All Forum Posts by: Amy Beth

@Chris Bingham. I would don’t rent to this tenant since they do not have reliable employment and they do not pay their obligations. If the tenant had reliable employment and a good landlord reference I may consider the circumstances of the bad credit. If t is due to medical debt or if the debts were were from a long time ago and the past few years the tenant has been paying on time I would consider them. The circumstances you mentioned would not merit any consideration though if you don’t want to have to do an eviction.

It is better to let your property sit empty until you find someone whom is likely to be a good tenant.

@Sarah Pursell. Wait a few weeks and look online. House sales are typically listed online but take a few weeks to post. Usually the local news paper will say so and sold their house at this address to so and so for a certain price. The tax records also will show it. So keep googling the names and the new city or town they moved to until it pops up.

@Aidan Mulligan. The issue that I see is if your homeowners policy has a breed exclusion. Some homeowners policies do not cover pit bulls. I would only allow a pit bull if my homeowners insurance would cover the pit bull and if the tenant also had renter’s insurance to cover the pit bull. That is our policy with pets.

@William A. I would not help her to get something that she can’t afford. That is only going to cause stress having to pay more than she can really afford each month in rent. When she has unexpected expenses then she will be stuck. I would just encourage her to look at condos that she can afford.

@Aaron Port. The fastest way would be to buy a used car for a few grand and to sell your wife’s car. Or if your wife does not want to drive a crappy car, you could drive the new used car and have her drive your car. With the car loan being gone it will improve your debt to income ratio.

Otherwise I would find ways to cut money from your budget to pay down your debts.

@Skyler Mckinney. I would go back to your boss and take back your notice. Quitting without even starting in real estate is not responsible when you have children to support. Also without income you are going to have problems getting approved for a mortgage. Get your job back or find another job. When you are not at work search for deals and the. Start making real estate deals while you are working. Once you have success with it and have enough revenue from your properties to be approved for more mortgages without a w2 job, then you can quit working a regular job. Until then you need to work.

@Stephen Chaney I would just put up a sign saying that all u attended laundry will be removed from the machine. When the other tenants complain about laundry being left in the machine remind them of the policy. Normal laundry room etiquette in my area is to out the clothes on top of the machine once it is finished. Seems odd to me that other tenants are not doing this if they need to use the machines.

@Joe Pearson I would not buy any reals state without reserves, especially a duplex or triplex. Something always needs repairing. And sometimes tenants fall in bad times or are irresponsible and stop paying rent and sometimes even damage the property before they leave. You would be stuck if you even had a vacancy for a month which could happen even with a perfect tenant. And you or your fiancée could also have an emergency like a job loss.

I would work on saving up reserves before buying.

@Adam F. If the tenants want to leave in six months I would just let them know in writing you will not renew their lease. It will be easier to re rent it in the summer then in the winter months. You can’t prevent a tenant from leaving but with strict screening standards and by listening to your tenants, you can pick the best tenants for your property.

@Michael Hanks. I would pay off your student loans and have your fiancée pay off her student loans. Once you are married then it is your debt together. I would not pay off a partners debt.

Once you knock out these loans together, I would then invest in a multiplex but only with legal documents drawn up in the event of a break up unless you plan to marry first. Right now she is your business partner so I would draw up legal papers with a lawyer’s help before investing further together.