All Forum Posts by: Matt Devincenzo

I'm going to summon them all for you Rich:

Joel Owens, John Chapman, Chris L., Steve K, Xing Zhu, George Paiva, Robert Steele.

I was looking for a house this time last year here in San Diego and I saw several that were at different levels of pre-hab. Some were just carpet cleaning and touchup paint all the way to nearly full updates like you described.

I'm not sure about if they're doing it now still, but like I said last year they definitely were.

Investment-real-estate-loans-replace-stated-income-loans/

Fixed link

Absolutely Bill, I didn't mean it to sound like you should be skittish of rejecting anyone or that you had to pick the first one that applied. You said it better, "simply write in things like compensating factors and underwriting assessments". Now you've documented the "feelings" into something tangible for how you came to your decision.

I've done the same, I had an essentially qual'd applicant based on income, credit, bank acct assets ect but just wasn't getting the right feeling from her. Half her income was self employed (psychic/tarot card something or other) from the last 6 months and not on a tax return yet, and she was moving from 5 hours away. I rejected her based on the fact that her self employed length was too short(no tax return) and that her business income would be 0 when she moved until she got new clients.

Like you said the documentation to back that up is what is necessary.

Mark Nimchuk I'm glad we were all able to help, and it's a learning process so now learn how to go after the tenant for what they owe. You might not see much of the money but a judgement will keep them from renting from another LL that checks.

Welcome Julia, the forums aren't just for investors though that is kind of the focus for most people here but I think you'll find a lot of good advice here still.

Take a look around, and maybe put up a profile pic it makes it a little more personal and easier to remember someone when they're not just a money sign man any more. ;)

Be very careful with this, you need to make sure that you follow your established criteria. A judgement call can be determined to be discrimination by the wrong person. Look at it from this view, you got 3 apps over 24 hours and they're all essentially equal. You choose the last applicant based on gut, but shouldn't first in time be first in line? Not saying that it is impossible to apply gut factor just make sure you carefully back it up with something besides "feelings".

Let's use your own words and change the players:

Aaron's rental store asking the same question from their perspective;

All attempts to contact my lessee have failed. I never signed contract with Mark regarding renting the house. My question is, can I continue with my plan of filing a judgement against the home to recoup losses, or do I have to remove the lien from Mark's address??? My thoughts are that this is my lessee's address and I have no responsibility to respond to Mark. Any responses would be greatly appreciated!!

Jon Holdman I've never heard a "normal" provider mention their product as self directed, so if that is the case then I stand corrected.

I guess the appropriate qualification would have been, there is a difference between an acct that allows RE and other less conventional assets that is popularly termed "self directed", and the more conventional option which allows self direction in the plans/funds they provide.

Kirk Chisholm I'm going to have to disagree here. While every IRA is the same in that they follow the same rules and have the ability to invest in the same assets, a self directed acct is unique.

A self directed acct is specifically an IRA acct that is with a custodian that allows you to make the decisions as to what you invest in within the confines of allowable investments per the IRS. Most institutions only allow you to invest in the products they offer which often don't include items like RE and say precious metals. Also some SD accts are set up where there is checkbook control effectively allowing you to manage your account with no middleman to slow down the process...or protect you from making an error and disqualifying the entire acct.

So a SD acct is definitely not the same as a "normal" IRA though they do have the same rules to follow from the IRS they are not all self directed.