All Forum Posts by: Alf Holst

@Bob B. that's excellent advise. keep it positive and simple. I may have been trying to be too cautious and selective.

I wasn't sure how to word the minimum requirements that I would post when advertising the property for criminal background. I am using an online application process currently using Zillow rental manager that the prospective tenant pays for ($30), so I would like to deter people from applying if they know they do not meet the requirements.

I already had a bartender ask about my income requirement, since their pay checks will not show their true take home because of their tips.

I will definitely check the local discrimination laws in GA regarding this for sure.

Thanks for the advise. I did find it unusual. He may have been mixing up LVT with Laminate flooring when speaking with me about the bid to do the flooring.

I have decided to continue the renovations, and decided to get a quote from a flooring company that I am buying the vinyl planks from.

I am currently putting together my minimum rental requirements, like income, credit, and rental history requirements. 

can I advertise that I will not accept felons? or would that be considered discriminatory?

how do you use criminal background to accept or deny tenants?

would you just deny everyone with a criminal background?

Not sure if he was stoned or not. Lol

But definitely not using that guy on this renovation.

@Jason D.

That’s what I thought. That the carpet padding underlay was too soft. He swore that people have done it or are doing it.

Just thought it was a bit strange.

Has any of you heard of putting Vinyl Plank Flooring on top of the carpet padding?

One of the contractors I was speaking with about replacing carpet asked me if I wanted to have the flooring installed on top of the carpet pad. I thought it strange, but he said that he worked on an apartment complex and they did just that on about 10 units. Said it made it soft to step on.

Strange, or something that people prefer?

I just received an application from a potential tenant. The background and credit checks was helpful. The person did not meet my minimum credit score of 650. So it was great, in that sense. but they also dropped out because they found a better opportunity, which was good considering I would have had to deny them based on their credit score anyway.

One thing it did not have was a question relating to when they intended to move and a reason from moving form their current residence. I found that information from contacting the tenant through email, when they were initially interested in the property.

I now have 2 addition people interested in the property and have just sent an email to them. The property is not officially open on Zillow just yet (currently completing the rehab), so I just put it on my social media account and have gotten 3 leads from here so far.

I do feel bad that the first applicant paid $30, just to be denied based on his score. I am debating whether to have these 2 potential tenants pay the $30 to apply and then show them the property if they qualify, or show them the property first before they pay $30 to see if they qualify.

I don't know what to do. I have 2 other properties that are currently leased to people I know, and I didn't  go through an official screening process.

I am in the same situation. I am in the process of rehabbing a rental property. I have a tenant lined up. I got the tenant to go through the application process and pay the $30.  They will be moving in May 1st, and I would like to use Zillow to collect rent.

I too, want to know what other have experienced using Zillow to collect rent.

I'll try to remember to come back and reply to this post, should I use Zillow to collect rent.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,000
Cash invested: $37,000

3/2 SFH in 30094

What made you interested in investing in this type of deal?

Researching gain wealth by making investments. Watched a few YouTube videos about investing money. Stumbled across a BP video. Made sense. Easier to understand than stocks. A great way to gain passive income.

How did you find this deal and how did you negotiate it?

Found it on Zillow. Used a agent and my neighbor, who is a loan officer. Paid asking price. It was move in ready. Had to buy a fridge.

How did you finance this deal?

Conventional loan through Element Funding.

How did you add value to the deal?

I did not add value to the deal.

What was the outcome?

Had a tenant place in July.

Lessons learned? Challenges?

You don’t have to believe and fix everything the septic people tell you about. Paid over $3k in the septic tank “repairs”...when their probably was none. Just looked like a bunch of poop and tampons.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with an agent and a lender.