All Forum Posts by: Scot Sorenson

@Thomas S. your right I need to take the emotion out and stick to my standards.  Thanks

@Christian Wathne Thanks for the advice.  My property is just outside Minneapolis MN so not as hot as Denver.  But the rental market has been pretty good.  I think your right I'll wait for a better tenant.

Hi Everyone. My PM just called me about a family that just applied for my SFH rental in Minnesota. We haven't ran credit or done any of the backgrounds yet. Heres the situation. It sounds Like a family of 4 that either 2 or 3 of the people are disabled and on disability (Which is not the issue). The Mother is the caretaker. They disclosed up front that there credit is bad. They lived in there last rental for 3 years and the one before that for 6. It sounds like this would all be government money paying for the rent. Not really sure how that works. They claim they moved out of there last rental because the landlord was selling. If I were to rent to them that would mean straying from my original perimeters set for tenants (good credit, 3X income, good rental history, no criminal background). The bad credit scares me but this may be to medical bills. According to my PM they meet the income requirements we have set. Any advice on this would be greatly appreciated. Thanks in advance.

Hi Everybody.  I had the thought that Scott Trench of Bigger Pockets could have his own podcast.  About living frugally, money saving strategy, analyzing deals.  Maybe he could have newbie guests that are about to go through there first or second deal and he could break it down with them.  What does the BP world think?  What does @Joshua Dorkin Think?

I would put in Kwikset locks.  The landlord can change the key at anytime.  She is gone I would screen diligently next time. 

Thanks @Tyler Blackwell.  It's good to hear from someone with a similar situation and to hear it worked out for them.

Update!!! We are uping the rent to $2000 on 9/1.  @Ben Wilkins This gives me a +$4 cash flow.  Getting Rich.  Thanks for everyones advice greatly appreciate it.  

@David Faulkner @Chris Seveney - Thanks for the advice guys.  I did look into a refi but I agree my rate would probably go up quite a bit.  I'm currently at 3.375%.  In 12 years this things free and clear and I think it will pay off then.   Thanks

@Chris Lopez Thanks for the advice.  My 2 year plan is to buy another rental and a home to live in (hopefully a multi family).  After that my 5 year is to hopefully have 3 rentals under my belt.  After that I'm not sure.  The goal for RE is a retirement plan and hopefully an early one at that.  I agree I put 100% of all profits in a savings account I may have to take a few bucks out of my own pocket to keep things going but in 12 years I have a fully paid off property in my portfolio making $2000+ a month.  Thanks for reconfirming my confidence.

@Ben Wilkins This helps a lot.  Thank You