All Forum Posts by: Jonathan Sher

I have a set written critera I use for everyone. I have been showing it for a little over a week and have had close to 18 people request to see the property. I'm still trying to get everyone in there to see the place.

I guess moral character was the wrong word, she seems the most educated, professional and clean prospect (Saw her current residence).

We are all after the perfect evidence of a good tenant: Good credit score, secure job with plenty of monthly income, no criminal history etc. But it seems like its so hard to find all 3 in one person. It always seems like there are two of the things but not all three. What do you guys put most of your weight on?

For example, I found a lady that seems to have strong moral character, makes 2.8 times the gross rent, has no criminal background, no landlord judgements or evictions, but has credit issues.

Compare her to someone that has filed bankruptcy, or has wage garnishments plus bad credit. It seems like its hard to get that "perfect" tenant.

My policy is as follows

Dwelling $150,000
Earthquake: $150,000
Medical 5,000
Loss of use : Yes
Liability $500,000
Personal property: 10,000

Mine is $1,000 a year.
I got 6 different quotes and they were all relatively around this price....

Make sure you are taking into consideration the monthly condo fee....

Congrats on your first move. I'm currently painting and putting on the finishing touches for my first rental I acquired last week. Since this was my first one and the house is 55 years old, I had an inspection done. It was $425 dollars and the guy created a terrific report with pictures and recommendations. He said next time he can do a walk and talk with us at the property for $200. I think its well worth it, if he finds something very pricely to fix, then we have the option to walk away.

Jeremy, just some positive criticism since this discussion is about protecting yourself with an LLC or Corp. You state your insurance is only $52 a month, that sounds too cheap for adequate coverage... just my opinion, unless you got one hell of a broker.

I'm interested in what this cash flow number means, doesn't sound promising either way.

woohoo! finally got the picture to work. He is the house I am closing on this week. This is from google street view, so yes, the picture is funny looking by the window.

[img]http://www.biggerpockets.com/photos/show[/img]
test....