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All Forum Posts by: Jerry L.

Jerry L. has started 14 posts and replied 27 times.

Post: Tenant Screening single mother of 3

Jerry L.Posted
  • Posts 27
  • Votes 10
Quote from @Richard F.:
Quote from @Jerry L.:

No offense to you single mothers. I'm in the process of screening and one interested person is a single mom of 3, she's rented her current place for 5 years, has excellent credit, and no criminal history. At least she says that, I haven't ran a background check but I will when I'm done choosing the tenant pool. Her only source of income is from her ex-husband from a maintenance package (child support), and by working part time as a substitute teacher. 

This is my first time looking for tenants, for your experienced Landlords, would you consider her as a tenant if her background checks out or is that already a red flag knowing she doesn't work and mostly relies on child support? 

 Aloha,

Wow, so many issues with your statements...

From a Fair Housing standpoint, you should not be using language that pretty clearly indicates a bias. You simply have an adult applicant, with 3 additional minor occupants.

You are "choosing" the Tenant pool? You should process each application independently in the order received. They either meet your criteria and are approved, or they have issues and you deny. Then move on to the next application.

You literally "know" nothing about any applicant until you VERIFY the information provided on their application...mere words mean nothing. Often your due diligence in this process will turn up dramatically different info than the prospect provided. For example, if you were to investigate the party you mention, simply stating that they received child support is quite different than having a copy of a court order that awards those payments, PLUS evidence of those monthly payments such as a year's worth of bank statements showing the deposits to the applicants account. If your investigation reveals ACTUAL "excellent" credit, that is actually based on various accounts the individual opened/paid, that is one thing. A history based on joint accounts, much less meaningful.

 I didn't mean to poke you in the wrong spot and I didn't mean any offense. That's my bad. Thanks for the tips appreciate it. 

Post: Tenant Screening single mother of 3

Jerry L.Posted
  • Posts 27
  • Votes 10
Quote from @Theresa Harris:

All that should matter is if she meets your screening criteria.  Does the income meet your minimums to cover the rent?


 She hasn't told me how much she makes a month from child support, but she said she receives a generous amount and she should let me know, and I assume a background check should tell me on smart move? maybe. I did ask if she would be able to show proof of child support amount per month if needed and she said that wouldn't be a problem. 

Post: Tenant Screening single mother of 3

Jerry L.Posted
  • Posts 27
  • Votes 10

No offense to you single mothers. I'm in the process of screening and one interested person is a single mom of 3, she's rented her current place for 5 years, has excellent credit, and no criminal history. At least she says that, I haven't ran a background check but I will when I'm done choosing the tenant pool. Her only source of income is from her ex-husband from a maintenance package (child support), and by working part time as a substitute teacher. 

This is my first time looking for tenants, for your experienced Landlords, would you consider her as a tenant if her background checks out or is that already a red flag knowing she doesn't work and mostly relies on child support? 

I'm getting a property rented in the KC Metro and I'm in the process of looking for tenants. 

The question I have is when I collect the first month rent and security deposit, do I need to put that into a separate bank account by itself or is that for me to personally hold? I couldn't find any info. I know in OK you have to open a separate bank acct for the deposits. 

Before you let your tenant move in, do you guys collect both first and last months rent with the security deposit or just first with the security? 

No offense to you smokers. Is there a way you experienced Landlords find out if a possible tenant smokes (including vapers) during the screening process? I'm thinking about not listing "No smokers" and just wait to ask them in person during the property walk through, that way I can also see them in person and see if I can smell it on them. I'm thinking if I list "No smokers" on the listing then people might try to lie. Instead I'm thinking about having them list their social activities to see if they will be honest about smoking if they do smoke. Thanks in advanced! 

If it was me I would hack the 4 plex for sure

Hey all, I'm very close to getting my primary house listed for rent. I've been looking at targeting travel nurses as of late, my current residence is nearly 10-30 minutes from multiple level 1-2 trauma centers, and other major hospitals in the metro so it makes sense to me. For those who rent to travel nurses, do you charge more than regular comps? Will getting a pro membership on here or paying for the Furnished finder fee show comps I should be expecting? 

Post: Mortgage loan question

Jerry L.Posted
  • Posts 27
  • Votes 10
Quote from @Nathan Murith:

@Jerry L., as Luis said, short answer is yes.

Each individual has up to 10 conventional loans they can take in their own name.

When we got started, we made the mistake to take the first couple rental property loans in both my wife's and my name. That ate into our 10 conventional loans we each get. You live and you learn :-)

Subsequently, we took each rental loan in one of our names so we could maximize and get up to 20 conventional loans.

I realize that is not what you are asking but figured I would share so others don't make the same mistake.

PS: yes, you can have the loan in one name and the property title in both names, if you so choose.


 Appreciate that thanks 

Post: Mortgage loan question

Jerry L.Posted
  • Posts 27
  • Votes 10

Newbie question, my wife and I are planning to rent our current primary residence. It is under a conventional loan. I know I still have FHA, 20% down, Heloc to play with to buy future properties. My question is once I turn my current residence into a rental property will I be able to use a 2nd conventional loan?