All Forum Posts by: Account Closed

thanks for responding Jordann. 

Right now I use Cozy for few unit and I do use the express pay out . I mostly use Tenannt cloud for my management but I would love to switch over to Cozy completely when you guy release the work order request and file upload.

I used both tenantcloud and cozy. 

I love both but they all have their negative. 

Cozy have good tenants background and credit check. Rent Payment is free but slow. As of now they don't have the system to request maintenance work order. Cozy said it will be coming in couple months . They will not have document uploads. 

Tenantcloud have good system for work order and file uploads.they also have app on phone. Tenantcloud only have background check but not credit check. Tenantcloud cloud will start charging $9/months for collecting rent . You can also use PayPal to collect rent but their fee is high. 

I do like HELOC idea more because of it flexibility to use the fund .

One thing I afraid is when the market turn and the house value go down, they will freeze the HELOC . There will be no more capital to purchase good deal because you don't have cash in hand .

Hello BP.

I wonder what you think about different of HELOC and Mortgage?

Say for example, I have $200K equity that I can either do

Option 1: Cash out refinance and pull money out to have cash in bank with Interest locked in for 20 year.

or Option 2: I can open up HELOC( Home Equity line of credit ) for $200k at little higher interest and not pay interest unless I use it.

Which option would you do ? and Why

@troy durrette : I don't know how long season or delay financing option. 

The lender I work with can finance back to traditional mortgage.

@Brent , yes i think there are two month out of pocket there . 

@Jesse Richardson the cash flow number here is low because you don't have to put any money down and still get property and some cash flow at the end of the month. If I put 20% down, the cash flow number will be greater . 

@brent Coombs : No, The hardmoney repayment will be about $1200 a month and will last max 2 month because of small rehab. 

the $888/m is the payment after I refinance back to tradition mortgage within 1month after rehab complete.  Therefore after I roll that into Tradition mortgage without paying down payment because I already have equity build up and get about $261/m cash flow. I didn't include PM because I manage the home myself. 

 Yes I am working on the financing right now. I think they do have the program to refinance out because I didn't pay cash and hard money is just like another bank.  I will let you know for sure tomorrow when I hear back from the bank 

Good questions Alex Gaw. The payment is included with tax and insurance. The property would be rehabbed so I don't expect any expense soon. 

I just didn't know if it worth the time to get the property, and manage it only for $261.34 a month. 

What would you guy take per door per month for cash flow ? 

Hello BP. 

I just a single Family deal under contract from Wholesaler. My plan is I am going to use Hard Money lender for first financing to buy and  rehab. After I get it rent out, I will refinance to 30 year traditional mortgage. Here is the detail and you guy can let me know if it is DEAL or NO DEAL. 

Buy it for $82000

Rehab will be at $10900

SubTotal : $92900 

Plus Hard Money Fee 4 Point and Closing : $7800

Total : $100700. 

The Rent will be $1150 per Month. 

The ARV will be $140000 

so when I going to refinance, they will do 75% of ARV = $105000

After Everything : New Loan $105000-100700- Closing cost = Around $0 Out of pocket.

Payment for New loan is $105000 and $2700 Tax and $1200 Insurance = $888.36. 

Monthy cashflow is : $1150-888.36= 261.34 

Is it good DEAL ? 

Hello BP.

Do you have any recommendation or referral of any Rehab General contractor in Minneapolis - Saint Paul Minnesota? 

I am looking to do some fix and Flip and want to have a few contractor line up for bids and potential a lot of business.

Thanks