All Forum Posts by: Robert Smith

So I'd like to say I'm following the BRRRR method, but I'm currently done the following, Buy, Rehab, Rent, however, I've never refinanced a home, so I'm not sure what the process flow typically looks like other than some minor details here and there.

I have not had my property re-appraised since I purchased it, and did not know if I need to pay for that to be done before contacting my mortgage company that I want to refinance, or if the mortgage company typically does all of that automatically when I ask to refinance?

Overall, I'm just trying to understand the typical process when it is time for the refinancing part.

 That was my first concern. He mentioned that the debt was accumulated from his first marriage, and that he has funds in his 401k and savings. What would be a legal way to confirm this information? Example, ask for bank statements, and credit card statements for each card for the last 2-3 months?

I have an applicant who has a credit score of 650, $97,000+ in debt ($53,000+ in credit card debt, and $42,000+ in auto loan debt), but has not been late on a payment in 4 years according to his credit report.

He claims he is working on paying his debt down. My question for experienced landlords, do you typically take a chance on someone with a low credit score if they appear to pay on time, and monthly debt to income is reasonable? 

From my understanding, if the landlord wishes to deduct any amount from a security deposit after a tenant moves out, the landlord must provide an itemized return letter with receipts for each reported issue.

If a majority of the repairs/cleaning was completed by the landlord, how can you provide a receipt for the work (assuming the landlord had all needed supplies on hand to complete the work)? Or, in these cases regarding security deposits, is it always better to contract the work out?

 That was our initial thought as well. Our place is nice, but not nice enough where I could see someone making millions would consider. We are asking for a little over $1600/mo for the rental property. We are now in the process of having them send their tax statements and bank statements to review. 

I have a couple who have applied for one of my rental properties (3bed, 2bath sfh) through Cozy and claim they are self employed and make $80,000/mo each and they are willing to pay for an entire year worth of rent. The credit score for one of the applicants is in the mid 700s and the other applicant is low 500s. They currently live out of state as well.

My question is, what questions should you ask to verify this person actually makes that much, and their business is legal, and how realistic is it for most applicants to be willing to pay a full year up front? 

It sounds a bit too good to be true, I'd hate to caught up in some illegal scheme. 

Thanks

Does anyone have any qualified rental property lawyers in the Chattanooga/Ooltewah, TN area who can assist with reviewing/revising a rental agreement? 

I really enjoy visiting Destin, FL and staying in a beach front Condo occasionally, and I have always wanted to own one and rent it out while I'm not present so the unit pays for itself. I feel like this is easier said than done, considering I do not have a ton of money to pour into a condo unit and will have to save up.

I'm a complete rookie when it comes to beach front condos, and know there are some monthly maintenance/HOA/etc. expenses that go along with it, but that's about as far as my knowledge goes.

Does anyone here currently own or has owned any beach front condos, and used them as short-term rentals (through AirBNB, VRBO, etc.), and if so, what have you learned, and what tips would you give someone starting out with this type of rental?

I'm trying to decide for my future rental if including a washer & dryer with the unit is worth doing, and if it attracts more tenants? Or, is it just another appliance you have to worry about breaking, so don't bother? In the past, I let the tenant provide their own washer & dryer, but just trying to do a little more research by picking the brains of experienced landlords.

Also, if you include washer & dryers, how much extra do you typically try to add to the rent cost?

Thanks

@Ricardo R. I agree. Our lease does have a clause about early termination, but we are stuck between putting ourselves in their shoes, and also making sure we are not adding more stress on ourselves. We do plan on moving back into the unit, but was not planning to so soon which causes one of our other rental property projects to have to get sped up and maybe extra money spent to have it ready in time for renters. So at the very least, we are considering not making the tenant pay extra rent, but we will keep their security deposit as a result of breaking the lease early and to allow us to have an additional month to get our other rental property ready.

What are your thoughts about that?