All Forum Posts by: Guy M.

 That was perfect. Makes sense. Thanks for the assist...

To add,

Recently, I searched www.gosection8.com and created a list of landlord names and numbers; I Google "We Buy Houses (my city)" or "We Buy Ugly Houses (my city)" and pulled some names and numbers from the top results. I also went to my county's assessor website and did a search (by owner name) with the words "properties," "LLC," "Homes," etc. and got a good number of addresses to mail some letters to. The last source I used yesterday was the county tax sales website. They had a 2007-2014 list of all purchasers at tax sale auctions. I found a heavy hitter who is an architect/investor in my area.

Anyway, after speaking with a few wholesalers, landlords and investor, and getting their emails, I have a nice list created.

Hello,

This discussion is fantastic for your question: Buyer's List How To

I am beginning to wholesale in my area and I am unsure on something I thought about concerning the assignment of a contract. Here's an example I was thinking about:

1. Wholesaler finds property with an ARV of $140k

2. Estimated repairs needed come to $25k

3. Wholesaler obtained signed memorandum for contract; seller signs purchase contract for $56k

4. Wholesaler's assignment fee is $15k

Now, if a buyer cannot put the entire fee of $15k in escrow with the title company at the time they agree to buy from the wholesaler, can he or she put a portion in escrow (say $3000) and provide a promissory note for the remaining amount to the title company?

How is this structured? Examples please.

This year, Lord willing...

- pray more

- focus more on being a better father and husband

- get promoted to MSG so I can funnel more funds towards REI before retirement

- lose at least 30 lbs.

- begin wholesaling for capital

- acquire four or more rental properties

- earn an income of $20k or more

I think every one of these points contribute to better REI.

 I like this example.

Welcome to the forum!

I'm rehabbing and renting out a house in the Jennings area of St. Louis, MO and a co-worker, who is a class-A contractor and landlord in North Carolina, told me that he was able to get his rental unit winterized (new windows, HVAC, etc.) with the help of the state. He showed me documents from NC, so I did my research in the STL area and found that they have this assistance (as they do in 50+ states). 

In the position of landlord, I have seven people in my household so my income does not exceed 200% of poverty level, which is required to qualify. I would like to apply for this assistance before I move a tenant in, even though this could be done with the unit occupied. This sounds like a great opportunity to cut out-of-pocket expenses.

Is anyone familiar with this program? How did it work out? 

Link: http://www.caastlc.org/pdf/wx-brochure-04-03-14.pd...

Run a credit check on the tenant through a tenant screening service or online tenant screening service such as mysmartmove.com, ask for pay stubs and W-2s to verify income and/or contact their employer, and ask for past landlord references. Look for judgments for non-paid rent in their history (especially) and discuss any other concerns you might have. If you deny them occupancy, you have to let them know what item(s) on their credit contributed to their denial and inform them that they are entitled to get a credit report within 60 days of the denial (this should be a denial letter that contains the reason for the denial and includes a reference to the law that states a tenant is entitled to a free credit report within 60 days of denial). 

Potential tenants don't have to agree to provide any of the above information to you, and when they don't... you should consider that to be a red flag. With every tenant this process should be the same. It is illegal to discriminate based on race, religion, sex, etc... a landlord running a credit check on one potential tenant and not the other is an example of discrimination.

Other than that, once you've verified your tenant you will feel comfortable handing over the keys to the property. Otherwise, failing to do any of the above could lead to unlawful detainers, property damage and financial ruin. Check out some of the horror stories on this board. 

When renting properties, be sure to find reliable tenants. If you don't thoroughly analyze a potential tenant before they begin renting from you, expect a hard road ahead. Check their rental history, credit, etc. to protect yourself and your property.

That's the best advice I can give you from experience.