All Forum Posts by: David H.

@Katie Willcox

I think we often have to tailor our requirements to our local market.

I dont list all my requirements, i have them fill out an application and then I go from there.

In my market almost no one has a 650+ credit score. Unless they have low income. So I look at thier overall situation and if they meet everything else I will check into thier rental history. So while stringent requirements are great sometimes they have to be looked at holistically if the market dictates that.

All that being said being patient is a must to prevent major mistakes but I won't rule someone out if they meet the criteria in the areas I hold the most important. Every market is different

What she thinks happens is her problem. I wouldn't evict them over and would just continue on

I would just be patient.

Boom, u are on your way!!

If you were getting market rent on all 4 units how much would you cash flow? If it is that far below market rents it may be worth raising rents to get you closer to where it needs to be. I know you mentioned being scared the tenants will leave but if you are in a good area then you should be able to fill them quickly if the current tenants move. Probably better to deal with some short term vacancy than a slow and steady drain on your cash flow

I would do what I thought was fair for both. If they pay up with full rent, I would let them stay. If not then I would move on. Basically I would try to make it work for both of us. And it does matter during the holidays. It's harder to find tenants and to find a place to live I saw a response on whether the bank gives u a break during the holidays... the answer is one has to get months behind on thier mortgage before they do anything and being short 125 wouldnt get much attention from them so it's a poor analogy. Obviously I wouldnt go that route but I'd just be fair. And that may not be the absolute best business decision but oh well

I agree u need a new plumber. But I had a house that had a low spot in the line. Had a few tenants in the house and never had an issue. Then one family always had issues. After awhile I learned they were dumping cooking grease and leftovers down the drain. And the two combined was a problem and it caused a brick to form in the line. I later sold the house and had to have the plumbing repaired. But the point is there is probably an issue in the line and there is also probably something the tenants are doing that is exasperating the issue. Fixing it is probably expensive so I would try to figure out what they are doing and have it stopped. Or just dont renew thier lease

I would finance it and use the banks money. You will retain your money and funds to make additional purchases going forward.

I've had to do a couple of evictions. And people that get to that point are just in a state of chaos. It takes alot to get evicted. And maybe they straighten out but I wouldn't want to take the chance. The risk is too high for me.

That's a personal decision, I am i. A similar boat. I am waiting until my kids are 8-9 so I dont have to think about drowning. So that's 3-5 years for me. Then would probably do an equity loan. So I would wait a few years if I were u and use the equity in the property u are currently in the process of buying to build the pool. That way u get both