All Forum Posts by: Joe Nitz

Applied on 4/4 and received $1000 today with 0 employees. 

Jayagowri Deenadayalan, which credit bureau reported that your credit was pulled last week? I applied on 4/4 and received the generic SBA email on 4/14 , but I don't see anything on my credit report yet.  

I was wondering what other people are using for flood insurance. One of my properties is in an AE flood zone in michigan. Way back before I owned the place (1986) the place flooded with about 1-2” of water covering the basement floor. It barely did any damage so it’s hard for me to spend a lot on flood insurance that basically never has had to payout in the entire life of the house. I had NFIP insurance that was $1000 for $55k coverage. I switched to floodsmart.com and they covered me for $55k for $320/year with a 5k deductible. Last year the insurance went up to $420 and I wouldn’t doubt if it increases again this year. So I’m open for other options.

Also, I would have a lot of issues in my area if I did a M2M. Most students aren't looking for a place in the middle of winter and if someone left, my place would be sitting vacant. 

I have three places that "target" college students meaning that I'll rent to anyone qualified, but lean towards students being that the location of these rentals have either students, trashy families, or older fixed income residents. All three of the places are 3 bedroom 1.5 bath places.

I am trying to stream line my process and still working out the bugs. I don't have the option to rent to many grad students because my places are next to a community college and a 4 year university that does offer much in terms of grad programs. 

Currently, I use facebook and craigslist to advertise 

I email the applications to the interested parties and set up viewings when contacted

I currently use cozy to perform a credit check, but I know I have turned a few people off when they find out that cozy charges 24.99 for each credit check (mostly parents). If the students have no credit then I require they have a co-signer (like I mentioned before I don't have the option of grad students with established credit). The few grad students in the area are typically able to find places that rent for much less too. I don't know why a few people in the area rent out houses for just slightly more than the mortgage.

Anyhow, my thought process is if the parent or student has good credit, they don't want it destroyed by not paying rent or damaging the house beyond the security deposit

If they pass the screenings I make each student sign the same lease and if they have a co-signer, I attach co-signer addendums for each 

If someone moves out, I have the new person moving in sign the lease. 

I have a property that I purchased in Dec of 2014 that I bought with the intention of renting out. This is my first property I brought with the intention of renting out. The property needed a lot of work and it won't be complete until Mid May 2015 time frame (so I expect a loss for this year as well). My question is for the 2014 tax year, can I file a Schedule E to report my losses/expenses? Or does the property have to be "put into service" before I can claim my losses. the expenses that I have accumulated for the 1 month in 2014 are property taxes, insurance, utilities and a few repairs/upgrades.