All Forum Posts by: Matthew Pagelsdorf

@Kelly N. Great information. The income was the only issue with this application due to him moving from another state so I offered a 6 month lease that is being paid up front and once employment is obtained it will be verified to determine if a new lease will be signed. He has stated that he does want to stay after the 6 months and will provide proof of employment and keep us updated as soon as said employment is obtained. After talking with him further it was found out that while he does not have employment he does have other income in the form of payments from the VA for 1350 a month (Which was verified). At the beginning of month 5 employment and total income will be verified to determine if a new lease will be offered.

@Linda S. Thank you, you are completely right that this is a business and we are not here to make friends out of tenants.  Instead of the 12 month lease we offered  a 6 month lease and will renew with a 6 month with employment verification to bring lease end to mid summer, then offering 12 month lease to keep lease end in summer.

@Justin Owens There are no relations with this person by me or my partner.  As far as the partnership I am the decision maker when it comes to landlord issues while the partner handles maintenance and upgrades, so in this realm I do have the ultimate say though I would rather attempt to get him on the same page I am on.  It appears to me his thought process is in getting money to recover the amount we put into repairs, which this would offer while I am looking at sustainability of rent payment.

I have a 2BR 1 Bath SFR to rent for $1,000 a month. I have a Tenant screening criteria list as well. The issue is that included in this we require 3x the rent amount as income to qualify and the partner on this property wants to rent it to someone who is moving from FL back to WI that will have no job upon moving back to WI, but has offered to pay 6 months rent up front to have the rent covered while he searches for a job. I suggested asking for a co-signer that has verifiable income but the partner believes that would be taken as an insult by this applicant. While having 6 months rent up front may be nice, I feel it is much better to have verifiable income to pay rent year round.

Does anyone have any advice and/or situations where accepting such a tenant went wrong such as no rent payments after that initial advanced payment ran out?

More information would be helpful.  Have you talked with any lenders and are running into roadblocks on finding one willing to pull out equity?  I have come to learn that every bank is slightly different but the best way to obtain the information you seek is to consult with a few local banks or credit unions.  As much as we may like to help you out here we cannot answer for your local institutions that may provide assistance.

Sounds like you are doing quite well. 1 thing I have learned here is to make sure to properly account for all expenses including vacancy, repair, CapEx, property management (even if for now you do it yourself) when considering cash flow. The rental property calculator and BRRRR calculators are amazing tools that I just started using myself so do check them out!

Just in my beginning stages, but this site has been a wealth of information.  I have only recently jumped into my second property and am looking to add 2 more this year!

I am looking to move forward with more properties and looking for suggestions on my thoughts to move forward.  I have been reading the forum and articles for several months as well to gain knowledge.

Right now I have a duplex I live in and mortgage payments and property tax are covered by the tenant's rent while I cover the other property costs from my full time job.  Right now I still have to live in the property and do not have the ability to house hack at this time.

I also have a single family home with approx. 85-95k that is 100% paid and has no loans and is rented out as well as about 32k in cash to work with.

I was considering an equity loan on the single family to utilize that equity as well as cash on hand for the next investment I make and was considering multiple duplexes or a 4+ unit.  I am looking for cash flow to accumulate cash for future deals and expansion of my real estate portfolio.

I purchased my first property 2 years ago which was a duplex that has one tenant with myself in the other unit.  I am now looking to get my first property that will be purely investment.  I have $30,000 to work with and have been doing a lot of research at this point, but feel some actual input from seasoned real estate professionals would ensure I put these funds to the best use to expand my real estate portfolio.  Any questions and/or comments are greatly appreciated!