All Forum Posts by: David Dachtera

Evictions AREN'T that hard to get! One serious illness ("long COVID" is a good example), one serious injury, one serious tangle with the justice system (prosecution for crime you didn't commit) and you're toast through no fault of your own.

@Jacob Beg,

First, very that she repaid the arrears that got her evicted.

Second, verify her income. Bank statements, etc.

Third, credit score has some meaning, but remember: scores get no one approved, but they can get you declined. It's a gatekeeper, not a trophy. The actual credit report content is what you want to see. Bankruptcies and late payments can drag scores down for years.

If you are still considering her as a tenant after all that, arrange to have her deposit the rent-in-advance in an escrow account. The escrow company can disburse to you monthly

My $0.02 ...

Credit scores are tools, not trophies.

No one gets approved on their score. Your score can get you declined, however. In a way, it's a "gatekeeper".

I'm thinking there are two factors at work here.

How old is the HELOC? New accounts cause a ding on your score until they age a bit. They also impact your average age of open accounts, a scoring item for both FICo and Vantage.

... and yes, you will take a hit on credit utilization. A HELOC, while RE-related, is still a revolving account. So, two things to check:

1. What is your total revolving credit utilization?
2. Is your HELOC being properly reported as RE-related? Some lenders get this wrong from time to time.

The other respondents have correctly pointed out that income is *NOT* a credit scoring criterion. Your lender may, however, consider it when deciding whether or not to extend credit (DTI).

My $0.02 ...

@Allison W Gammon,

The home warranty idea sounds pretty good, really.

The reason "it may not last beyond 3 years" is that it's likely an older system using R22 refrigerant. R22 is becoming expensive and hard to find as it has been identified as damaging to the ozone layer (chloro-fluorocarbon refrigerant). After that it may cost more to recharge than to replace the entire system. If it gets replaced under the home warranty, that might solve the problem for you - it would be replaced with something new, without the scarce supply issues.

Found this via Google ...
Is R22 refrigerant still available?
R22 is no longer produced or imported into the United States

My $0.02 ...

My landlord does something similar. The actual rent here is $950. However, if the rent is paid on-time, I get $100 off, so $850. He does not charge late fees. There's a legal reason for that, but it works out well for him and his tenants.

My $0.02 ... 

@David P.,

My feeling would be have her deposit that in escrow and have the escrow company make the disbursements monthly, if that's allowed where you are. 

Lenders do it, so why not??

Not actually recommended. The duct work can collect grease residue and become a potential fire hazard. The shorter the path, the better. 

See the documentation which comes with the range hood. Basically, you're providing a vent to the outdoors for the exhaust fan in the range hood. Sometimes known as a "wall cap".

 You can clean the range hood vent or clean the sticky grease residue off the kitchen cabinets, walls, door / window trim, ... Your choice.

 How do you vent the range hood?