All Forum Posts by: Stewart Beal

Hi Cody, here are our rental requirements, we use AmRent screening software.

Michigan: We are looking for 600 min credit score, 3x income, no evictions, no bankruptcy within 5 years, 3x income, limited criminal/collection accounts, and a good rental reference. If you have a 0 credit score and/or no rental history we will likely require a cosigner. If you credit score is slightly below 600 but you are much stronger in other areas, most importantly rental history, we may still approve you. We reserve the right to make exceptions and we reserve the right to not approve you if you meet these requirements due to other factors discovered in the evaluation process.

Toledo: We are looking for 525 min credit score, 3x income, no evictions, no bankruptcy within 5 years, 3x income, limited criminal/collection accounts. If you have a 0 credit score and/or no rental history we will likely require a cosigner or a 1.5 month security deposit. If you credit score is slightly below 525 but you are much stronger in other areas, most importantly rental history, we may still approve you with a cosigner and/or 1.5 month security deposit. We reserve the right to make exceptions and we reserve the right to not approve you if you meet these requirements due to other factors discovered in the evaluation process.

I personally manage 150 single family homes, I own a few, I manage the rest for others, it is pretty part time.  I believe with a small team I could manage 1,000 or so pretty easily.  Screen your tenants very well, make them responsible for all exterior maintenance and basic interior maintenance, do everything digitally (no talking on the phone) and managing single family homes is a breeze compared to apartments.  (I personally manage 750 apartments).

Definitely got with a local bank, I am doing a refinance right now, 3.6% interest rate, 10 year term, 25 year amortization.  Your local bank is definitely best for this.

We use AmRent through Rent Manager property management software, you can set the criteria and then it gives you a red/yello/green against those criteria.  Red no god, yellow proceed with caution, green looks good.

I would recommend starting with the local banks in your area, call them, ask who their real estate banker is, and email them the information on the deal.  I am purchasing a commercial property right now with a local bank, 3.6% interest, 20 year AM, 5 year term.

Sounds like you have a good start to your plan.  

I would pay the debt down first, then start saving again and invest

Hi Josh, the very first thing you need to do is pay off all debts except your mortgage on your primary residence, once you have that accomplished, only then should you begin saving to invest in real estate.

Write a very detailed scope of work that you want completed and give it to a couple of contractors in the area and ask them to quote the work.  

@Sergio A. I recommend keeping it local, nothing farther than an hour a way, something you can manage yourself.