All Forum Posts by: Isaac White

This is exactly what I heard from a local landlord in my area, which is what triggered me writing this post.

Do you have any examples or real life experiences that you could reference where a month to month lease would be beneficial? 

 You make some great points and I appreciate the resources you've referenced. I've come to the conclusion after reading all these great responses that I should focus my energy on getting a well written enforceable lease and do my due diligence on the screening process, rather than try to cover myself with a month to month lease.

 I have a lot of built-up equity in this property and will need to refinance at some point. Thank you for pointing this out!

I have finished the rehab on one of the units in the duplex I own and I’m getting ready to rent it out. I started thinking about how I wanted to structure my lease agreement with my tenants. 

Option 1: lock the tenant into a year lease

Option 2: month to month lease 

My first instinct was to go the typical route and do a year long lease. After thinking about the two options a little more I believe the month to month option would benefit me more.

Here’s my thought process:

- This property is my first experience being a landlord, so I don’t have experience screening and choosing tenants. A month to month lease allows me the option of not renewing the lease if the tenant decides not to pay rent, trash the place, etc. without having to go through a long eviction process.

- Flexibility to adjust rents with market conditions more frequently. 

- Once I find a quality tenant on month to month lease terms, discuss the possibility of signing an annual lease agreement.

Let me know any thoughts you have on my plan or advice about structuring lease agreements. 

Giuseppe Cicorella is an Italian real estate investor. I would connect with him since he would probably know your situation better. I've listened to him on the clubhouse app, but I think he has youtube and a website. Seems to be small enough were he would be willing to help

What was the 18k bid including? Ive been in similar spot with leaky basement but was able to dry it out with proper gutter and downspout installation as well as grading/landscaping.

 Thank you, that more or less answers what I was wondering. I was unsure of how in depth the verification of employment was, and if lenders can actually verify dates of employment.

Thanks. I didn't know FHA looked at job gaps differently from conventional. Which is why I was thinking of ways to "stretch" my job history.

I'm hoping to use an FHA or owner occupied loan to purchase my next property.

One of the main problems I've had with getting bank financing is my job history. In this case I worked a W-2 for a 1 year and 3 months, I quit and took a higher paying job in the property management field. I worked that job for 2 months until end of August 2022, and made that transition from the first to second job with no gap. I then went to a different property manager for another two months until end of October 2022. I quit the third job and was unemployed for about a month and a half. I now went back and work part-time for the first property manager that I worked for until the end of August.

My question is; would I be able to go full-time at the job I am at now. Knowing that banks usually only ask for the first and most current paystubs to verify that you have been working the same job consistently. Give them my first paystub from the first property management job, and then give them my most current paystubs which is at the same place. Making it look like I have been working the same full-time job for last 7 months. Bringing my job history to almost two years with no gaps. 

Just wondering if anyone has any insight on how hard they verify job history. Or if it goes to underwriting and they will be able to see that I have a job gap followed by part-time income?

I appreciate any all advice, and for taking the time to read this.