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All Forum Posts by: Peter K.

Peter K. has started 62 posts and replied 163 times.

Post: Tenant application requirements? What would you do?

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

So I have two brothers that submitted an application for a property: one of them qualifies based on the requirement, the other does not, he makes about $1000 net a month when the minimum is somewhere around $2400 net monthly income, but combined they bring in enough to meet the minimum.

My question is, can the other brother who is qualified be a "co-signer" even if he is going to be living in the same place? Maybe I'm using the co-signer thing wrong here but what would you do and what are your recommendations? 

Post: Would you accept Child support as a monthly income?

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69
A possible tenant makes close but not above our minimum x3 monthly rent income. But receives extra in child support, would you accept that as a income?

Post: Low credit score but with co-signer

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

@Peter Sik

I'll say this and leave it at that- it was one of the best advice I received from a experienced landlord- "NO tenant is better than a BAD tenant" Pick your tenants wisely, it could make or break your investment property. Set strict qualifications and do not deviate from it just to get a tenant in there. Better to lose money now to fill up a vacancy than lose a ton more in eviction/loss of rent down the road.

Post: Mortgage Interest rate question

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

@Chad R.

I don't know how it is down there in Florida but the national interest rate for a "investment property" (Not primary residence) on a 30-yr fixed conventional loan is around 4%-4.5% right now.

Home loan brokers usually find the best rates out there in your area, but 5.3% does seem a little high but it could be just about right in your area, who knows. I would shop around local banks to see if they offer better rates just to compare (do your own due diligence). Tell you right now, with a conventional 30 yr fixed loan for a investment property you will not get anywhere near a 3% range. Best to hope for a 4% and up.

Best of luck.

Post: Would you allow Gas STOVE???

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

@JD Martin

I see, I didn't know that, how about that. What deposit would that entail? An Extra security deposit? How would I term it in the contract?

Post: Would you allow Gas STOVE???

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

@Lawrence Henkel III

We do have a gas line in the unit (since we have a gas operated log fireplace) which he can turn on when he moves in, so I'm guessing there is a line you can hook up onto the oven area? So the current stove has an electrical outlet behind, so does that mean he would need a professional to install a gas line by the stove?

Post: Would you allow Gas STOVE???

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

Possible tenant is retired (and is old school) and wants to bring his own personal Gas stove. We currently have an electric stove in place. I am fine with it but my own concern is obviously if he burns down the place with the gas stove. What are your thoughts? (Him and his wife will have a renter's insurance- we are requiring a minimum coverage unto $100,000 but might need to up that if we allow a gas stove). Would you allow that in your rental property (mostly laminate floor)? If so, what can I do to protect/risk mitigate fire/safety issues? 

Any tips/advice would be greatly appreciated. 

Post: MILE IQ business mileage tracking app

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

@Brian Adzadi

Sorry, I was typing in a hurry so I didn't have a chance to review- does sound a little confusing.

To clarify, I own a duplex, I reside in one unit (Let's call it Unit 1), the other unit (Let's call it Unit 2) is rented out. Let's say hypothetically speaking, I travel from Unit 1 to work, travel back to Unit 2, from work (the same duplex I live in), to do some maintenance, can I deduct that travel as a tax deduction for "Business" related because it is, even though it is the same place I reside in.

Post: MILE IQ business mileage tracking app

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

Is mileage tracker for business MILE IQ apply if you live in a duplex and rent another out and you note going to your home from work to work on your other duplex count as a business mileage trip? 

Is it worth the $5.99/month? 

Post: Fair Housing Law thoughts

Peter K.Posted
  • Real Estate Broker
  • Raleigh, NC
  • Posts 174
  • Votes 69

@Anthony Hurlburt

Based off that website I think my case counts as one of this violation if I were to proceed with this tenant:

"before or during the tenancy, set different terms, conditions, or privileges for rental of a dwelling unit, such as requiring larger deposits of some tenants or adopting an inconsistent policy of responding to late rent payments"

If I require a larger deposit because they are a student, would that be a violation of fair housing act? This is very confusing because I know many people that do require a larger deposit based on their occupation (students).