All Forum Posts by: Tom R.

 I had planed to stick to my standards but being new I'm thinking I might have set them too high for the area. In 2 weeks I've had dozens of inquiries but only 2 people have showed up for their tour and even though they have asked for application I have not received any applications.  

Ive got a prospective tenant with an old past eviction. My original rule was no evictions but I know people change. Just 5 years ago I wouldn't have considered myself rentable. And she is willing to have a cosigner on the lease.

Well I talked to him and explained why its not worth it for me to take rent up front. Then we discussed his credit score and it sounds like it might not be as bad as he thinks. He is going to check and if he is above my cutoff we will meet at the property.

I've had an interested party request paying for a years lease up front. He did tell me that the reason was that he had his identity stolen and his credit ruined. I told him I hadn't done that before and I had to check if there were legal issues involved to buy time. I'm thinking if he is paying up front I can overlook his credit if his background check and referrals check out but I'm wondering what you guys think. I also am wondering if there are any legal issues with this in California. We do have some pretty messed up laws.  If he pays up front it probably would be harder to evict should I need to but non payment wont be an issue for at least a year. I would keep the rent in the bank and pay myself out of it monthly in case he decides to break the lease. What are your thoughts?

Well I spoke to my realtor.  She told me I could get a loan with my current lender for as little as 5% down unfortunately they have already received 7 offers for the property which tells me that it will go for more like $120k and I seriously doubt the building is worth close to that.

I've found what looks on the surface to be a great deal. The problem is I've just sank my budget into another property. I've got $5000 in the bank and those are my reserves for emergency repairs.

It is a triplex with 3 single bedroom apartments. All units are filled with long term tenants paying $500 a month. The shocker they are only asking $90k. If I were able to fully finance it with a loan at the rate I'm getting now my payments would be around $600. Minus say $300 a month for repairs and management and the profits could be $600 a month. What are my financing options? Is there anyway for me close this deal not knowing any hard money lenders? Im sure this one will go fast.

 Why not charge a holding deposit? If they sign a lease and move in you credit the holding deposit towards their security deposit and first months rent. If they dont you keep the deposit.

My property is in a navy town so we have people traveling here on short notice for work. I just had a phone call with a person who wished to apply without seeing the property.  I told them that if they met my minimum criteria I wouldn't have any problem renting to them. What is your policy on renting to people without meeting them first?

 Unfortunately in the past 3 days I have received only 1 call but it is only the 14th. When I did my C on C calculations I allowed for about a month of vacancy. 

After recently purchasing my first house I lived in it for 3 days to fix it up and hopefully discover potential problems. Every day I found something that could easily be fixed.

3 way switches wired wrong.

Shower water was reversed. Hot on cold side cold on hot side.

A ceiling fan was so far out of balance it began hitting the ceiling. One of the blades was missing a screw and its bracket was also missing a screw.

Cost to fix all of these was $0.82