All Forum Posts by: Vivek Kumar

What he means is that you should have a checklist for tenant qualifications. For example a tenant has to meet certain qualifications to be able to rent your property: income, credit score, evictions, rental history, criminal history, etc. If you don't have specific prerequisites, you should put some in place.

Well from my list I dont see any thing negative. Credit score is acceptable, he has no evictions, have enough income to cover rent comfortable.

but then i am here as it's useful to learn from others experience for this kind of profile and background that I have no experience with.

Hello Vivek,

Don't exactly understand the question. In fact you may want to be cautious of the inquiry since many states have discrimination laws. If he meets all of the criteria what makes you inquire about his military status impacting him/her as a tenant? Just wanted to let you know simply being a veteran may not be the best thing to deny a tenant.

Hope it works out.

Alice -
Heritage Rentals LLC

I already rented to him. But the question was to just know the unknowns like any special accommodation requirements I may need to prepare my property

0 Votes

Austin, Texas

Quote from @Bill Hampton:

Quote from @Vivek Kumar:

I am sorry not sure what you mean

@Vivek Kumar

1 Vote

Austin, Texas

I am sorry not sure what you mean

0 Votes

Austin, Texas

I got an applicant from army retired. Getting about $4000 and $2500 now as a consultant in a furniture company. He is alone and no pets. He has 1 year of rental history in an apartment leasing. I checked his 2 year bank statements and looks fine. His credit score is 620. He only have a auto loan with last 34 payments all on time.

any red flags etc to check for? I have never had a army veteran as an applicant. So would appreciate any kind of thoughts

0 Votes

Austin, Texas

I normally sign up for a year lease. However, got a willing tenant with an excellent credit score and everything willing to sign up for a year lease. However, they already see a possibility to break it after 6 month due to some uncertain moving parts in their life. I am ok for it personally but trying to see what additional lease terms i can put regarding lease break so that i have no or very low financial burden for breaking say in the 7th month.

0 Votes

Austin, Texas

Quote from @Joseph Bui:

Are you sure it would be cash flow positive? Its not even close to the 1% rule. Also got to think about maintenance which most investors set aside 15-20% of the rent just in case.

Well will break even based on numbers I got

0 Votes

Austin, Texas

Quote from @Bill B.:

I’m sorry. I thought your post asking if the rent was reasonable meant you didn’t know and were just guessing. A PM would eliminate any guessing and know what they could get.

But anyway. What happened? Was the last tenant really overpaying by 15-20% or is your rental market really crashing hard? Is it too late to sell to an owner occupant before values crash too? I’d be disappointed at flat rents, I can’t imagine a 15+% rent crash. Good luck.

They were over paying but then I have got other property where tenant is overpaying. So now struggling to fill up is a shock for me.

0 Votes

Austin, Texas

Quote from @Bill B.:

Please hire a Pm. Unless the last tenant was paying 20% over market rent or the market you’re in is falling apart (if so, SELL!) You may end up finding a tenant at $1950 and be “happy”. Until you find out a PM would have charged $2,300 and paid you $2,100. Then you are paying to be a PM.

PM can't guarantee either timeframe or 2300 rental. They are going to do pretty much the same what I am doing right now (which is posting on Zillow and similar sites and putting a board in front of the property) as long as it is about renting.

0 Votes

Austin, Texas

Any guesses if this is the good rent for this property ? Last tenant was paying $2300 but now I am clearly struggling to lease it even at $1900 (reduced from $1950 just yesterday)

https://www.zillow.com/homedetails/2305-Windsong-Trl-Round-Rock-TX-78664/29568681_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare

0 Votes

Austin, Texas

Often times when reviewing a application I want to check previous rental history and ask applicant the name of previous landlord.

i then usually check that with county tax records. Recently I have found almost all the cases where the owner name in county record is different from what applicant stated.

this made me wonder if my assumption that name should match in county records is valid?

fyi. I make sure to ask that the person applicant gives me is the owner not the property manager

0 Votes

Austin, Texas

All Forum Posts by: Vivek Kumar

Vivek Kumar has started 10 posts and replied 27 times.

Post: Army veteran applicant

Post: Army veteran applicant

Post: Army veteran applicant

Post: Army veteran applicant

Post: Tenant for possible short term

Post: investment properties in kyle, TX

Post: Finding ideal rent

Post: Finding ideal rent

Post: Finding ideal rent

Post: Validation of previous landlord