All Forum Posts by: Patrick Rose

I have an applicant with bad credit, but high income (and under contract). He is willing to be flexible with a lease structure. I would appreciate any feedback on the idea of setting up an 18-month lease with the first 6 months @150% rent, next 6 months 100%, and final 6 months 50% rent.

I'm just looking for creative ways to protect my side of it. Have any of you done a lease similar to this? Is this legal?

Thanks for helping me through this...

$250 non-refundable fee.  Extra $350 refundable deposit.  $35 per month per pet.  People love their pets and don't bat an eye at the extra costs. Though, I recently tried to get $50 per month, but found my market did not support it.  These are for 3/2 SFHs at $1500/month.

Thank you for your insight.  You were right.  And I didn't have to look far.  Once his report came in, it was all there.  Various collections, non payment of child support, and a six-figure federal lien...   Explains the cash-only lifestyle!

I have an applicant that only deals in cash. He's a bit paranoid about the banks, doesn't have much of a credit history. No credit cards. No debt. But has lots of cash. I'm trying not to be blinded by the cash, so how do I evaluate him? I'm waiting on his credit report, but are there other things or areas that I should investigate on a cash-only applicant? He knows that he doesn't have good credit, so he's offering to pre-pay X-months. I'm not sure I'm allowed to accept prepayment like that in MO. Thoughts? Mid-level SFH. Thanks for any advice.

I have a SFH and my first tenants will be moving out this fall. He often parks his truck where the tires are off the driveway and in the lawn. Now the lawn is flattened and the grass is dead in the spots where his two tires sit alongside the driveway. It's a small driveway and they have two large vehicles, so I see how it happens. Is this the sort of issue that constitutes funds from the security deposit at the end the lease? I'd like the lawn to be back the way it was when they moved in so it shows better for the next renter. Thanks for any advice.

It might not be too good to be true. For example, my first tenant offered me 6 months rent upfront because he really wanted to live there. He got the place and I got a huge check to begin my REI journey. What would concern me is if she made you this offer without seeing the property in person. Who would prepay a full year sight unseen?

Originally posted by @Marco G.:

Originally posted by @Patrick Rose:

I recently did a cash out on my primary at 2.875 for 10 years.

 Hi Patrick - where/with who?

 Correction -- rates with no points are curently:  2.875/10   3.125/15   3.875/20   4.125/30.  Closing fees are $1400.

Originally posted by @Marco G.:

Originally posted by @Patrick Rose:

I recently did a cash out on my primary at 2.875 for 10 years.

 Hi Patrick - where/with who?

 Here in the St. Louis area with First Community Credit Union.  Paid about $1300 in closing costs.  That was back in October, but that rate is still available.  As of today:  2.875/10   3.0/15   3.875/ 30

I recently did a cash out on my primary at 2.875 for 10 years.