find and see your apartment on apartments.com.

I am deeply concerned about the future of cozy.co after going through the experience of using apartments.com for rental listing, applications and screening. I fear that what was once a great and well recommended system is doomed. Sorry to be so gloomy but I unfortunately have seen this happen plenty of times to other great systems/services and hope if others voice concerns it won't be too late to get this new site in better order. The writing is on the wall - the planned migration of existing accounts has been communicated. Don't believe me than go make a new account on apartments.com and see how horrible it is for yourself.

@Kerry Baird when I called around many banks will do a HELOC on an investment property just expect a higher rate than a primary and less max LTV 70-75%. Some banks won't do a HELOC on an investment like you said many would.

My tax accountant told me the interest is deductible if used for repairs or another purchase but not if I took it out on my primary unless it's used for repairs or building/renovations. I haven't found anything that says primary HELOC and using for investment is deductible.

Consider the rates will be higher on the investment so may still make most sense take on your primary if you can.

I have heard the best deal on a HElOC you can get is prime minus 1. Does that sound right? And does that mean every bank that says they do prime minus one would have the same rate? Seemed like the rates differed to me but I wasn’t comparing them at the moment just researching options and how things work etc.

Thanks @JM Payne and @Michael Ablan both of you share interesting points. My plan and strategy is buy and hold. Shopping around I am seeing HELOCs with longer term options, low current rate, but with a high max rate over the term if rates go up when the yearly review occurs.

It's my understanding the cost to secure a HELOC is minimal and could give me the liquidity I need to make a deal. Is another strategy to use a HELOC to close on a deal and then refinance the property to secure the current low rate if you don't plan to pay down the HELOC in a short term? I assume this would be better than worrying about an adjustable rate HELOC going up each year assuming there are no issues refinancing a property with a HELOC?

It was so much easier buying properties without trying to leverage equity. This is a new world for me and everything you share is appreciated.

@Tracy Streich thank you the more I think about it HELOC seems to make the most sense especially if I am going to be patient (which I should be) for the right property.