All Forum Posts by: Kurt Z.

I am using Cozy alongside TenantTurner.com ("TT").  They work really well together.  I advertise on both but i refer all traffic to TT.  The prospects go to TT and answer some pre-screening questions.  TT then ranks each lead based on their income, etc.  You can specify if you allow pets, past evictions, BK, etc.  Then, the lead can schedule a tour based on your pre-set tour times.  Once you find a lead that is qualified and interested, you send them the Cozy application that they can fill out.

Hi everyone. Well I closed on my property and the next day I received my first move out notice. I welcomed it since the in-place rent was $500 below market rent. Now I am in the process of marketing the unit and leasing it. Move out is 6/30 and I'm hoping to have limited vacancy. A couple of comments and observations and several questions. Upon transition of the property to me, the tenants were extremely receptive to using cozy.co for online ACH payment. Everyone signed up with no issues or delinquency. I received several emails thanking me for offering on my rent payment. No-brainer. Now it was time to market and lease the vacant unit. I put it on cozy.co, TenantTurner.com and Craigslist. I have had far more leads come from TenantTurner.com than the other sources. I paid $60 for the single rental and it had been great to help automatically pre screen (just w some questions) and schedule prospects' tours at a time that works for me. I just sent the Tenantturner.com application to several prospects that qualified. I plan to use the Apartment Association online lease from once I find the right tenant. QUESTIONS: - anyone have any experience comparing the Cozy application versus the Tenant turner application? Is one better or more comprehensive than the other? - once I get a good application back, what other materials should I request from the tenant to verify income, identity, etc? - how many days do most people allow between tenants for a basic clean. Carpet, touch up paint, etc? Thanks all

Hi all.  I did demos with Showmojo and Tenant Turner.  Overall I was more impressed with Tenant Turner's technology and their all included approach to pricing.  They do not upcharge for various add ons as much as Showmojo.  Tenant Turner's minimum account is $600/year which includes one CodeBox lockbox (no additional monthly fees).  Alternatively, you can pay $119 per unit that vacates.  ShowMojo is $500/year but they do not have phone support and they add on costs.  I will likely give Tenant Turner a try.

Thank you all.  Any recommendations for a commercial broker in California?

Thanks for the responses @Tony Talamas @Brian Burke and @G. Brian Davis.

I received what I think is a very attractive recourse quote that was so far below the non-recourse quotes from Fannie/Freddie and others that I went for it. 60% LTV, 7 years fixed at 3.2% with 4 years of IO. Prepay is 2, 2, 1, 1. At that leverage I am not worried about the recourse. However, i do acknowledge that if i plan to buy many more large properties, i will need to go non-recourse as my balance sheet won't hold up forever.

I had an agent tell me that it is typical to pay 60% of one months rent to an agent to take full control over leasing a unit. Thoughts?

Hi everyone. Sorry for the multiple posts but I figured it is best to break each question out in a separate post. I am debating between using a lockbox system to show units or using a local real estate agent. If I use a local real estate agent, what is a standard form of compensation? Do you give a percentage of first months rent? Any input is appreciated.

@Edward Lawrence how is it going with Rently?

Is Rently designed for showings with no one there (since it comes with lock box) while ShowMojo is designed just to schedule showings?  I know ShowMojo can incorporate the use of a Lockbox but i don't know how well it is integrated. I have a demo next week. 

I am buying a 6 unit property that is around 30 mins from my house. I'm planning to self manage and want to leverage technology to help make the process easier for tenants and prospective tenants and to save me time/miles. I plan to use Cozy for rent qualification and online rent payment. I'm looking at options to ease the unit showing process. I have read about a few companies including ShowMojo and a few others. Has anyone uses one of these services WITH a Codebox lockbox to show units unassisted (when vacant)? Has anyone users the CodeBox to give vendors access to units, etc remotely? Thanks!

Curious to hear people's thoughts on recourse versus non recourse loans on apartment buildings. Pros/cons, etc. I have a great quote from First Republic but it is recourse. I can't decide if I really care. Only doing a 60% loan and property cash flows well.