All Forum Posts by: Rodney Morris

not sure how much you need, but would a small (10K) personal loan from a separate bank  or better yet a credit union be an option? get the terms as long as you can to make the payment as painless as possible then refinance in 1-2 years.

i am way out of my league here, but could the business get a loan from a commercial lender and own the property as some sort of holding and the owner just pay "rent" to the business as a 30 yr lease as someone else mentioned? the rent could be equal to the sum of the principal/interest/taxes/insurance/etc. that way it would be a break even venture with no loss or gains. if they ever get tired of living there just move and the business could rent it to someone else and actually make additional profit.

i have started using an app called Everlance. i like it very much so far. it tracks mileage and expenses. it allows you to set up favorite locations and different vehicles. it has categories for personal, work, and medical. the expense tracker allows you take photos of the receipts so i don't have to have large stashes of paper for long periods of time. 

as for paying for things, i do have an llc and business checking/savings however there is very little money in there as we are just starting out. most of my expenses have been put on 2 personal credit cards or paid from my personal account. i knows it's a bad idea but currently have no other options.   

@Account Closed i am new to REI as well but can already see my strategy changing, mostly in part to BP. i currently have two SWMH i just remodeled and will be renting shortly (one was rented but we are going through our first eviction - didn't even make it a month) i am now thinking of selling on owner financing and investing in a multi-family. i got into it for the passive income but really enjoyed the remodeling.

will definitely check it out.Thanks

@Lana G. That's good to know. not all "credit scores" are created equally.

@Gail K. "recently been run during a high security check with our local nuclear plant." That's funny, i guess you have to set the bar somewhere.

Thanks all for the education. That's why i joined this site, haven't been disappointed yet.

@JD Martin Cozy offers the services separate or in a package, it's a few bucks cheaper on the applicant if they just do the background. i am currently having an issue with my wifes friend that she rented too. she leased it to her without any of the checks. i will NEVER make that mistake again.

@Ray Harrell i hadn't even thought of that. i am still fairly new to this, going to have to start thinking a little differently.  

Hello all,

I recently signed up with Cozy.co and put a unit out for rent. one of the applicants contacted me about not using the Cozy credit check and asked if they could provide their own. They have a subscription to KreditKarma(?) and said they could print me a realtime snapshot of their credit. My response was that as long as it provided the same info regarding payment history and such that i was ok with it. What do you guys think? 

@Kim Meredith Hampton from what i have found online WV doesn't seem to have a partial payment stipulation. it's a little fuzzy though so i may wait until monday and see what else i can find out by calling local officials. I didn't realize until later that we had accepted a partial payment. I have always been against doing business with friends and family and my wife knows this, however this was one of the concessions i had to make. My wife feels bad but i think she sees why i had that stance.

@Deanna McCormick Yes, there were keys given and a lease signed so i see your point that it's in her name so she "lives" there. i went back and read the lease she and my wife signed and it has the start date as 08/08, since it is past that date is it to late to expect her to be out by September 8 if i serve the notice tomorrow?

Thank you both for the advice and information.

can't seem to find any info on associations or groups in my area or within reasonable distance