All Forum Posts by: Arman Jay Tigran

I only had one tenant that I had to sign a lease with myself, so take what I say with a grain of salt, but my system is very common to what you will find if you googled “how to screen tenants”. Good credit score, paycheck 3x rent, no evictions, etc. but the way I see it, there are also people who have had a bad year, and on their way to recover. So I will let one of my criteria’s fail and still accept a tenant (except evictions) as long as they provide some extra information to put me at ease. Most common example would be the low credit score. If they can show a history of it being good, and then it dropped for a period and now it’s trending up, with a good reason why it dropped (lost a job and had to use credit cards to pay for living expenses for a while) in my eyes it’s ok.

But you see more than 1 …no red but an orange flag… then I would give them an opportunity to provide extra information to cover for it.

Back to your situation. You definitely dodged a bullet, I agree with the first guy who said “all I needed to see is bad credit score” but only because that was just the beginning. All other stuff was too shady in my eyes. I would also say that there was another person providing info on how to check a shady w-2 employee… I think that was a great way to check, but I also don’t think it is landlords responsibility to go to that far to verify someone. After a conversation with the employer if you feel something is off, that’s all you need to close the file on that potential tenant and move one. It’s always better to skip a month of income to get a much better tenant that pays on time, is not a problem to deal with, communicates well and so on.

Good morning everyone!

As many of you know the Supreme Court overruled CDC guidelines for eviction ban, meaning that all landlords can start the eviction process now if their tenants do not follow the lease agreement.

Unfortunately we have been one of those landlords who has a tenant who has been struggling over the pandemic. We have tried to come to some sort of agreement but all of them

Fall apart. So now I am looking for a good lawyer to represent us in court with the eviction process. If any of you are a lawyer or know a lawyer who is a professional in this specific type of work practicing in boca raton/palm beach county area please let me know.

Thank you!

@John Underwood @Paul Sandhu thank you both for your suggestions, unfortunately i have a w2 job that I like and there I am about to start traveling a lot. So far I’ve been managing my long term tenants but I’m moving to have more short term rentals and managing that with my job would be close to impossible. Which is why I am looking for a property management company that focuses on short term rentals

Hello everybody!

Are there any good short term rental property managements in south Florida? I have a fourplex in pompano beach I’m interested to try short term rental with.

If you also have any advice for me, let me know!

Thanks!

@Jon Huber count me in!

@Austin McNichol my only property is in pompano beach. Next year I’m planning to get another fourplex/triplex, hopefully in Fort Lauderdale, but that area is expensive at the moment. We will see how the virus situation affects the prices

@Austin McNichol don’t make a decision by what I or anyone says here but...

I have done a fha loan on a fourplex 3.5% down. Rents from 3 units cover my expenses, while I live/renovate my 4th unit. I did have the same situation where living with my parents for free was an option, but the property was too good of a deal not to take it and move out.

There are also few things to consider:

1. You don’t actually have to live there forever. My understanding is that you are required to live there for at least 1 year. After that you can do whatever you want.

2. PMI on fha loans doesn't go away after you close 20%. It stays until the loan is paid off. So if you decide to go with fha, once you do get equity above 20% it may be beneficial to refinance.

3. Living alone from your parents gives you independence and responsibilities you might not get when you live with your parents.

@Genisha Pegues not sure if this will answer your question, but I had a situation where the appraisal came significantly below asking price, including our own research, where they used different comps than ours. What we did is ask them to re-evaluate based on our comps and they said no, gave couple of BS reasons. So I found an independent appraiser. He didn’t actually walk through the property but I showed him the low ball appraisal and he went through and agreed with me. Didn’t change anything at the end, but my understanding is you can do independent appraisal as many times as you want, but bank will send their own and only base the loan on his appraisal.

Hello everyone, i recently bought my first rental property and my understanding is I can’t use TurboTax anymore for a great real estate tax deductions.

Anyone can suggest a great CPA in the area who is very real estate savvy?

Welcome! Interestingly enough I am currently looking for a partner to work with on a project. It is a fourplex that needs top to bottom rehab. If you are interested let me know!