All Forum Posts by: Richard Vang

min credit score 550.

550-600 deposit 2x

600-650 deposit 1.5x

>650 deposit 1x

>720 beg them to rent from you :)

No evictions. ~3x income.

These are just guidelines. There are always gray area. If they can give good reasons explaining poor score, then, it's up to you to decide.

any recommendation for a good Dallas property manager? Thanks

oh... I see. i was a bit luckly. I did step 4 before closing. I even get the security deposits & first month prorated rent being credited through the escrow. Also, the tenants is a pharmacist making good money.

Here are steps that I did:

1. research the market rent before even putting offers. Best is considered what was the rent $ history.

2. Before putting in offer, get a copy of the lease from the seller.

3. Talk and interview the tenants before contigency removal.

4. before closing, screen your tenants. sign new lease with tenants.

You need someone with license to manage the property for you. If you manage it yourself, you dont need license.

With inflation kicking in, it's definitely very hard to keep up SOL. So, normally, the advice is, at young age, start saving early. Use the saving to invest to generate passive income. You will get your income that even out by inflation. But, if your investment is decent, you will still get roughly 8%-10% from your investment. Start saving and invest as early as possible. This is because of the "compounding" effect. You will be doing better as your investment snowballing for you. Let the money work for you.

use craigslist. It's free. Very good response.

There is no perfect property manager. But, as long as they get the job done. Then, it should be ok. For me, here are the most important criteria that I like about property manager is RESPONSIVE & FAST.

as simple as picking up the phone and replying email prompty.

It normally take me about 1 day or 2 to screen tenants.

actually, I asked her directly what she expect the charges. She said, it's up to me. So, I suggest $250, which is roughly 15%. She is ok with that.