All Forum Posts by: Chris Lounsbury

Hey everyone! 

Look forward to seeing a solid group again this month. See everyone at 6:30 at Dust Off Brewery! As always, no sales pitches, just networking with like minded investors. 

Hey all, excited to see more and more investors in the South Charlotte, Rock hill, Fort Mill area.  We host a meetup the last Thursday of the month down in Rock Hill, so please feel free to come out.  The event is posted here on BP, or you can reach out to me directly for more info! 

@Marty I.K. Mills

Hey Marty,

I’m sorry, I can see how my post was not clear. I wasn’t asking whether all tenants should be on the lease, I definitely would do that regardless. What I was asking more, is do you allow for a subpar tenant to be approved when they are applying with a very credit and rent worth person? Do you lower your criteria for additional tenants, or how do you go about that with a tenant who can be approved without others, but is applying with others.

This is something I come across quite often as a PM, and I'd love to hear how others handle it.  I see it a lot with couples, but also with roommates.  Something that worries me is lets say wife never puts things in her name, but husband does. Husband has below threshold credit, but wifes credit is much better, mainly because she only has small revolving credits. Today though, it is fairly common for the wife to be making just as much money, and she technically could qualify on her own.  How would you handle this? (Our company requires all persons over 18 be on the lease as a financially responsible party, but I do often understand hypothetical wifes point: "If I didnt have husband I could qualify without him, so why with him contributing income does it not just make my application stronger."  For brevity I only used this one example, but like I said, also very common with 1 or 2 roommates having strong credit and finances, but other roommate having very poor credit that would never qualify. 

For arguments sake, let's say none of the debts are medical or student loans.  They are unpaid credit cards, lOC's, etc.  Lets also say that their resident history is fair, not overly strong, but no evictions or foreclosures. 

Let me know what everyone thinks! 

@David Wax Hey David! There’s been a ton of great advice and advocacy for each market here and I completely agree with a lot of the others’ sentiments about deciding what type of lifestyle you would like to live, where you would have the best job opportunities, and what location feels right for you first. I live in the Charlotte area, moved here from NY 2 years ago. It was a great decision for myself, and I’d be happy to share my experience.

As far as properties you may be looking to purchase, most are right. We have very low inventory right now, and most homes are multiple offers, sight unseen. I do have a few tricks and locations in the Charlotte area I use with other people in your similar situation that help find homes you can live in for a year or two, and then make the numbers work as a rental later.

Hey @Dustin George, 

Next one is Thursday August 27th. Look forward to seeing you there. 

Hey All,

Come out and join us Thursday, August 27th, for our monthly REI meetup at Dust Off Brewery at 6:30. All skill levels are welcome. Our events are pitch free, and focus solely on networking and helping each other grow. Look forward to seeing you all there!

Hey @Salman Bakhrani , Thanks for reaching out.  There are not a ton of Duplexes in the area, but if we get creative there are some opportunities. PM me and we can talk whenever!

 Hey @Elvin Salcedo and @Mark Allen Kenny ! I used to live in NY, about an hour north of the City and currently living in Rock Hill, SC.  Let me know if either of you guys need anything.  Happy to connect and help wherever possible.

Hey all! We have been hosting our monthly REI meeting for the last two months down in Rock Hill. All are welcome! Next one will be August 27th. If you are interested in attending shoot me a PM and I can put you on our email list.

Also happy to help anyone interested in getting started. Feel free to reach out with any questions.