All Forum Posts by: Warren T.

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Hey BP,

Hope all is well. Wanted to get some insight for an acquaintances of mine that has an investment property with a tenant that has not been paying rent since the beginning of COVID. Additionally, the tenant has been causing a nuisance (several noise violations) and the HOA is threatening monetary penalties. The negative cash flow has been a financial burden for them, and now with the CA moratorium extension most likely being pushed back until the end of 2021, they are considering getting out of the rental business.

For the California BPers (and eviction lawyer experts), from my understanding, under California AB 3088, if an owner is giving a notice to vacate due to "no fault just cause" to get out of the rental business in order to sell the property, they are within their right as long as they are not evicting the tenant for past due rent, correct? 

Any advice to this situation is much appreciated. 

Ouch! Sorry to hear that. The joys of being a landlord. Hopefully, you've saved up enough capex reserves. Crossing my fingers for ya that the rest of your repairs go smoothly!

Thanks for the info regarding the TU Residentscore, @Rick S.!

Thanks again @Michele Fischer

Thanks for your input Michele Fischer John Anderson, I appreciate it! I agree that credit score alone cannot paint the full picture. For the student debt, I also wouldn't be so worried if the wife was making payments on the debt; however, it is showing up as a negative and outstanding, which means she's not making any payments at all. Just to clarify Michele Fischer , would you disregard that completely? Thanks!

Hello BP community. Need some advice. I have a SFR that I'm renting for $3,250/mo. I have a couple that looked great on paper. Wife is a teacher making $8K/mo (verified paystubs) in a good school district and the husband has his own business and makes $5k per month (more than 3x the rent). I called their prior landlord and she said they always paid on time. I had the couple fill out an application and used TU mysmartmove (for the first time-- I usually use another service) to run their credit, criminal and eviction reports. Nothing showed up for either of them for the criminal and evictions; however, their "ResidentScores" were in the low 600 range.

When I looked at the credit report, there were a few things that I was concerned about:

-Wife had a residentscore of 624

-Wife had over $90K in past due school loans (opened 3/15). Notes state: "Status: 9B: collection account, Remarks: Student loan perm assign government, Notes: Automated account" 

[I just ran their credit report today, so I have not had a chance to confirm whether they are on a payment plan to make the school payments back]

-Husband has a residentscore of 621

-He's paid his credit lines relatively on time (only 1 collection for a small balance of $169), but it was paid off. He missed 1 or 2 payments, but his credit line balances were all relatively low dollar amounts.

Could someone with experience with TU's ResidentScore chime in? According to TU's ratings system, they recommended to "ACCEPT" the applicants. The major concern for me is the wife's school loans outstanding. I was considering raising the deposit and/or getting a co-signer or should I just stay away completely? Wanted to get the BP community's opinions.

Thanks in advance!
 

Hey @Geo Tan. I'd be interested in attending an event that you are proposing. I have mostly been investing in residential, so I'd love to learn more about the commercial side.

Hi @Dana Light. Are you able to pay at the door? Or only thru eventbrite? Thanks!

Maybe put less expensive laminate over your wood floors? I prefer using laminate floors in my rentals. Easier to clean and faster turnaround.