All Forum Posts by: Bruce L.

So, I was browsing the Internet and found this article on Bankrate and since I know there are some wealthy BPers on this forum, I thought I would ask what your opinions are. I'm a saving and a believer of a penny saved is a penny earned and have massed a decent sum of money investing in real estate, but I no where close to considering myself wealthy.

"The real key (to wealth) is earning," Siebold says. Unfortunately, if you are making $50,000 per year, it will be nearly impossible to accumulate large sums of money, even if you save all your extra pennies.

"People need to stop always looking at the expenses portion of their budget. … It is usually the shortage of income that gets people into trouble," Cardone says.

http://www.bankrate.com/finance/savings/money-myths-3.aspx

Thanks Gerald K. Have u ever had to remove your peel and stick vinyl tile?

Here's an update.

I spoke with the girl and told her that I couldn't verify any of her past landlords, one of which wasn't her fault as one property mgt. purchased another and didn't move the tenant history to their system. She didn't give me any pay stubs, and so I told her no. Then the slick talking timeshare guy called me and almost convinced me to do a good deed and help her out and that I had nothing to worry about because he would be on the hook.

At first, I was thinking of using word "Wife" to him if I ever had to do that, but the girl told me that the wife was medically ill (brain tumor or something like that) and then she told me that they are really close, closer than I may think but not having an affair with him and she also began to tell me that she's pregnant. I really don't want any drama and she doesn't seem like she would be a long term tenant so I decided to past on her. I understand if I want someone long term that I would have to have them sign a longer lease, however most people that I come across doesn't want that type of commitment (I'm the same way)

So, I approved the younger adults with the military dad to co-sign. I spoke and verify with the son's current landlord and he said that he was one of his best tenants and he would of done anything to keep him. They choose my place because it was close to his school and her work.

I hope I made the right decision.

Don't know if this matters or not, but the dad lives in North Carolina. If I had to take him to small claims, I'm assuming I don't have to file the paper work where he lives.

My Rent is $1100 a month with $1100 security deposit. The way his dad is been giving him money was he would just transfer money every month into the son's account where the son would then pay his bills.

I'm basically looking for a long term tenant who has a stable job (2 years preferred) , nets 3.5 times the rent and no past evictions or problems. I'm easy when it comes to credit. A lot of people in Vegas has bad credit due to foreclosures.

Thanks guys, yes I agree @Bill S. a vacancy is a blessing compared to a bad tenant.

So, I got another application today. Young couple engaged that has only been living together for 6 months now. She is 20 years old, nets $1600 a month and has a $375 car payment, He is a college student living off his dad's income as the dad agreed to pay for his living expense as long as he was in school.

The dad would be the co-signer and he nets $8000 a month. Dad is a retire air force pilot, who is now a civilian working for a Air Force Dad has no expense other than his $500 apartment and $368 car payment. He owns a house free a clear, but moved for his job where he rents.

Some good things i guess is that both the college (Son) and her work is nearby my property, so I would hope that they would stay longer than a year.

Which of the two applications would you choose? To me a father is less likely to cut off his son than a guy who is "Good friends" with this girl.

Thanks for the feedback guys. I was thinking of doing one of these two things. 1) Have both people be on the lease and ask for double security deposit. If all is well within a year, I will give back the extra deposit and remove the guy. 2) Put only the guy on the lease and list her as a person living at the property with him. That way if they default, I could go after just him. Not sure how it works if two is on the list, would the guy be only responsible for his half? I don't think I would be successful to get money from her if that did happen.

Hi guys,

I have an application in for my property. Here's the story.
Single mom with 1.5 year old girl, about 6 months ago separated from her baby daddy and moved in with one of her friends.

She just started a job selling timeshares 2 months ago, but didn't brother to give me any paystubs because she knew that wasn't enough to get her into my property. Since the job is almost purely commission, she estimated that she will earn $5k a month. She has $3600 in her savings which was recently deposited.

Here's the kicker, she purchase a new car ($539) with her friend as a co-signer and he even agreed to co-sign for the lease. They both signed my application form and he also sells timeshares. Apparently, he must be the top sales guy as he made over $200K in 2013. I meet the guy, and on the spot, I asked him to login into his account and show me his paystub. I verified and he did net $170K this year. He has a nice country club house with his wife that they purchased 2 years ago for $800K. His wife does not know that he co-signed for the car for my tenant or possibly my house. I know what you guys are thinking, but he says "She's a very good friend".

How would you guys handle this?

PS. So far, I've showed the house to 16 parties and got 4 applications, I rejected the last 3 they did not meet my requirements.

That would be my guess, my cheap for rent signs that I stick on to light pole sometimes walk away too. I have to stick it with heavy duty tape and high enough so you'll need a ladder to get to.

Just curious to see if anyone here has ever used an A-Frame "For Rent" Sandwich Sign for their rentals?

I currently use those cheap one dollar 8 x 12 For Rent Signs that you can get at your local hardware store and tape them by all the busy roads near my property and has worked OK. Sometimes, the neighbors would take them down in a matter of hours depending on where it's at.

I've notice that some realtor use those A-Frame signs for their open houses, but they usually only have them up for a short period of time well as my signs are up until I approve a tenant.

If you have used them, how has your experience been? Each sign is going to run me between $25 (DIY) to $200 and would suck if someone steals / destroys them.

Here are example of the A-Frame Sandwich Signs.