All Forum Posts by: Chris Virgil-Stone

@Dan B., I might be reading this wrong but "you can't withdraw that money after the match even if you're vested" I would disagree with. It might depend on the holding company or employer but my 401k through vanguard is 100% vested and I have access to all money aside from the penalties and taxes. I am not an expert on financial planning but this is how it works with my employer. Should I leave my employer ~70% would be able to be withdrawn.

@Adam Juodis, You have to think about how much you're putting down though. For 3.5% or so down payment that isn't bad. Less cash in= less cash out with banks. I did this, bought a $100k property. $107 of the $840 payment was PMI. If I don't plan to hold the house for too long I would rather have the cash in hand than put 20% down

That is a great point @JJ Conway! I haven't thought of that before.

@Jay C. I partially agree with you, I was that son at one time. However I was in college and working. He did have a job but could have a past. She looked over the qualifications which states no prior drug convictions of any kind and no felonies within past 5 yrs, favorable credit, no evictions etc. I do see where you're coming from and will definitely keep that in mind! Thank you.

I used RentecDirect for screening and was very pleased. This was my first time using it.

I went with #2. Wife had good credit, husband not so much but only due to student loans. Both make good incomes. I appreciate all the feedback. The only reason I was leaning toward #1 was due to length of stay and guaranteed income. I have dealt with high tenant turnover prior to this as I was located near a military base. The son factor did bother me. Hopefully all goes well.

Thanks @Deanna McCormick

All have the money needed and will sign a 1 yr lease. I have started checking #2 background and they are checking out so far. thank you everyone!

Thanks Victor! She was paying the mortgage on her mothers house. She is just below the minimum requirements but has guaranteed income. If I did go with her I could have her buy down rent $100/mo to meet the income qualifications. Since she doesn't have prior references I was thinking of showing up at her mothers house to see how she lives.

Thanks everyone. @Michael Noto why would you go with #2?

Tenant #1 plans to stay long term but I am concerned with the son as well. I have not met him yet, he e-mailed his application.

So I know this is a good problem to have. I have 3 applicants who I would most likely rent to. I still need to run background checks. Here’s the good and bad on each:

Applicant 1:

Older lady (likely to stay longer), has one dog so I can charge pet deposit, will have son living with her temporarily, no debt, college educated, doesn't work but receives VA benefits and SS, volunteers at hospice and local church school, no debt. Her income is a couple hundred below my requirement of 3x rent but is willing to put a higher deposit down or buy down the rent. Does not have prior landlord references as she has been taking care of her late mothers home.

Applicant 2:

Younger couple with good jobs, new to the area so new with their employers (1-2 mo), no kids, no pets, college educated, put on application that they plan to live their 1 year.

Applicant 2:

Younger couple with good jobs, been with their employers a while, wants me to fence in yard but willing to help pay for it, has 1 dog, no kids, college educated, put on application that they plan to live their 1 year.

I have good feelings on all of them, however the younger couples who put only 1 year on the application worry me as tenant turnover is where I spend the most money. Any feedback and advice is much appreciated.