All Forum Posts by: Ernie G.

Hello eveyone,

I recently had a situation where I served a late pay tenant with a 5 day notice to quit, and after it expired the tenant suddenly paid in full; but not before I racked up $300 in attorney fees in beginning the eviction process. The tenants lease agreement states that I can recover attorney fees. 

If this happenned to you, would you pursue the tenant for the attorney fees?

Thank you in advance. 

@Jay

The lot is on Miller Court in Gresham Butte, most of the lot is hillside and unusable for development. The area by the road would be the home site.

Interesting point. My Oklahoma 7 unit multi family rental is in an LLC, and it does not show up on my credit. However, they will see the loss when I file for taxes.

I think it will cost $350K to $400K to build a 1,700 square foot single family home on the lot. It is a 1 acre lot with views in Gresham, Oregon. Zip code 97080

Congratulations Jay! I enjoyed reading this thread, thank you for posting and sharing.

Just today I put a 1 acre view lot in Gresham, Oregon under contract. I am hoping to build a 3/2 1700 square foot single family home on it. Your project is much larger than mine, and very inspiring.

Hi everyone,

I am interested in buying a lot in Gresham, Oregon to build a new single family home for myself. I currently own 2 houses in Utah, my primary residence and one rental as well as a 7 unit multi-family in Stillwater, Oklahoma. My credit score is over 780 and I have no debt other than my mortgages, and I have been at my W2 job at the phone company for over 20 years.

Construction loans are tough. Apparently, they are considered portfolio loans and have very strict guidelines; particularly when it comes to Debt to Income ratio. They say I have to be below 43%. With losses shown on my taxes with my rentals, my DTI is way too high.

That said, has anyone here heard a new home being built with private money or other means?

Thanks in advance.

@Dave That's a great point, thank you. I noticed that Zillow also helps the applicant whereas they can use their one time application for multiple properties if it doesn't work out with mine.

Thank you Isaac and Leopoldo. I'm happy with the Zillow application, and you both gave me a perspective on other ways that it can be done as well.

Happy holidays!

Hello everyone,

Zillow charges $29 to a prospective tenant that fills out an application with the credit and background check. 

I'm just looking for a reality check. 

Do some landlords collect the application fee directly from a prospective tenant and run the credit check themselves as opposed to the tenant paying the background and credit check agency directly?

Thanks in advance,

Ernie

I have a long overdue update. My existing tenant moved out at the end of September on his own, which is perfect since this paves the way for me to rent the whole shop/apartment package with new terms to a new tenant.

Thank you to everyone that has helped me here!