All Forum Posts by: Evelyn Jordan

Thank you for your response, Marc!

I completely agree with you and I will consider that application along with the others. Thanks for advice. 

Evelyn

Hey BP People,

I am currently screening tenant applications for a vacant rental property of mine and I came across an interesting situation. The applicants are a Hispanic family with 3 young kids; Mother is a housewife and Father works at an auto bodyshop. They do not have SSN so I cannot run a credit check; As a proof of income I have a formal letter from the bodyshop owner stating the amount of money he pays to his employee monthly. I confirmed father's employment at his job of over 8 years and obtained a good verbal reference from their current landlord where they resided for over 5 years. Applicants also provided a formal letter of reference from the family's pastor who has known them for over 5 years as well. They are willing to put down a 2-month rent deposit.

I do know that there's a lot of people out there without any credit history or SSNs and I am willing to work around it. However, I am not sure how risky it would be to approve their application based on personal and professional references only? 

Would you rent to that family and if so, would you ask for extra forms of identification or obtain more references, ......? 

Any advice would be much appreciated! 

Evelyn

Great posts and ideas! I believe landlord- tenant relationship is very important and even little gifts of appreciation make big impression. I usually go with gift baskets, movie tickets from Costco and Starbucks gift card. I have noticed that when I mention I am a realtor, some businesses give me discounts as well. I came across another BP article where the landlord on top of the regular small gifts, does a Christmas raffle with a few bigger gifts like a TV, grocery gift card for $100, slowcooker, etc. I think it's another great idea especially useful for a multi-plex or a bigger apartment building. 

I hope the New Year brings us more rental units and tenants to give gifts to :)

Thank you for your response Leigh - very helpful!

Hi BP Members,

I am closing on a great investment property in Houston, Texas and I need to find a good and reputable property management company to take care of it. I have had some really bad experience in the past and I want to do my best this time and make sure I pick the right one. Can you please recommend me any management companies in Houston and/or ones I should stay away from?

Any kind of information would be greatly appreciated!

Thanks!

Evelyn

Great. Hopefully a notice would be just enough.

Let us know how everything goes.

Hello BP members,

I am a newly licensed agent eager to dig deeper and start getting experience in the real estate business. I came across some quite interesting information on the web regarding BPOs (Broker Price Opinion) and making extra money by completing BPO orders while making connections with asset managers. They say it's a good way to connect with people dealing with REOs. but it's also very difficult for new agents to get started. Do I need to get some sort of certificate/designation in order to do that and is it worth the money? Please, share with me if you have any additional information on that and what are the steps I need to take to become a BPO agent (vendor)? 

Thank you,

Evelyn

I would send both a letter and an email informing the tenant that there are multiple complaints from other tenants about his behavior and also address the parking issue. In your notice refer to the Lease agreement they have signed and mention that their actions are against it and sheriff will be immediately notified on a next occasion. Texas is a Landlord-friendly state and you should be easily able to deal with problematic tenants by calling the sheriff.

I am now closing on an investment property in Texas and I am very excited about it.

Hi Kenny,

It's great you are considering different options and trying to evaluate which one is best for you and your family. If I was in your place, I would first sit down with a lender and thoroughly discuss which financial programs are out there for me. I would get pre-approved and ask to be provided with all the information in numbers. This is essential in terms of being realistic of what type of properties you want to be looking for in particular. Start working with a real estate agent (unless you already have one) and ask them to set up a couple different automatic mls searches - one for SFRs and another for multi-units within your price range - and start comparing what's in your area. When making your decision, try to pick the option that will provide the highest leverage for you. If that means, you need to live in a duplex or triplex and your tenant(s) will pay for your mortgage and even help you save some money on a side - do it. Depending on what market factors work best in your area, choose the property that will give you higher chances of re-investing your money faster. I understand that you want your kid to have a bigger and nicer home to grow in, but there might be other alternatives to that that might actually secure a better future for your family. 

Good luck with everything !

Evelyn

Hi Gustavo!

Welcome to BP and congratulations on making the decision to get started with real estate! Do a research on your local Property Management Organizations that offer certifications and choose the best one. Try to network as much as possible online (through websites like Bigger Pockets) and in-person: being a member of real estate investment groups and meeting local professionals (Meetup.com is really good for that).

Start off reading articles on BP related to anything you are interested in - there's so much info there and people you can ask questions and get professional answers to.

Here are some websites you might find useful:

http://www.mynationalreia.com/clubportal/795files/...

http://www.propertymanager.com/2014/07/boost-your-...

http://www.zillow.com/blog/pro/how-to-start-a-prop...

Good luck with everything!

Evelyn