All Forum Posts by: Madylen Barberan

@Justin Brin @Tim J. @Cassie Chun Thank you so much for all the advice!

Hello!

I am new to this, on my first rental. I am curious to see the opinions of seasoned landlords...how do you feel about taking section 8 tenants. Our rental is nice, it is the house we are moving out of and making into a rental. I know some of the rental income is guaranteed with section 8, but the tenant situation seems a bit risky? I welcome any advice! 

I just listed my very first rental. I have already had some inquires. Me being brand new I would like to get some insight into what seasoned landlords have done regarding the following issues:

-How do you conduct a background check? What software or service do you feel is the best?

-What do you feel is important or relevant information to have when screening potential tenants?

-What is the optimal credit score range that you look for? And do credit checks come back with the background check results?

-Do you charge an application fee for each inquiry?

I appreciate any and all advice! Thanks!

Thank you all for the insight, it was very helpful!

Hello, 

I was wondering if using a mortgage broker is worth it? I know they can save me time and possibly find me better terms, but is it worth the money when they are essentially just a middle man and I can shop lenders myself?

Thanks!

Awesome, thank you for the insight!

That helps a lot, Thank you!

Hello, 

In my search to buy my first investment property I have come across a home that is for sale by owner and advertising seller financing. I am a bit unsure on how seller financing typically works...any insight would be very helpful. Thank you!

Thank you for all of the insight! It definitely helps! 

I am just a couple weeks into my REI journey and I am learning a lot! I am a bit confused on when it comes to the financing on BRRRR or fix and flips. How does one get the financing for the renovation costs? Is that factored into the initial loan when purchasing the house or is a separate construction loan or additional financing methods needed to cover the rehab costs? Thanks!