All Forum Posts by: Noah McPherson

If you have an idea of what your credit score is, a lender should be able to offer you terms based on that info. If agreed upon then you can proceed and have them run your credit.

If you find a broker who is also a direct lender (Gershman Mortgage, as an example) then they will be able to do that for you. They have access to over 33+ lenders, and can do NON-QM loans internally allowing you flexibilty. With the right lending partner, you can forgo this route entirely. A soft pull is likley required here, but at least it will not be multiple soft pulls. 

Noah

Ask all the questions you can, however most lenders now can do a soft credit pull.  I would find that out once you get deep enough into the conversation.  In my experience banks do not and usually have strict underwriting guidelines as they want A+ paper (I've managed at a bank and worked at direct lenders) but that doesn't mean there are not banks or credit unions that do not.  

Hi Noah! This is completely understandable that folks don't want to move around in the cold/ winter. I am in the Milwaukee market and we deal with this often. We try to have all of our leases end in March-June so it is easier to lease the property in the spring/summer. However, it happens sometimes that the lease ends in winter and we have a vacany. We try to offer a winter promotion of $200 off the first few winter months then make the lease 14-16 months so that the lease end date is not in the winter again!

Noah McPherson all good info from the other posters!

So, winters are the traditional slow times for sales & rentals. You can see this in the graph below:

The graph also shows that DOM is worst in 2024 than any of the previous 6 years:(

So, you are not alone in experiencing this.

Now, just don't take this as a pass to not try harder to find your own solution for this problem:)

 Just remember not to do a 12 month lease if you find someone this month or next! I usually like to start it shorter to be safe if I need to end the tenancy, but I know some people opt for the longer 14-15 month leases.

I'll second what Tim said. Also here in Buffalo, and this was a topic at our monthly BP meetup last week. Everyone is feeling it. Some folks will give you the simple reply that if you can't fill it, your rent is either too high or something else is wrong with your ad. I don't believe that is the case, especially if you have a quality unit, priced competitively, and clear advertising. Someone is always looking to move, you just need to know why. It is better to have a vacant unit than a bad tenant.