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All Forum Posts by: Jim Henderson

Jim Henderson has started 3 posts and replied 30 times.

Post: Tenant application process - feedback please

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

Thanks @Jacqueline Carrington. I need to do a better job of explaining my policy ahead of time, rather than asking the questions and then explaining the policy when I find a problem. I also really appreciate you providing your phrasing. Those scripts are a big part of what I am working to refine with each phone call.

@Ingrid J. I can't believe I have spent so many hours going through these forums looking for details to help me put together my policies and had never seen anyone mention that guide. Very helpful. Thank you.

Post: Tenant application process - feedback please

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

I would love some feedback.

This is my first time acting as my own property manager. After a lot of scouring these forums for guidance, I came up with the process below for tenant applications. 

What do you do differently?  What would improve this?

1. Phone interview - Why are you moving? Who will live there? When do you want to move in? Animals? What is your income? What will I see on credit, background, eviction check? Do you have the deposit and first month rent? Can you provide references? Questions for me?

2. If they sound like they qualify, set an appointment to view the property and send them an application.  Tell them I need the application back before the showing as a sign they are serious, but no fee collected at this time.

3. Engage in conversation at showing, specifically watching for signs of trustworthiness.

4. Go through applications in order received, verify employment and income, call past landlords, if everything looks good send them a link to MySmartMove for credit and background check.  If I find a problem, decline them and only then look at the next application.

Post: Shopping for lenders

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

Thanks @Skyler Smith. I appreciate the leads. I will follow up and see what they can offer. 

Post: Shopping for lenders

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

Thanks for the comment about the higher interest rate @Darren Eady. I will make sure I weigh all the pros and cons. I would love to talk to your broker friend.  I am happy with the broker I am using now and would only want to work with another if I can get better terms.  But I am always interested in expanding my network, especially with local professionals.  

@Jeff Schwarz I sent you a message.  Looking forward to hearing more.

@Skyler Smith thanks for the creative approach. I have some equity in another property.  Do you know specific lenders that will work with that approach?

Post: Shopping for lenders

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

I don't need to beat the 75% LTV by much. If I can get 80% LTV I will be completely happy.

Post: Shopping for lenders

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

This is my first property purchased purely as an investment.  I have done a handful of live-in flips and I have one other rental that I moved out of before putting a renter into it, but this is the first time I've picked up something that I don't ever plan to live in, purely because I ran the numbers and liked the plan.

It is a SFR in Salt Lake City that went to auction. I picked it up for $111,000 using hard money (2% up front, 12% interest, 5 months). I am doing $25k in rehab to make it a 4 bed/2 bath and then I want to refinance and hold for rental. I expect the ARV to be $160k. Market rent for a 4/2 in this neighborhood is about $1400.

My problem now is I want to get back as much of the money I've put into it as possible when I refinance. My credit is in the low 700s. The lender I've been talking to will give me 75% LTV but I want to find a lender that will give me more than that. Where do I find a lender that will give me more?

Post: newbie here from salt lake city UT

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

I get a weekly list of local properties for flipping/renting from an agent who breaks down their profit potential.  He's not on biggerpockets, though.  I will PM you his email address.

Post: newbie here from salt lake city UT

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

That's an aggressive goal.  What kind of property are you looking for?  Are you looking in a specific area?

Post: Rehabs

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

Hi @James Touhuni.  Glad you stopped by.  There are quite a few SLC people here.  

If you want to meet more people there are a few local Real Estate Investors Associations you should check out. SLREIA, Utah REIA, and UVREIA (Utah Valley) all have monthly meetings and lunches and education programs.

What kind of rehab work do you do?  Last week at the SLREIA lunch there were a lot of people talking about how hard it is to find the right guy to work with.

Post: newbie here from salt lake city UT

Jim HendersonPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 32
  • Votes 12

Hi @Dave Jeltema  Always great to see more Utah investors becoming part of BP.

When you say you are "jumping all in", what exactly are your plans?

Also, when I go to your profile it says your page address is /crazypilot.  I want to hear more about that.