All Forum Posts by: Irina Belkofer

Luckily, I have only W-2 tenants but if I had to qualify 1099's - I would check two years of tax return plus up to date bank statement. Also, if you require 3-rent income, you might require 4-rent for self employed - this is not a discrimination but risk management.

Also, if I'd look for FICO=600+, I'd have all my rentals vacant. With that score you can buy a house and people rent for a reason. However, I do increase requirement for income to 4-rents as well: it's also risk management. 

I've seen other property managers require 2 months security deposit, or first and last month rent.

You can request a lot of things to off set the risks.

I had tenants with great jobs W-2 for 15 years, who lost the job during the tenancy. There are plenty of things could happen - another recession, for example. You can't predict the future and your Uber drivers might make very stable tenants while stable W-2's might lose the jobs and stop paying rents.

If others don't invest in some areas - there might be a good reason.

There are areas in Cleveland with 60% ROI, but I wouldn't go there.

Most important - what makes you comfortable?

I agree, @Frank Chin. BTW, commissions are negotiable but the seller get much better exposure if they list the house on MLS vs FSBO.

Besides, having professional on your side is very beneficial, especially if you have no clue about the market, even when they think they do. Oh, well...

Zestimate is off pretty much always.

I'd trust the listing agent