All Forum Posts by: Stephen Kehoe

A credit score is always important. Especially since the section 8 applicant already won't meet the income requirement. 

Why is the credit score bad. If they missed payments on medical debt I don't worry about that.

However with the current eviction moratorium the guaranteed money of section 8 has become even more valuable. 

On average you will have more drama in those areas. But one of the cleanest tenants I have is in a rough area. He once told me when you spend 15 years in a 10 by 6 cell you have respect for a home. So there are always exceptions. 

I wouldn't worry too much about what city-data says. Those numbers are averages that could include kids and the retired. Better info will come from people in the area. 

Know the local laws about how much you can raise rent. The pandemic has introduced some new ones in this regard. 

Be confident. This is your property and should be allowed charge what you want.

Print out a rentometer report of the local rates and show the tenant.

Banks will want you to have some skin in the game

You could try Monshower, Miller & Magrogan

Saying never borrow from your 401k is folly. 

The stock market returns 7% on average. You will be paying back the loan with after tax dollars and will be applying a lot of your valuable time. So you need to be beating 12% really. Can you do that? 

Check out this page on March 1st. The intake form for phase II should be up then. https://www.baltimorecountymd....

At $41,000 I presume the tenant is past their original lease and is now in the tenant hold over category? If so, that is not included in the moratorium.

Ask for a cashiers check? I have tenants who prioritize my rent over other bills and give me a cashiers checks so the other collectors will overdraw their account and not me. 

Hey Kenneth,

If you get a market tenant they will likely consider it a bedroom and pay you accordingly. 

If you get a section 8 tenant the authority will need a closet and outlets as well as the egress you mentioned. If they are picky they can have a privacy requirement too. For example if you have to pass through the bedroom to get to another room that may be an issue. 

Calculate how much you will add to your net worth in mortgage paydown, appreciation, cash flow and not paying rent. Then calculate how much you will lose from breaking a lease. Then your next move will become obvious.