All Forum Posts by: Tom R.

@Bettina F. Thanks that was helpful. 

My sister lives in Post Falls. Its a wonderful community. I am considering investing there when I decide to invest long distance.

I have my first rental property in escrow. I am currently writing up preliminary rental applications and rental agreements. I plan to take them to a lawyer for review and revisions. Lawyers charge by the hour so I figure if I can save them some time by writing up my own form I'm saving some money. Are there any other forms I should have a lawyer draw up while I'm at it? I suppose an eviction notice would be a good idea. What else?

What I meant for proof of citizenship and legal residency is Social security Number or what ever legal residence number I could use to do a background check.

I do plan on having a lawyer write up my documents as soon as I can but they charge by the hour and I figure I can save some money if I write up my own paperwork before reaching out to the layer.

My first property is currently in escrow. I am in the process of writing up applications and agreements. What kind of documentation do you require for your rental agreements?

IE proof of citizenship or legal residency, how many months of pay stubs,number of references...

What do you charge for an application fee for things like credit checks and background checks?

Any other helpful advice? 

That's for the responses people but I did clearly ask several questions. You guys might be better suited to politics than real estate.

My first property is in escrow and I am searching for landlord insurance. Who do you have? What is your coverage and What does it cost?

Yesterday my offer on my first investment house was accepted. That morning I received a pre-approval for a loan at 4.79% for a little more than I am paying for the house. Today I got the mortgage application papers to sign. My rate suddenly went up to over 5.1% and my payment went up almost $70 on top of that they want me to pay 1.5% in points. In all they want me to pay over $6000 in closing costs on a $80000 loan. This is unreasonable to me.  My credit history is good even though its relatively new 750 on Credit karma and my FICO is 760.  I will be contacting my local bank to see if I can get a better rate but I am also going to try and get this mortgage company to lower the rate. I noticed they didn't put all my assets on the application. They left off my 401k and my cars even though I provided that information when they asked. They are also claiming my student loan payments are higher than they actually are. What do you think my odds are getting a lower rates?

Thanks for everyone's responses. I'm liking my realtor much more now. I've increased my offer but I dont expect the seller to accept it. The previous offer was $105k and the seller pays all closing costs. I'm offering 100k and I pay all my own closing costs. I cant pay more than that if I do my profit margin is razor thin.

I made an offer to my realtor on a house today. She said there had already been offers that were declined but she would check. Later that day she called me and told me what the offer was which was of course was higher than my original offer. I was under the impression that this was illegal. Am I wrong?

I see two scenarios here either my realtor is trying to help me get the house or she is trying to bump up the price.

Should I find a new realtor?

I made an offer on a house today. I am almost certain my offer will be declined but since the house has been on the market for over 90 days in a region that most houses sell in less than a month I took a shot at a low ball offer. I fully believe that if my offer is declined the buyer will accept my second offer. The house is priced at $106k and I offered $90k. My max is $100k and I don't see the seller declining that.

My next step is drafting a rental agreement and looking for renters. I do plan to have a lawyer draft up an agreement but immediately after purchasing a house money is going to be tight. If I draft one on my own with the help of one of the many online sources of agreements can I later have a lawyer draft one and have the renter sign a new contract in the middle of their agreement?

Some of the things I would like to include. keeping in mind the property is in California.

I would rather not rent to smokers but If I must could I charge a smokers fee?

California legalized recreational marijuana use can I prohibit it use on the property?

I don't want to allow pets in the house but the property has a big fenced yard ideal for a dog. Can I charge an additional pet deposit and monthly pet fee?

one more question unrelated to the rental agreement.

The house has a washer and dryer hookup in the kitchen which is already small. There is a laundromat on the same block. Would the house be easier to rent if I installed a washer and dryer?