All Forum Posts by: Ariel O.

@Steve Babiak

Ask and ye shall receive :-)

https://www.mysmartmove.com/Presentationlayer/Views/LandlordFCRAContent.html

"Additional Terms and Conditions.

5.1Confidentiality. Subscriber shall hold all Services Information in confidence and shall not disclose the Services to any third party, except as required by law (i.e., an order of a court or data request from an administrative or governmental agency with competent jurisdiction) to be disclosed; provided however, that Subscriber shall provide TURSS ten (10) days prior written notice before the disclosure of such information pursuant to this Paragraph 5.1. However, this restriction shall not prohibit Subscriber from disclosing to the subject of the Consumer Report Information, who is the subject of an adverse action, the content of the Consumer Report Information as it relates to any such adverse action."

There's no straight answer to this as everyone loves to do things differently. A lot of it also is dependent on the type of rental you own - i.e. class A with high demand or SFR in a good neighborhood can get a Credit Score of 730+, but you're not going to get that in Class C.

Also note there are different scores, and every company uses something else. The bureaus have their own internal scores, and then there are FICO scores. Even within FICO there are different models. They don't equal out. I've seen 750 Vantage (TransUnion) equal a 680 FICO. Big difference.

On the report you mainly want to look for indications that the person pays their bills promptly. It's pretty obvious. Any bankruptcies, collections, late payments, judgments etc? Are they current on all accounts reported?

Most landlords I know aim for 30% on the Rent to Income Ratio.

Steve

If you read the My Smart Move Terms they actually explicitly allow it. SmartMove is a little different in that regards because the data was technically consumer generated so it slightly changes how things can be done. Doesn't change FCRA rules or anything.

You need to provide the applicant with an adverse action notice.  Technically under the FCRA you could just tell them orally. Not a good idea [or recommended!] in terms of creating a paper trail, but legal federally; state  and local laws may vary.

Anyway here's the TU Contact info. I'm shocked they don't have an adverse action function within the app or at least basic info about it.

Can I get a copy of my criminal and/or credit report(s) provided to the landlord?

Yes, SmartMove will disclose the contents of a criminal and/or credit report retained by SmartMove to an individual who requests a copy of their report. To verify your identity and obtain a copy of your report(s), please contact customer service at 866-775-0961.

@Adrian 

@Adrian Chu

A topic near and dear to my heart! The relevant keywords to search on google are:

• credit card churning
• apparoma
• manufactured spend

I have been able to fly a family of 4 transatlantic business multiple times, and plenty more in economy. Stayed at places I would have never gone to otherwise, and really just upped my travel game.

Favorite resources to get you started:

FlyerTalk.com

MillionMileSecrets.com

Boardingarea.com

Good luck, you're about to go down the rabbit hole!

I am a huge fan of either Twilio.com or TalkDesk.com. But it definitely requires elbow grease. How did ringcentral work out?

@Account Closed

Got it. Most of the people I know are coming in with the down payment money themselves. I think if you have no cash then definitely going to be hard.

@Account Closed

Let's see:

Hard to find good deals, definitely.

Equity? On a stabilized park I know plenty of commercial lenders out there.

Manage? Definitely - can make or break the investment.

Lots of Bizarre Things in these parks - 100% - mismanagement, stigma..

I think the reasons you don't hear that much about it, is that outside F&D no one really talks it up as an asset class. But I consistently run into people who own 5-25 parks and want to buy more.. 

I'd say almost all the deals I see right now are at 10% Caps. If you look at areas on the Coasts or Southwest (Primarily: CA,OR,WA,NV,NM,AZ), you see it less.

The issue is with some of the 10 caps I see, they really need to be 15 caps to deal with the risks involved with some of them. But there are plenty of other ones that are reasonable turnarounds (enforce collections, get rid of Park Owned Homes, submeter water, raise rent) that I do see @ 10%.

@Account Closed

I just looked at that thread and what Serge says. I wouldn't touch a 6% Cap MHP. All the ones I've looked at are either capped at 10% higher, or I just offer 10% cap and move on. If you look at it purely as a cashflow play, then I think that changes how you evaluate the purchase. As long as you can make the payments and generate both Cash on Cash and IRR that meets your goals, it works. Agree/Disagree?

I've talked to a lot of brokers and owners - some say the market is hot, and yet others haven't heard from anyone besides me. So it depends on ownership etc.

I make a big effort to find good deals - they're not listed by brokers, they're harder to find and more annoying to close.. But they're out there. 10%+ cap rates, seller financing, no recourse..