All Forum Posts by: Wendy S.

@Tiffany Roberts

Hi, a slight correction with Cozy. They can submit an application or profile without paying the $39.99. This fee is for their background and credit check.

Now, personally I request the checks after persons have seen the property and I believe based on our preliminary discussion they would be a good fit. A very transparent process, as if during that time there is a possible red flag and they still go ahead knowingly that's on them.

Now while I don't charge an application fee for my time to do the above, others with more properties might attribute a cost for their time, which I also believe is fine.

So you are really paying for the background and credit check, which does not give the landlord any guarantee you will be a good renter just an indication that based on past records you might be.

Hence in the grand scheme of things, is this $39.99, one time fee really such a big deal. If it is, then you should perhaps not be looking to rent. As the renter, I believe you should factor this in your research cost or consider it return you get on being able to get a great property to rent.

On the other hand, for you the landlord, it helps to weed out some of the persons you would have wasted your precious time with.

Just my $0.05.

Happy investing and best of luck on your journey!

@Nathan G. Lol. That's a good one

@Kristen Ray, @Steve B. 

Luckily, I have not had any issues with either Cozy or Zelle so this may be unfamiliar territory. 

However, customer service with Cozy has been awesome and concerns are normally addressed within a few hours of asking. With that said, we can only put as much systems in place to mitigate against risks but nothing is 100% full proof. 

I did reach out to Cozy and their response was more along the lines that once the tenant initiated they would have to return the funds to tenants bank but advised that our individual lease agreement should speak to this as chances are the landlord would have to pursue legal channels to recover money justly owed. 

So it's treated similarly as a purchase but buyer now want funds returned for whatever reason. Of course if they made the payment they could have the payment reverted by their issuing bank or the affiliated third party (think Amazon). 

Hope this helps. 

@Kristen Ray, I have used Cozy and have tenant set up auto pay. However, it requires payment process to start several days earlier as it can take 5 to 7 business days which is compounded if there are any holidays and and of course weekends. Another option I use is Zelle, similar to Cashapp but used with bank to bank. You only need to provide your name, email/or telephone number, so at no time are you providing your bank account information. Happy hunting.

@Melvin Noriega. I am also relatively new (but older) though I have purchased 1 property last year and looking to purchase another or two 2019. My question though is I notice you and others tend to suggest FHA loan for starting out, as opposed to a conventional 3% down loan with PMI that can be removed at a later date. Is this specific to duplex/triplex/fourplex? I am asking as I purchased a SFH with a conventional 30 yr mtge with 3% down and have chosen to house hack by renting per room. I believe there are programs and grants available for first time home buyers as well. Will anyone please shed some more light. Thanks.

Thanks Jaysen, the property almost across from my house is a 4/2.5 that added 3 additional rooms which they also used to rent by the room. No1 had a problem and it sold 2 months ago for $130,000. 

My problem is qualifying for any kind of mortgage or refinancing because of my employment status. Had a 6 month break in employment by choice and just getting in business for myself, so my part-time income and rental income are insufficient at this time. 

So rather than have that money sit idle I am looking at options with what I already have. 

@

Hi guys, So I purchased a retail split level. Spent abt $33,000 to make it a decent 4/3 which I househack with 2 roommates which essentially covers my mortgage and utilities. Now, I'm considering putting in another $33K to convert double garage into 2 bed 1 bath with common living area. Reason being, I have a part time income, and am told I won't qualify for another mortgage. Remodel would cash flow an additional $1,000 monthly ($500 already deducted for maintenance, vacancy etc). Plan then would be to refinance and tap into equity maybe a yr later when I can qualify. So I am likening it to buying a $30K house and cash flowing $1,000 or is there a better use for my money? Yes I am aware that I would be putting an additional $60K plus in 1 house that would appreciate for purchase price and maybe what I put in. I don't qualify to rent another property either which I could househack as income is below the 3 or 4 times requirements. Open to suggestions on what else to do until I am 'qualifiable'. Thx

Hi BPers', I would like your feedback whether to convert my garage into 2 bedrooms with small living area, shower and convert my basement bedroom into 2? Bought my first house with a 3% conventional loan at appraised value (seller wasn't budging) less $2,000. Tried to renovate with a friend but after it fell through hired out (lots of lessons learned there too) spending about $35,000 to get a decent 4/3 split level which I felt comfortable living in.. House hacking 3 months after completion which essentially covers mortgage and utilities.. I am now thinking should I convert my double car garage which I am not using into 2 additional bedrooms ( app 11 x 11) complete with a standing shower stall and small living room (10 x 11) and also convert my basement bedroom (12 x 25) into 2 bedrooms at preliminary estimate of $32,000? I restarted working about 5 months now with a single private employer, same time I started renting my 2 rooms. So I am told I do not qualify for a mortgage and even tried to rent another house with possibility of rent to own as soon as I qualify, hopefully within a year but again I am told I do not qualify. So I decided to get creative with what I have especially as I plan to hold for the long haul. My problem is I do not earn 3/4 times rental income landlords are asking and I have no intention of becoming an employee again, except for the part-time work I now do that with my rent covers all my monthly expenses. I have a passion I am seeking business licencing for, but wanted to use what I have to create some passive income which I can have for future real estate pursuits. Sorry for the long post but I felt it was better to give background as well as where I am presently to help with any feedback I may receive. Thanks for reading and I look forward to your responses.

@Jerud Sturm, it was a good meeting no sales pitch /pressure. Good information and the opportunity to physically meet a good group of people in the industry with a diverse skill set willing to share and learn. Keep it up!