All Forum Posts by: Rodney Kuhl

@Jarrett Harris That's kind of what I was hoping to do, have them as Option B. Wasn't sure of what I was allowed to do as far as keep them waiting.

@Eddie Werner Been about 20 days. It's more a question of do they really meet the requirements? Someone making $2,550/mo in income in gross pay (as the requirements say) wouldn't be taking home $2,099/mo like these applicants would, would they?

@Jarrett Harris This is a SFR. The tenants are responsible for all of the utilities (gas, electric, water, sewer, and trash).

So I have 3 applicants (a brother and 2 sisters) who don't work but get SSI disability income. Rent for my property is $850/mo, and I am requiring 3x the monthly income, which is $2550/mo in income. Combining all 3 of these applicants they get $2,099/mo. That obviously doesn't meet the criteria. But generally the 3x the monthly income "rule" is in gross income from my understanding, whereas the SSI income of $2,099/mo is what they take home every month.

Would you consider them as tenants for the property?

@Jonathan K. I asked her if the carpets were cleaned (again) if that would help, but she said it wouldn't.

@Jim Bentley Right. I guess basically I was calculating my ROI as if I wouldn't have to account for vacancy for the first year as it would be a multiple year lease. The numbers still came out ok. But the point of me buying this specific property was that it didn't require much up front, and therefore I could keep money in my pocket to be closer to purchasing my next one.

Gotcha, thanks @Jonathan H.

Very fair point. Do you think she was just trying to see what she could get out of me? She seemed like a genuinely nice person, but I guess I could be too trustworthy of what she was telling me.

I had a person come check out my rental property the other day. She really liked it and wanted to move in right away, but she has bad allergies and could tell the previous tenant (who was from the previous owner, not that it matters to this case, but FYI) had pets in the house. Honestly there isn't any smell in there that I could pick up on, but she said she can tell right away on the carpet that a pet has been there because of her allergies. She's looking for a place she can move into and stay for a long time. But in order to move in, she would need for the carpets to be replaced (the carpets were just replaced 2 years ago by the previous owner, also).

Would any of you consider replacing the carpets for her? The property is 1900+ square feet, so it would be a large expense (I estimated about $6,000 doing a quick measurement and estimate).

I was thinking of potentially replacing the floors for her, and then negotiate with her to sign a 2-3 year lease in exchange. Is this something you might consider, or should I just move onto the next applicant?

@Account Closed Great point! I never even thought of that. As you can probably tell, I'm knew to all of this. I was only thinking about what cap rates are in my Indianapolis market. Thanks for the quick education!

@Joe Butcher @Ben Skove Thanks guys! I just wasn't aware I'd still need the actual application as I thought I could combine then on TransUnion. No biggie, I'll figure that out. Would love to go all digital with the fillable PDF docs, so if either of you figure those out, please let me know! I'll stick with a hard copy for now I guess.