All Forum Posts by: Curtis Mears

Do you always verify tenants income? Is it necessary asking your prospective tenant to provide proof of income, like a bank statement and recent paystub? And require that the applicant provides you with 2-3 employee references?

I have a tenant and his wife that are applying for my property. Typical process is running background credit and eviction reports to verify all information. I’ve used avail for this in the past and it’s all worked great. Husband is a US citizen, his wife and him just moved back to the states a few months ago and received her green card in December. What documentation is required? She doesn’t have any credit, US background information and her SSN is not going through because it’s so new. Has anyone gone through this process before?

 Are you doing any creative financing currently?

[Disclaimer: This is an apolitical post, I'm a moderate of neither the Republican nor the Democratic party.]

What do people think regarding the "Renter's Bill of Rights" proposed by Biden? It's yet to be solidified, but it currently smells like national rent control. For a more detailed description, check the BP blog post linked below.

My feeling is that rent control is bad and a headwind for multifamily housing. However, government has regulated housing for longer than I've been alive, and in a more heavy-handed way in the past few years, yet multifamily housing has been one of the best places that an investor could invest recently, despite government's best efforts to level the playing field between owners and renters. Is this just more noise, something that may take a few bips off an investor's rate of return? Or is this the final nail in the coffin, which means to me that other real estate asset classes, such as essential retail, industrial, farmland, etc., will outperform multifamily in the near-medium term?

https://www.biggerpockets.com/...

After the Covid rent debacle involving CDC and the Supreme Court, here is the next shoe to drop: Federal Rent control. Some states are still holding landlords hostage, by not allowing rent enforcement, eg California. Here in Nevada, the Democratic Assembly leader mentioned the coming avalanche of rent defaults, A crisis of their own making, as I opine. The Communist part of the Democratic party has finally realized the end effect of not paying your rent, and they have a solution. As always to the detriment of everyone. The fact, that it is not in the jurisdiction of the Federal Government to get involved, is simply brushed away. Having traveled to Eastern Germany, I have seen what public housing under a Communist regime looks like, and I want no part of it.  A more recent example from Berlin, Germany gives an excellent historical view.  Many multifamily housing projects were built there 100+ years ago. Of course, the standards were much lower, and with minimal upkeep, they deteriorated so much, that they were sold to private developers 3 decades ago. They rehabbed and improved the buildings and made them attractive to renters. 2 years ago the Berlin State voters approved forcefully taking the private property and making it public housing again, managed by the same types of bureaucrats, that ran it into the ground to start with! I much hope we are not going to permit the same folly. Call, write bug your congressman and senator.