All Forum Posts by: Travis Bagley

I cannot find too many specifics on this other than a small blurb.

"Is Apartments.com free like Cozy?

If you manage properties with 20 units or less, all of the core services that you use on Cozy are free for you on Apartments.com. There’s no hidden fees and you can list, accept applications, create leases, and set up rent payments for free. For renters, ACH payment are still free to send while card payments incur a 2.75% transaction fee. Renter applications cost $24.99, and include screening reports from TransUnion. They are re-usable for 30 days."

Now I am no where near 20 units today, but the selling point for Cozy for me was that it would scale indefinitely for free. Since I can't find other pricing info it is hard to say what impact this might have for those with > 20 units. 

Anyone thinking of going elsewhere due to this? Anyone have any other information on what happens past 20 units?

Hello BP,

I'm currently in the middle of deal #1 and in search of deal #2. I've been to Cincy REIA and have found it to be a great place for information, but not necessarily deals.

Deal #1 came from a wholesaler that we just happened to stumble upon. The process was painless, fast, and overall great for both parties.

@Nathan Gesner Hit it home and helped reaffirm my belief that complicated/specialized software will just get in the way if you have only a handful of properties. I've spent what feels like days reviewing different platforms looking for something that would check every box on my list and was affordable. So far I found a lot of software that does one particular thing really well, but doesn't do it all. Then you get down the rabbit hole of integrating platforms and automating your workflows which takes a lot of massaging and some technical skill. 

After digging around I've come to the conclusion that for a small team with a small amount of properties you simply can't beat a free solution like Google Drive with Google sheets, docs. Add in a free project management platform like Asana or Clickup and you have your workflow.

Make a master sheet with tabs per property. Make a folder to store relevant documents per property. Create workflow templates in Asana. Focus on the deals.

Will we have to eventually migrate to a better platform? Sure, but I agree that until you really know your problems with scale you can't justify the cost of a custom or premium software solution.

Hello BP,

I currently have a personal loan lined up with a trusted party. I've done a personal loan before and have a promissory note drawn out and agreed upon interest and repayment terms. The intent is that this loan will be used for the purchase of an all cash deal. I have an LLC setup now and obviously want the protection that it offers. What is the correct way to go about getting the money into the LLC? As it stands today I personally am on the hook for the loan, which I am fine with as the LLC has no funds or credit. The only problem is the paper trail seems more complicated as I'd need to get the money into my personal account and then transfer it again to an LLC account.

Do I simply make out a promissory note for the LLC loan as well?

Is a better approach to go back to the trusted party and change the loan to be with the LLC with a personal guarantee? If so do you have any sample paper work on what this looks like?

Looking forward to any advice!

Thank you.

They were able to enter the home and check out the details on the inside. 

725 a month seems very low to me. Apartments near that area are really not that great. I can see them being inexpensive, but if you look at the price of a comparable condo those condos sell for something like 50K. I have been in the area before and never seen a home listed for rent below 900. Usually they are listed 1000 +. Can you really compare a house with a yard and driveway to an apartment? I know where I currently live those prices are nowhere near the same a 2 bed 1 bath near me goes for around 1000 a month. A similar house would rent for 1500 easy.

From what the sellers agent told me they will not turn on the water or gas because of outstanding financial issues the seller has with the utilities. 

Hello BiggerPockets!

First time investor and homebuyer here and I wanted to run a scenario by you all to see if I am making a smart move or getting in over my head. 

I have a house in Fairfield, OH that I am looking to buy. It caught my eye because it is in a neighborhood that is very rentable where houses normally go for around 110-120K. This house is listed at 65 and is bank owned. I am not currently nearby so I would have to purchase the house sight unseen, but I have family members that are experienced investors who have gone over to take a look at the house. They live 3 streets away so relying on them for some help would be possible.

Below are the details:

• LP -$65000
• 1025 SQRFT
• 3 Bed
• 1 Bath
• Attached garage
• No basement
• Should rent for 900 min

Rehab estimate:

• New kitchen - $7000
• HVAC - $5000
• Bathroom - $1500
• Flooring - $2000
• Doors - $1000
• Hot water heater - $500
• Contingency - $3000 

Total rehab $20,000

Now all of the repairs don't need to be done at once. I plan to live in flip this place and turn it into a rental eventually. My only fear is the water and gas are turned off and can't be turned on for inspection. There is a known gas leak, but I do not know how estimate that. I have been told it could be a few hundred dollars or up to possibly 5 thousand if the entire yard needs to be ripped up.

I ran the rental numbers on this and being really conservative it looks like I could offer 55K and still have some extra wiggle room for this gas line issue. 

Rental key indicators:

• CAP 4.85%
• COC 11.55%
• Cash flow 303.06
• Assume 10% vacancy
• Assume 10% management
• Assume 100/month repairs

What do you think? Am I nuts? Is this an ok deal for a first time buyer? I just really want to get started!