All Forum Posts by: Jim Cran

I bought new stove and fridge. About $900 installed.

The appliances in a duplex I bought are going to be replaced. Would love to write it off next year as an expense but wondering if that would raise a red flag with Uncle Sam. What do you all do? Capitalize? Or Expense? Thanks!

We haven't rented it yet. Thanks for all the advice. Lowered the price to $950 which is in the middle of the range for this location and property type. Zillow, Trulia, Hot Pads, and Craigslist. No MLS. Any other suggestions?

Great, just added it to my calendar. See you next week!

Thanks for all the great advice. We walked away from this couple and another with similar financial stats. Decided it's better to have an empty unit for a little longer than it is to have to evict in six months. February in N. OH probably isn't the best time to put a place up for rent anyway. Any thoughts on that?

When's the next meeting?

Thanks Larry. Their credit is good, and their credit reports shows no late payments, ever. But I think you're right, at least I should ask for a cosigner. Any thoughts on cosigners?

I have my first rental up for rent (WOOHOO!) and have 2 applicants (co-applicants that are boyfriend/girlfriend). I need advice on whether or not they are good prospects. I used MySmartMove.com through BiggerPockets to do a background and credit check - results below. The couple is fresh out of college and appears they've never had their own apartment(s) aside from college dorms, if that. 

WOULD YOU RENT TO THEM? Please explain why or why not as well as any additional conditions you'd impose (i.e. co-signer) if any.

Rent is $995 / 2 = $497.50 per applicant per month (PM)

I think it's worth mentioning that this unit is on the westside of Cleveland and rents in the area range from $800 - $1200. This unit is fully renovated with new kitchen, bathroom, appliances, central air, windows, carpet, paint, covered garage parking, provided washer/dryer. Asking price was $1100 but we lowered it to $995 after 3 weeks of several inquiries but no takers.

Applicant #1: $1,500 gross income PM

Credit Report:

Count	High Credit	Credit Limit	Balance	Past Due	Payment	Available
Revolving	7	$19,851	$21,200	$12,928	$0	$318	39%
Installment	2	$27,732	$0	$27,141	$0	$403	N/A
Mortgage	0	N/A	N/A	N/A	N/A	N/A	N/A
Open	0	N/A	N/A	N/A	N/A	N/A	N/A
Closed w Bal	-	N/A	N/A	N/A	N/A	N/A	N/A
Total	9	$47,583	$21,200	$40,069	$0	$721	N/A

ResidentScore	Score Factors
675	Bankcard account balances are too high in proportion to credit limitsToo many revolving accounts with balances too high in proportion to credit limitsToo many recently opened accounts in proportion to total number of accounts Available credit on bankcard accounts is too low

Applicant #2: $2,000 gross income PM

Credit Report:

Count	High Credit	Credit Limit	Balance	Past Due	Payment	Available
Revolving	2	$2,509	$3,300	$2,153	$0	$76	35%
Installment	1	$24,792	$0	$23,368	$0	$256	N/A
Mortgage	0	N/A	N/A	N/A	N/A	N/A	N/A
Open	0	N/A	N/A	N/A	N/A	N/A	N/A
Closed w Bal	-	N/A	N/A	N/A	N/A	N/A	N/A
Total	3	$27,301	$3,300	$25,521	$0	$332	N/A

ResidentScore	Score Factors
672	Bankcard account balances are too high in proportion to credit limitsLength of time bankcard accounts have been established is too shortToo many recently opened accounts in proportion to total number of accounts Too many revolving accounts with balances too high in proportion to credit limits

MySmartMove.com recommends renting to them but it doesn't seem like their incomes are enough to pay rent, utilities, etc. when factoring in all their debt.

Thanks in advance for your feedback!

-Jim

Very good, looking forward to it. Thanks again. 

We get our granite and cabinets for our flips from Cabinets and Granite Direct on West 130th and Brookpark Rd. Granite installed at $30 sqft is the best we found so far. Ask for Ed, tell him Mary Cran sent you. She's the one who deals with the granite.