All Forum Posts by: Bruce L.

There are pros & cons to both and I'm not sure which is better really. Locking them in is nice as they are committing to stay and on my lease agreement, if they default, they automatically forfeit their security deposit.

Month to Month is nice as it gives you both an exit.

I haven't done this yet, but if I secure another year lease and if I had to break the lease agreement, I could offer them one month free rent to break the lease. I also think that I have an agreement in my lease that says I can sell the property if I wish. (I'll have to double check)

Score wise, my loan person says it's good, just that I have that line item on my credit prevents me from getting a Conventional Loan through her.

I might try asking more loan officers to see what they say.

Hi,

Was wondering if any of you loan professional could help me.

My FICO score is at 740+

Income is good, not an issue.

Up to 50% down if I had too.

Debt in Income will be lower than 40% back-end.

However, I have this ding on my credit for a house that I no longer could afford back in 10/2009. Luckily, I was able to sell the property as a regular equity sale, but have this on my credit report. “Previous in foreclosure, account was in delinquent”. I was about 4-5 months behind on the mortgage as I lost my job, but that's a whole another story.

Today, I have good income and a steady job for more than 2 years now. A local loan officer told me that since that ding was over 3 years ago, i can get an FHA loan, however, because of the FHA fees (Upfront MIP, MIP for life of loan, etc), I was trying to see if I could qualify for a Conventional Loan.

Does anyone know if it's possible to get a Conventional loan for my situation or do I have to wait for 7 years to past to get that off my credit?

Thanks in advance. :)

Hi David,

What area do you think you will be able reduce your expense on in a few years?

This is great info guys, I'm taking notes for future bad tenants.

So, if my tenant every trashed my place for more than their security deposit, I will "threaten" / bluff to them that my accountant has contacted the IRS and that they will be issuing them a 1099. How will this backfire on me?

Second question, or maybe I missed something for it was deleted, how easy will it be for them to get my info? One thing bad about my name is that it's very unique. I google myself every now and then and even create fake data so there is more than one of me. All my tenant know of me is my full name, PO Box, and *might be bad* my bank account number for direct deposits of rent.

@Nick G.

Thanks for the reply Nick, that makes sense now. :)

Newbie question, but why absentee owners? Most of them would be other investors, Corps, or REITs? I would think that it would be hard to get a deal from them as their goal is to maximize their returns.

Second Question: Instead of paying $0.44 for one stamp, you are choosing to use 6 stamps per letter which will cost you $2.64. That's $871.20 for just stamps to get someone to open your letter? I've never tried direct mail, but if that's what it takes, one deal is well worth the cost for stamps.

Keep us informed, I'm very much interested.

Hi BP!

Wondering for the many people here on BP, what's your experience been like trying to sell a home while tenants are still in the property?

Does it matter if the lease is not expired?

Has anyone tried selling the property without the tenants ever knowing the property is for sale prior to closing?

Before you say something, look at the pictures Ryan M.

Anyway, I found a great resource to learn about security deposits in NV.
http://nlslaw.net/landlordtenant.html#securitydeposits

Mike Franco Yes, $60 to trim the whole front yard, which is what my landscaper charged me and I have a receipt for and what the tenant agreed was Ok.

The blinds being 1 hour, ok, it was maybe like 45minutes to remove the old and install the new, it was one of those large kitchen blinds that goes over a sliding glass door.