All Forum Posts by: Jeffrey Lecroy

Thanks

Renovating a house 1200 sqft. Opinions on making it a nice 3 bedroom with master bath and walk in closet or 4 bedroom with just to baths no walk ins. Plan is for a hold rental?

Great advice and information from all . Thank you. Happy new year

I am thinking of purchasing a home from a friend in South Carolina . The property is occupied by a gentleman who has rented the property for many years . My friends mom owned the property until she passed . My friend acquired the property thru probate. He would like to cash out. I meet the renter he seems to be a very nice gentleman and maintains the property fairly well and has always paid on time  although about 150.oo per month below market. My concern and question is . There is no lease . Can I present a lease after I close on the property and can I put in the lease that the rent will increase by X amount every year ? Any advice or comments appreciated 

I am thinking of purchasing a home from a friend in South Carolina . The property is occupied by a gentleman who has rented the property for many years . My friends mom owned the property until she passed . My friend acquired the property thru probate. He would like to cash out. I meet the renter he seems to be a very nice gentleman and maintains the property fairly well and has always paid on time  although about 150.oo per month below market. My concern and question is . There is no lease . Can I present a lease after I close on the property and can I put in the lease that the rent will increase by X amount every year ? Any advice or comments appreciated 

Thank you for the advice 

Thanks for the input.

I understand.  Just was looking for a little input from the pros as to the age of the applicants with no prior rental history and her credit score being that high with no accounts listed. Thanks

ok

I have recently listed my first rental . I set minimum rental requirements and I have had a lot of interest but requiring a deposit along with first and last month's rent has turned most away as that does not seem to be the norm in my area although I have a application from a young couple he is 24 has a 635 credit score he is a Marine and he broke his back and draws disability from the military.  His wife is 20 has a 725 credit score but has nothing on her credit. She doesn't work and is in school they have 2 young children and I guess I'm just a little unsure they meet all the requirements 3x rent is 30000 income. His check is for 42000 . They have really no prior landlords due to they lived on base for 4 years and with parents before. Any advice appreciated.