All Forum Posts by: Steve Tom

Ah that make sense. Thanks @Adam Martin.

Thanks Bjorn.

I am skeptical too, but wife was showing interest...

Powerline Ethernet Adapters must be on same circuit. Therefore you will not be bale to get it to work if the ADU is on separate circuit.

You can get a mesh wifi system to cover the house and the ADU. Mesh is better than a wifi extender IMO.

So today someone claimed to be owner of a corporate housing that lease house in AZ and TX just contacted me me. He is interested in leasing the house for his clients. The clients will be staying between 20 to 30 days, but the lease will be one to two years. He claimed his company will perform property management task - weekly deep clean and minor maintenance.

Has anyone gotten a request like this before? Are these people legit? His Zillow account name does not matches his name and has not been providing any information such as real name, company name. location.. etc.

Thanks guys. 

Going to do more research, while talk to financial aid office.

I completely agree. I just started doing this myself without a realtor. Boy, I am getting all kind of applications, but many either are totally no qualified, or did not even read the listing and just blindly applied. 

I am slowly learning what to look for and what to ask potential tenants. 

Of course, in the mean time wife is wanting to lease the property out ASAP. But finding quality tenants and leasing a property out in a short time can hardly mixed.

Very good insights. Thanks everyone.

It is a Class A property in a very sort after community. He did provided me with six months of W-2, and he has been with current employer for a year. I was able to verify that by contacting their HR. 

However, he didn't want to explain to me why he took out all those loans, or how much he will be paying down those loans or cc debts, except he will get his finance in order and do it slowly.

Yah, that many dogs really worries me. He did promised he will get a house maid to clean the house monthly, and promised to keep the yard clean and in order.

Wife and I had a talk last night, and she vetoed his application. So I will tell him I am sorry today.

I am working with a potential tenants. A single dad raising two kids. Not perfect credit score, has three dogs. Been renting apartment for severall years.

I am not worry about the low credit score, since he has shown me in the last year he has advanced in his job and is making twice of what he did before. Stable job with a tech company. Just wanting a bigger place for his kids, and stay close so they can finsih at same school in few years.

Nice guy.

But what concerned me the most is that he has taken 6 loans (ranging from 2k to 20k) in the last few years. Also he has several revoling credit cards (around 11 from various banks, credit unions, and stores) he said he is slowly paying off. Total debt is 1.2 times of his current salary. Based on the inforamtion he provided, he would be using one of his pay check each month on paying off debt. Which leaves him one check to cover the rent with $800 left to spare each month (he makes around 3.2k per check)

Now he also earns commission. Estimated - by him - to be 2k a month. He said he will have enough to cover for all other expenses.

He and his kids are so nice, and I kind of wanting to help someone get back on their feet. My rent is already a little lower than what is currently on the market.. But wife is more logical and she is worry.  

Hello everyone.

My son is a junior in HS.  I tried a few cost calculator  from several universities he is interested in, and saw that with a rental property the amount of aid is drastically lower.

A friend told me about turning the rental property into a LLC, and this will be exempt from CSS and FAFAS. Is that true? If so wouldn't everyone be doing this to maximize the aid for their kids?

This sounds too good to be true. Anyone has experience with this?

TIA.

I agree with @Eliott Elias and @Anastasia G. People do make a come back and some times the credit score doesn't tell the whole picture.

My previous tenants have very low FICO score (425) because of a mistake they made several years ago. However, the husband is a retired officer with clean background. Lots of works in community out reach and is a great guy. I even helped them with one of those credit building service, because they are always pay on time. Kept my property clean and in top shape. Only times they ever contacted me was for issue like - garbage disposal leaking, dish washer seal broken.. etc. 

I wish they would stay longer, but they saved enough and are now able to buy a house and I ma happy for them.