All Forum Posts by: Tony Castronovo

Hi @Ryan Kurth. Just going through this (twice). I bought a property last month from a HML who has a "landlord" product. It's a HML for 90 days then after 45 days they start working to get you into a 30-year fixed at standard rates. There are two closings but all with the same lender. I am near the 45-day mark so have not fully evaluated the entire process.

I also just bought a property yesterday and had to leverage another HML who doesn't have this product. They referred me to a mortgage company whom I spoke to today. They didn't seem to have any seasoning requirements. I have just started the loan process with them (although I don't expect to need the loan for 60-90 days).

PM me if you want any contact info.

That's awesome @Emily C.!  Congrats on property #2.  My first property took about 4 months to acquire.  My second one seemed to also take several months.  But I have bought my third and fourth in the last 30 days.  Not sure if I am getting better at finding deals, improving my network, or just willing to take more risks.  :-)

First thing that comes to mind is whether the conversion was permitted...otherwise you cannot count the square footage (and room count) when you market the property.  I could be wrong on this and someone with more experience can correct me.  But that would be my concern.

The payments should include principal and interest.  So the unpaid balance is only the original note minus the principal portion of the payments.

Sorry to rehash an old thread.  But trying to figure out what should go in the denominator of the Cash-On-Cash Return formula.  I expect that would include any cash in the deal (e.g. down payment) and rehab costs.  Question is....should I include closing costs?

Oh, thanks @Rick S.  That's helpful.

@Jennifer L. Thank you for more great tips.

@Julie Thevenow I like the FB idea.  Have my website setup but it's not the same as FB.  I also like the open house idea.  @Michael Enriquez I will have to think about scheduling multiple showings at the same time.  I suppose the concept of an open house is more or less "no appointment needed....just come during these hours".  Scheduling showings is an appointment. I do understand the "no show" hassles. :(

@Wei Xie I have considered the flat fee option as well. Some insurance companies and wholesalers I have worked with offer a discount to list on the MLS for a nominal flat fee. Unfortunately, on this property I did not use any of those companies so can't leverage the discount.

So seems like you all have experience with Cozy and SmartMove.  I'm getting comfortable with the notion of using one of these tools.  Still trying to figure out which one.  Seems like Cozy offers the extra benefit of listing the property on various sites.  Not sure what the other real distinctions between the two are.  I will do more research, but please do share your opinion if you like.

@James Triano and @Jennifer L. Thank you so much for the great tips! I took a brief tour of SmartMove and Cozy. Seems like SmartMove has been around awhile and the BP forum has a lot of positive feedback. Cozy is newer, but I like how I can use them to list my property. Do you know if they list with realtor.com (one of their partners) does this mean it is automatically in MLS?

Do you have them fill out an application first (old school way)...and then after meeting them and pre-screening you have them go to Cozy/SmartMove to conduct the background/credit check? 

My last rental I used an agent to list it and they therefore used the standard Texas Real Estate Commission (TREC) form for the lease agreement.  So looks like I will need to develop my own rental application and lease agreement.  James, I will send you a colleague request and would appreciate any samples/templates you are willing to share.

Thanks again to you both.

Any tips for how to save money listing my next rental?  I'd prefer not to list with an agent and have to pay 1-month's rent equivalent.  But I do understand the value they bring regarding fielding calls, applications, background checks, etc.  Just looking to save a few bucks if I can.

@Jay Barndt There is a saying among truckers...."There are those that have wrecked...and those that 'will' wreck."  The point is that if you do anything long enough the odds of a mistake or bad karma are bound to get you.  So yes, mistakes are inevitable....especially when first starting out.  The difference between success and failure is simply getting up one more time than you were knocked down (man, I am full of quotes today haha!) 

Seriously, there is simply only so much you can read about.  Sometimes you just have to take action and learn through the school of hard knocks.  I'm working on my third property now and feel so much the wiser.  I am sure I am making some mistakes that I'll recognize later...but I know there are plenty I am avoiding as well.