All Forum Posts by: Matt Smith

Any other feedback?

Is it better to invest $100K in cash (assuming I still have safety fund) or using a $100K from a HELOC to buy a new property? Wouldn't a high balance on a HELOC decrease my credit score even though I pay the interest every month?

Tenant sent me an application to rent my property:

- his income is $18K/year but the rent is $3.1K per month! 

- but….tenant has a local business and said he doesn't pay himself much salary

- tenant is willing to pay 2 months deposit to move in

- credit is ok

Should I accept or deny? What document(s) from the business should I get? 

I used to keep printed application during open houses to potential tenants. I would like to make it simpler and have them fill an application online. Is there such service you would recommend?

His girl friend is apparently making more money. I am checking her background/income/credit. She might be the official person to sign the lease. In this case…it's not as important her bf has eviction/bad credit/etc.?

Reference is the previous landlord.

I place a minimum at 650 for the credit. I don't know how much below 650 it is.

Actually after checking the background & credit (not just hearing him…):

1 - Credit is less than 650 (I don't know the exact number)

2 - He has one eviction, 4 years ago

3 - He has some records for traffic and shoplifting.

Still accept such application?

I have a tenant application today who paid the application fee. However, he said he cannot pay the deposit until next Friday and the first month rent the Friday after, the day he would move-on. The credit score and references are great. I am worry he might just live paycheck to paycheck. Should I:

1 - Deny the application

2 - Accept it and sign a lease now and receive the deposit/1st month later (maybe I cannot show my place int he meantime though)

3 - Compromise: sign a lease now contingent to receiving the checks for deposit/1st month and still show the place to others?