All Forum Posts by: Lynn Z

In S.C. students are looking for large 5.2's and will pay $500-550 for it . The 3/2's are dead and Craigslist is dead except for the above. Unless the May-June market picks up we're really overrun with wantabe landlords with empty houses and apartments.

A few seasoned real estate brokers are buying investment houses in primo neighbhorhoods but little is moving. I think it's dead for 2009 overall. Too overbuilt with apartments the last two years.

Does anyone know if a previous BOA papersaver loan can be streamlined on a refi (say high credit, good ltv etc.)? I read Fannie and Freddie and VA/FHA permit streamlining but not if the loan was previously low doc. Any information?

Columbia, SC tenants have been hard to come by for the past 3 months. One tenant is selling gold and waiting on a refund to make it.
Others can't pay winter utility bills.

4 bedrooms are getting responses to $2750 ads and you can't give a 3/1 away to anyone. Roomies seem popular. Craigslist volume for room rentals are way up nationwide.

Hey and we're one of the areas and local zipcodes that has appreciation,

My tenant reported there were "termites" coming out of a pine tree at a rental house.
It was actually pine beetles and, with the drought, it was dead.

Cost me $800 to have the tree company cut it down, haul it off and grind the stump. I wish they'd called me earlier.

Next door neighbor cut a huge pine down and left all of the branches and tree trunk cut up on my property and his thinking the city would pick it up. After 4 weeks and the neighbors avoiding the issue I called the city to get him to pay to haul the debris away. Trees can be a big issue to landlords.

The worst thing about this is he sounds like he isn't on meds. My sister rents to people with problems like this only if 1) she talks to the caseworker 2) tenant is taking his or her meds. They understand they're out if they go off meds. It's too dangerous otherwise.

Mom knows and can have health care professional writing those prescriptions call you and give you definitive answer on medication. I don't think any magistrate or court will make a landlord keep a relationship that presents harm to that person.

There have to be some upfront conditions or else they can't be accomodated.

It's too bad because they often do ok when medication.

1) Try to toplist on Craigslist - change the pix around. Catchy headlines
2) Ask responders "how many people plan to live in the house" "pets?" "when do you need occupancy". These three questions, if not answered make showing the places a waste of my time. Students: "do you have furniture?"
3) open the house and let them go through by themselves. Answer any questions. Mark if they seem interested.
4) scan the application. they scan back. run credit etc.
5) make the decision. then get the security deposit/sign lease (at the same time). If new or remodeled, "condition" report outlining everything as new or refinished etc.
no key until all monies have past. No early move-ins--Ever.
3)

I'm in S.C. so perhaps we've got something going on between the lines. I just notified one couple I would not be going up on the rent because they've been good tenants and "I believe times are tough and everyone needs a break". They did thank me.

I like the rent auction idea--was it a 4 bedroom or 3 bedroom? 4's do real well here at USC but rare in the best areas. I had a rental open house one time last year on a hard to rent SF. I've sold alot of FSBO's by open houses so I figured what's the difference. Interesting 2 hours but not weird. People were curious and one group really wanted to rent the house--poor credit.

Tenants are asking for help on what they consider high winter bills and new prospective tenants appear to be shopping 4 months ahead as if you have nothing better to do than wait on them.

One asked to do the 1/2 acre lot on a hill himself because he "loves to do yard work" to save $50 on the lawn crews' twice a month service which I split. These are grown people. Are you feeling me on this?

Things could have change but our commercial banker hinted that FICO is still ever present as the definitive criteria for loan approval. Dropped a 7.25% to a 5.5% with a 800 FICO over 3 years only. Really helped out on a small deal.

Our taxes don't look good. There's plenty of expensing etc.

I'm taking HELOC money out to pay for a carport I built. The HELOC may be run over 10-15 years but the payment is high because they require a 1.5% monthly payment which is more than P&I. Still since they might close down my unused HELOC I'm going to use it a few months and throw money at it later in the in year.