All Forum Posts by: Raymond Kalonji

In your opinion, what would be a reasonable minimum credit score?

Hello, 

I have decided to welcome section 8 applications for my rental, but I'm wondering if my screening criteria listed below are unrealistic for applicants:

- Minimum credit score: 640.

- Minimum household income: 90,000 $USD per year (Can be waived with Section 8 or HCV voucher). 

- Minimum rental history: 2 years (please provide references). No eviction in the past 2 years.

 - Minimum work history: 1 year (please provide references and pay stubs for the past 3 months; if self-employed we can discuss alternatives to paystubs).

    - Criminal, eviction, employment and background check

- No guarantor outside of household

Thanks in advance for answers

Hello,

I'm hoping to buy a single family home in the Dallas Fort Worth metroplex and put it up for rental. My priority is getting as close to cash flowing as possible with minimum investment on a 4 beds 2 baths but I'm also thinking about appreciation because you never know when you'll have to sell... The neighborhood I'm considering are Southwest Fort Worth, the Alliance corridor and Melissa/Anna. From my analysis it looks like shortest vacancies are in SouthWest Fort Worth, while fastest appreciation is in Anna/Melissa. Is that correct? What are other factors and neighborhood I should consider?

Thank you for the detailed answer. If I may also ask, I plan to be the landlord and not use a property management company, at least for now. Does that expose me to some personal liability? If yes, how can I mitigate that? Should I give myself the position of landlord in the LLC holding the deed?

Hello,

I'm moving out of my primary residence on which I have a residential mortgage in my name to another house that will become my new primary. I plan to rent my current house, so I asked the bank if I can put it in an LLC without having to refinance. They said that I can put the deed in an LLC but the mortgage will have to stay in my name otherwise it will become due. If I do that, meaning deed in LLC but mortgage in my name, and God forbid renters sue, can they come after me and my other assets since the mortgage is in my name? With this setup, will I get any tax benefit?