All Forum Posts by: Laura Marks

Does the HOA know this is the issue?

Hi Matt, 

Make sure that your sales contract assigns the lease and security deposit over to you at closing. You'll also want to include pro-rated rents. 

@Gerald Amasol I appreciate you! Don't separate us, we're already planning our summer visits. Besides, she needs me to keep her grounded. :)

Hello, 

You reviewed and decided not to go with them? What was your reason? If they weren't qualified, per your standards, were those made clear prior to them applying and paying fees? People often get aggressive and mean when they're denied. Ideally, we all want nice tenants who pay on time and take wonderful care of our properties. The reality is, we're dealing with all kinds of people, it's always a risk. I have extremely thick skin and I can handle the worst of them, my concern is if they can pay the rent. I also have a lot of "rules" to follow with fair housing and if they look good on paper, that's all I need to know. 

 I agree that it is easy to get ripped off, as an OOS investor UNLESS you have amazing boots on the ground. We have plenty of great properties in the KC area for 100k - 150k. You have to do inspections and check out the home thoroughly. Also, having a Realtor that actually rents the properties after purchase, is very helpful. It eliminates Realtors who have no skin in the game and will sell you anything. Low credit can be deceptive and there are lots of people that have good income with job history and landlord history but hang out in the 550. I was included in this category at one time, spending about 450k in rent in my lifetime, without a missed rent payment. Looking at the whole picture will find you qualified tenants. 

Hi Jared! I'm currently working with investors in Hawaii. We've just begun but I recently advised them to back out of a home after the inspection. I am fiercely protective of my clients and I think that it helps that I start the process by being their Realtor. I don't want to help buy something that isn't going to do well as a rental. I know my market very well and I don't even have to run numbers anymore to tell you if it's a good deal. If you have any questions, please feel free to reach out.

I'm shamelessly asking for a plug @Gerald Amasol :)

Hi Justin! 

Welcome to BP and the wonderful world of investing. There's lots of help here, so it's a great resource. I specialize in helping investors learn my market (KC) and help them from purchasing to renting the property. Feel free to message me if you have any questions, even if you don't want to invest in this area. :)

You'll ask for a tenant ledger and it's perfectly acceptable to ask for this. You'll also want to make sure you are assigned the lease, security deposit and pro-rated rents in closing.