All Forum Posts by: David Albertson

My wife and I went for a little drive Saturday hoping to find a few SFH FSBO's. After 2 and 1/2 hours we found 2. Both were in excellent condition so trying to negotiate to a decent price would be a waste of time. We did see quite a few FOR RENT signs. I'm wondering if all the sellers gave up and decided to rent? Has anybody else noticed the same thing in your local markets?

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Those of you that have been doing this for a while, who do you use to finance your properties? I've noticed alot of the big name mortgage companys like Countrywide seem a bit conservative with their rules. On the other hand, places like Quicken Loans have some attractive options but their fees are outragous. Also it seems like mortgage brokers don't want to disclose any of their fees until you have started the application process. That makes it a real pain in the *** to shop around. Is there a broker or company that consistantly has the best deals around?

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Originally posted by "MikeOH":

Hi Rich,

Yes, the evictions show up when you check the municipal court records (at least here in Ohio). This is the same court where people are charged with misdemeanors. It doesn't have anything to do with suing the tenant for money, although that is attached to the eviction proceedings as a second cause of action.

I tell all the applicants to call me in the evening and I simply tell them whether they are acceptable or not. If they are not acceptable, I'll just tell them why. For example, I'll say "we don't take felons" or "we don't take people who have been evicted in the past 5 years". I do keep their application on file with the reason they were turned down, just in case anyone ever claims discrimination. If you turn someone down because of their credit score, you're supposed to give them written notice to comply with the FCRA.

Mike

Whats the best way to do the tenant screening? Do you use a website or a local service?

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I'm new to the rental thing. I had a couple come and see the house and they seemed very nice, educated, drove a BMW and seemed very sincere. They filled out a rental application and I decided to do a background check. All I have to say is WOW! The only thing that E-renter told me was that the DOB for the SSN he gave me was 1936. The dude was in his 20's so I know it was BS. Anyhow, I did some more searching and found that here in kansas criminal records are available online. This guy has something like 8 pages! CC fraud, theft, burglary, collections, DUI, contempt, etc.. The girlfriend also has a recent eviction. Obviously I can't rent to these people but how do I tell them without pissing them off?

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Originally posted by "ofgift":

finally found a house that meets my major criteria, but haven't seen it yet. I will Sat AM. It's 30 years old. Blurb says it needs carpet and cabinetry, so no problem there. I will have all inspections done, of course, but a concern is the electrical. If it hasn't been upgraded since being built in 1970's, is it likely I will need to upgrade it? I know that's a wide question. I don't use much myself--fridge, small freezer, computer, tv, dvd. Nothing high tech, and not a lot of anything.
What does upgrading entail? Just adding a bigger breaker box?
ofgift

I'm an electrician and although I don't do residential work (mainly industrial), I do know that the panels, cables and devices used now aren't much different than what was used in the 70's. The only thing that I would worry about is if the past owners have done some electrical work themselves but your inspector should be able to catch that. As for GFCI's, installing them is fairly easy and if you have any mechanical ability at all, you should be able to do it yourself, just make sure you turn the power off first. :lol:

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All Forum Posts by: David Albertson

David Albertson has started 17 posts and replied 45 times.

Post: No more FSBO's?

Post: Finance question.

Post: Tenant Screening

Post: How to decline?

Post: Finally--and an electrifying question!