All Forum Posts by: Ursula B.

@Account ClosedRight, I work hard for my cash flow! The former PM told me the Section 8 tenant was 'needy', but he was being paid to deal with her so I wasn't concerned. Well I've talked to her more since January than all of my other tenants combined over the last year! She likes to tell me what she's not going to do...as in, I'm not going to pay the late fee, I'm not going to pay the repairs, etc. After the third time I politely told her she had one more time to tell me what she was not going to do, and she would be moving 30 days later. Immediate apology and not a peep from her since.

I have zero tolerance for nonsense, and that was my frustration with the PM that allowed it.

Welcome @Susan Fagnant-Patry!

@Bob B. Welcome back! Sounds like you're having fun too! Congrats for keeping up with it all. It's a balancing act for sure.

Go portfolio or commercial. I use a credit union that requires a personal financial statement and guaranty, but they've never asked for even a check stub.  We've closed two commercial loans with them covering three investment properties.

Good luck to you.

Ursula

Got a note from BP that it had been a while since I've been on, so I feel the need to re-earn my Addict badge!

Landlord life became more hectic in January.  I was already self-managing two properties from about 300 miles away.  We got two vacant units under property in November and December, and somehow ended up with two closings the same week of January.  The week of the closings, I had to part ways with the property manager that was managing two of our other properties because our rent check on one property came up short again.

So over the course of one week I went from managing two properties with two great tenants, to also transitioning two other properties with slow paying tenants and rehabbing/renting two vacant units. Add to that trying to refinance the two new units, which eventually went through in late March.  Yes, I was still doing all this from 300 miles away with a day job.

Got one of the vacant units rented March 1, the other is rented as of Tuesday (I've denied more applicants for this one that I've denied collectively over the past couple of years!).  I've managed to get all of the money due me from the Housing Authority and the tenant I inherited from the former PM (monies owed dated back as far as two years).  We renewed the lease for one of the inherited tenants for 6 months,but I can't deal with the slow pay even if they are paying the late fee - they will be issued a notice to vacant at the end of their lease.

Got a 60-day notice on April 2 from one of my great tenants and I shed a tear inside...and the cycle continues.

Such is the life of a landlord!

Ursula

I don't like the hassle of dealing with the Housing Authority but I don't refuse to accept them.  We consider the amount of their voucher as income in our screening formula, and they must meet all of our other criteria.  As of Tuesday we will have two units on Section 8, located in two different (but neighboring) counties.  So far it's been night and day in terms of working with the local Housing Authority, so I guess level of service varies from location to location.

@Aly W. I think for some reason applicants believe that landlords are desperate to rent their property and will take any warm body with cash.  That may be true of some landlords, but I'll take a vacant property any day over a bad tenant.   Begging, pleading, having an attitude and telling me you can pay the deposit RIGHT NOW does nothing for me...other than make me that less likely to rent to you.

Ursula

Approved an applicant for a rental and she complained about our process to approve additional applicants until the deposit/first months rent was paid.  After explaining to her our process and why we do it, she still complained and sent me a passive/aggressive email about it.  After hitting the roof and having to calm myself down, I responded with:  "I understand you do not like our policies and procedures.  We would not be a good fit for you as a landlord.  Your approval is rescinded.  Good luck to you."

She just barely passed our scoring system - and only because I rounded up.  Glad to have dodged that headache.  I don't do foolishness and don't have time for nonsense.

Ursula

@Bill Sargeson I agree with you.  I fussed at one of my tenants recently for waiting until the next day to let me know the heat went out the night before - and it was freezing outside.  Honest landlords don't play around when it comes to life and safety matters.

@Pedro Velez They don't do 100% loans, they do 75% of appraised value.  That means if you buy right, you can get into the property with little to no money out of pocket.  For example, we were into our property for ~$31K between purchase and rehab. The property appraised for $39.5K, they financed 80% of the appraised value, and we walked away with a refi check of $29K ($31K minus closing costs).  So we're only into this property for the amount of the closing costs.  Their standard is 75% of appraised value, so I really can't tell you why they did 80% on this property.  They made the decision right before closing and we just rolled with it.

Their refi process has been very easy thus far. The financial statements are a pain to complete, but beyond that, a rent roll and copies of the lease, it was very little documentation.  Didn't even have to provide proof of income.  I will caution that they are picky about certain things. They wouldn't refi one of our properties because of an underground gas spill that occurred YEARS ago about 1/4 mile from the property. My loan officer got me out of having to pay for the appraisal on that one.

Yes, they will combine properties into one loan. Our first loan was intended to cover two properties, but they pulled out of the one I described above.  We're in the middle of our second re-fi which will be one loan for two properties.

If you invest out of state, you'll want to contact the business office in the state where your properties are. I live in GA, but because my properties are in NC I work with a loan officer that covers NC.