All Forum Posts by: Heath Jones

@Natalie Cloutier

Thank you for taking the time to distribute this to the community.

@Justine Scheuher

Yeah, hopefully June stays under $2000. But my CPA did get me a 15k return this year, so I guess it’s worth it 🤷‍♂️

@Jay Hinrichs

Cash out stocks. Buy more real estate. You’re welcome 😉☺️

Yeah, I have done quite a few of these credit reports and I have never ever seen so much red on the screen. They had also filed for bankruptcy. How would you all handle a bankruptcy?  

@Jason Ma

To be frank... yes. I didn't even bother with SFRs, I went straight to apartments. Granted there was some luck involved, but you have to pounce fast when it shows up. With in the first month of starting REI and looking for a property, my wife and I had a 4 unit under contract. Before we closed on that place, we had a 16 unit under contract and had them both closed within 3 months from first contract to closing the second deal.

Our original goal was one SFR a year for first 5 years. We have thought owning 5 houses was a great goal and it would probably take us at least 5 years to get there. Well, we 4x that in the first 3 months because we adjusted our goals and jumped in head first. I should note that we bought the 16 unit without using any of our money. Mostly because we had no money. We used all of our savings to buy the 4 unit. The point is you will never achieve anything more than your highest ambition, so aim higher than you think is possible. You'd be surprised at what you can do.

Thank you to everyone who responded. I did inform the tenant they did not qualify and I could not approve them. I toyed with the thought of a trial lease, but thought once they are in there, if for whatever reason they decided to treat their rent like the other 6 delinquent accounts, then I’d have more trouble getting them out. Appreciate all the feedback and information!!

@Howard Herrington

Thank you for your post Howard. You brought up what I’ve been asking myself lately, how can I be more helpful to people who may need it and won’t get it anywhere else? It is a tough call. However, I do like the idea of doing a trial lease. Thanks for the idea!!!

@Greg Scott

These are great points Greg. You definitely need to make sure you are operating in accordance with the appropriate laws and regulations. It’s just generally good policy to avoid getting in hot water whenever possible 😁. I appreciate the feedback, this is great advice.

@Pat L.

I completely agree with you. I did mention that they are an automatic deny in my book. Just wasn’t sure if there were others out there who were able to help out people in need, but not at the expense of their business. Thanks for the feedback Pat!

Just wanted to start a conversation about strategies for dealing with potential renters who have poor credit, a bankruptcy and several delinquent accounts.

For example right now, I have a potential renter who is in her mid to late 40’s, and living with her sister and her sister’s husband. She is trying to get back on her feet after a divorce and wanting to move into her own apartment. Given her credit report, she is an automatic deny and there is not even a glimmer of hope to feel confident about her ability to pay rent reliably. I feel bad but I will be denying her based on credit report.

However, I’m wondering if I’m being too unsympathetic and if there are ways I could be more compassionate and help her out. I’ve talk to others who have said they will ask for double the security deposit if the credit score was low because of falling on some rough times. In the case of my example, I know she is going to have a real difficult time finding someone who will rent to her, but I don’t want to be stuck with a tenant who doesn’t pay the rent because of my good nature. I would love to help out but I have to think about my business. Would love to hear everyone’s thoughts on this!