Dude, I've been using cozy for about a year and I have no doubt that Cozy is the best... I agree with you 1000%.. I only have one rental property but no debt so it's cashflows every month but hope to get about one or two more for cashflow... Enjoy your videos bro...
JT Thanks for watching and for the kind words, brotha! Sounds like you’ve got a solid start. Cozy is the BOMB and I’ve been super happy with it. As you scale from one property to ten, it’ll keep up with the task without a problem.
1. Slow deposit issue - change the date your bank withdraws the mortgage from your account form the 1st to the 8th of the month. 2. Expensive application - Tell them if they pass the background check AND sign the lease and move in, you will refund them the cost of the application from first month rent.
This video was super helpful. Thank you so much for sharing your insight. :) You mentioned that you use a different site/app for tracking all property expenses. Would you mind sharing what you use for that?... Do you happen to have a review video for how you track expenses too?
bryce, credit and background check in nyc runs from $75 to $175 EACH applicant, those 40 is nothing, but if you not from nyc i would see i you or anyone would see that expensive
Bryce, what a great review. Thank you! You present so well, and the review was quite thorough. I'll be looking at Cozy this evening and share your disappointment that there isn't an app. And I was also really hoping to have an integrated app that would do a good job in tracking expenses. I'm hoping what they do have will do the job, but also am hopeful there may be an update "coming soon" that will address these two issues. And speaking of update, how long have you used Cozy and how many updates have their been in that time? Thanks again!
Well done review of Cozy. I have been using this service for about a year and half. One thing I have not figured out how to do, is add a tenant that does not, or can't do electronic transfers. I have a good tenant that pays every month with a Money Order. Would like to record her payments on Cozy. Document all payments in one location. Any ideas? Thanks
I know one thing I've done in the past, is if someone pays me manually, there's an option in Cozy to "Add a Credit", and that's seemed to work well for me.
Thank you for the quick reply. I was referring to setting up someone on Cozy that does not have the capability to use electronic funds transfer. I have an elderly tenant with no checking account, uses money orders. But, I would like to document her payments on Cozy. When I go to enter her info on Cozy, it asks me for her email address, so Cozy can invite her to pay electronically. I've used my own email address in the past, but Cozy won't allow me to use the same email twice. Can't seem to get around this. Thanks
Vince Martin I’ve used a couple different tools. I’ve used QuickBooks, but am not happy with it. And I’ve also used Stessa, but am not super happy with that either. I’m actually in the process of building out my own tool.
Thanks for the information on rental property software!! I made an account with Rentastic but I cant seem to get the information on "Cozy" for rent collection. The links on their UA-cam channel do not work.
1. what is the advantage of using Cozy for collecting payment when you can just use Zelle? 2. who is showing the apartment (physically) to potential tenants?
Hey Bryce, Thank you for the very thorough and informative review of Cozy! I just bought my first rental property so I am looking to use them. How do you handle your leases? In terms of paper vs.electronic? Thanks!
Yes it does! I love this feature. Often times, my tenants will be late and I'll just tell them that the "system" automatically applies a late fee. Makes them mad at Cozy, and not at me, even though they agreed to it in their lease.
bc paystubs can be doctored, and you would still need to follow-up with an employer to verify employment. RentPrep will actually do a deep dive analysis of the tenants bank accounts and pull out and analyze all deposits and categorize based on sources etc
BEWARE! The RentRedi interface is not secure!! My landlord account was hacked only to learn that RentRedi allowed my bank information to be changed three times within a week without notifying me. Rents were collected in full, redirected and sent to a stranger. Ryan and Ed Barone have gone silent and have stopped communicating. I urge all users to evaluate your risks associated with this flimsy interface and use another system.
I don't use Cozy to manage my rental expenses. Instead, I use Rentastic. Check it out at www.rentastic.io.
Bryce, did you stop using Cozy??
@@lauralombardi2605 Still use it! Love it!
Is Rentastic for free as well?
@@NadsChanso Yes it is! There are paid plans, but you don’t have to pay if you don’t want.
If cozy can keep track of your property expenses, why use Rentastic in addition to Cozy?
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Dude, I've been using cozy for about a year and I have no doubt that Cozy is the best... I agree with you 1000%.. I only have one rental property but no debt so it's cashflows every month but hope to get about one or two more for cashflow... Enjoy your videos bro...
JT Thanks for watching and for the kind words, brotha! Sounds like you’ve got a solid start. Cozy is the BOMB and I’ve been super happy with it. As you scale from one property to ten, it’ll keep up with the task without a problem.
1. Slow deposit issue - change the date your bank withdraws the mortgage from your account form the 1st to the 8th of the month. 2. Expensive application - Tell them if they pass the background check AND sign the lease and move in, you will refund them the cost of the application from first month rent.
We are Looking into PMS and seem that Cozy is a top contender. Thanks for a great video.
Nice video man, I appreciate the 'no strings attached' reccomendation too.
Sounds like a great platform. Thanks for sharing Bryce!
I agree, the mobile app would be nice and should be the next step!
Very helpful! I’ve been using Cozy for about 2 years now and haven’t use the export and expenses. Will definitely explore it.
Be sure to check out Rentastic (rentastic.io) for Real Estate expenses.
This video was super helpful. Thank you so much for sharing your insight. :) You mentioned that you use a different site/app for tracking all property expenses. Would you mind sharing what you use for that?... Do you happen to have a review video for how you track expenses too?
Hi Ayana. I'm actually in the process of building my own product to track expenses. It's not done yet, but stay tuned!
My tenants sign up yesterday. One asked if it was mandatory. I said I want to collect rent this way. It's safe and contactless. It's easy
Exactly. Cozy is the way to go. I don't give my tenants any other choice but to pay online via Cozy.
This is so valuable, I appreciate you sharing!!!
bryce, credit and background check in nyc runs from $75 to $175 EACH applicant,
those 40 is nothing, but if you not from nyc i would see i you or anyone would see that expensive
If I lived in New York, I probably wouldn’t be investing in real estate period. 😂
Thank you for this video. What are the other two sites you said people say are really good?
I’m not sure about “two sites”, but another one I use all the time is Rentastic.io for tracking rental expenses.
Can I use it outside of US?
Bryce, what a great review. Thank you! You present so well, and the review was quite thorough. I'll be looking at Cozy this evening and share your disappointment that there isn't an app. And I was also really hoping to have an integrated app that would do a good job in tracking expenses. I'm hoping what they do have will do the job, but also am hopeful there may be an update "coming soon" that will address these two issues. And speaking of update, how long have you used Cozy and how many updates have their been in that time? Thanks again!
Check out Rentastic.io for expense tracking.
Hey at 9:05 you have their info listed on the right. Great video though.
Yikes! My bad. Thanks for letting me know.
Well done review of Cozy. I have been using this service for about a year and half. One thing I have not figured out how to do, is add a tenant that does not, or can't do electronic transfers. I have a good tenant that pays every month with a Money Order. Would like to record her payments on Cozy. Document all payments in one location. Any ideas? Thanks
I know one thing I've done in the past, is if someone pays me manually, there's an option in Cozy to "Add a Credit", and that's seemed to work well for me.
Thank you for the quick reply. I was referring to setting up someone on Cozy that does not have the capability to use electronic funds transfer. I have an elderly tenant with no checking account, uses money orders. But, I would like to document her payments on Cozy. When I go to enter her info on Cozy, it asks me for her email address, so Cozy can invite her to pay electronically. I've used my own email address in the past, but Cozy won't allow me to use the same email twice. Can't seem to get around this. Thanks
@@chuckspinale9117 try youremail+Tennant @ whatever service you use
Bryce what do you use for expense tracking ?
Vince Martin I’ve used a couple different tools. I’ve used QuickBooks, but am not happy with it. And I’ve also used Stessa, but am not super happy with that either. I’m actually in the process of building out my own tool.
honestly you are better off just making your own in excel. i have never found a 100% solution to my liking
What do you use for your lease agreements?
Thank you so much for this great information!
Robert Shultis you bet! Happy to help.
Great review. Thanks.
Nice presentation! Any comparison against Zillow's rental manager?
Never used Zillow’s before.
Very helpful video. Thank you for sharing.
Can this software be use in Australia? And were can I download the software from please.
Thanks for the information on rental property software!! I made an account with Rentastic but I cant seem to get the information on "Cozy" for rent collection. The links on their UA-cam channel do not work.
Cozy is now owned by apartments.com
are the payments automatically withdrawn from the tenant's accounts?
1. what is the advantage of using Cozy for collecting payment when you can just use Zelle?
2. who is showing the apartment (physically) to potential tenants?
You can’t Zelle with a business account, guessing this is if you want you money going into a business account.
For use in Canada?
how does tenant get money to cozy?
Hey Bryce,
Thank you for the very thorough and informative review of Cozy! I just bought my first rental property so I am looking to use them.
How do you handle your leases? In terms of paper vs.electronic?
Thanks!
Houman Ziai We used to do hard paper for everything. Now we use electronic signing software and just do everything via email.
@@BryceMatheson do you have a video on this? Just found you via this vid
The landlord should have the tenant’s SS# and all other important info in case of an eviction. Landlord is a creditor. How else would you do that?
I am launching a property management app in one month that is better! how can I get in contact with you for an app review?
What is you app; link?
Question.....Do you recommend for 20 units small commercial building?
Absolutely! Cozy is the bomb, for any size. Once you get to 100+, you may want to take a look at something more professional like Buildium.
This looks great. It may work for me, but time will tell.
Did you get up dated leases that include pandemic, covid etc? More clauses .
What would a "pandemic clause" look like? No, we haven't added that to our leases.
Does cozy automatically apply the late fee for payments after a certain date that’s set?
Paper Plates Clothing Co. yeah, if you just went on there website you could see the demo video and it clearly shows that
Yes it does! I love this feature. Often times, my tenants will be late and I'll just tell them that the "system" automatically applies a late fee. Makes them mad at Cozy, and not at me, even though they agreed to it in their lease.
Bryce Matheson nice, I just wonder why they don’t have an app
Paper Plates Clothing Co. You and me both. 🤷🏼♂️
How soon do you receive the rent as soon as they pay the rent?
I read that Cozy has issues with losing payments has that happened to you?
Never.
@@BryceMatheson ok thanks
You need their ssn in case you need to evict and garnish wages
Not true. The county takes care of everything if you file an eviction notice with the sheriff.
Bryce Matheson they garnish wages from their employer? No... you need their ssn to do that
@@ddubsr5886 ^ this. i would never allow someone to live in my property without having their SSN
Thank you, great video! Why can't you just ask for a picture of their last 30 days of paystubs?
bc paystubs can be doctored, and you would still need to follow-up with an employer to verify employment. RentPrep will actually do a deep dive analysis of the tenants bank accounts and pull out and analyze all deposits and categorize based on sources etc
BEWARE! The RentRedi interface is not secure!! My landlord account was hacked only to learn that RentRedi allowed my bank information to be changed three times within a week without notifying me. Rents were collected in full, redirected and sent to a stranger. Ryan and Ed Barone have gone silent and have stopped communicating. I urge all users to evaluate your risks associated with this flimsy interface and use another system.
Ok. So far 3 minutes have passed and all I've heard it's that it's free
I went to Cozy and it says it no longer allows Landlord Signups everything is done through apartments dot com
Sure bro
thats some cheap rent you are charging , lol where are your properties located :))