All Forum Posts by: Wayne Bodley

That's definitey a difficult situation which demands firmness on the landlord's part. I've encountered that problem before and now I have tenants initial the clause in the lease that states they can't use security deposit as rent and I also set the security deposit $50 less than the rent amount. That seems to help but people are going to do what they're going to do. In North Carolina the landlord can legally hold the deposit for 30 days to make sure everything is kosher. Best of luck in your situation.

I didn't do credit checks or anything for 10 years and had pretty good success with 2 houses, just went with my gut. Then last year my gut failed me, not too bad just a couple breaking a lease. When it came time for new tenants I made them go through a thorough process: application, credit check (transunion SmartMove -super easy), income verification and references. We'll see how it turns out but I think it puts me in the driver's seat and also raises the perceived value of the property to them because they had to wait several days to find out if they were accepted. So I say yes to credit checks and thorough vetting.

Yes it is possible. i a in the same scenario and just took out $53k. I still have $55k in equity. I used a mortgage broker. The banks did want to see leases and all the financials on the property.

The first investment property my wife and I bought was a house with a rentable cottage that covered the mortgage. I would look for something similar or a duplex to start with. I was 42 10 years ago when I started and now have 3 doors so you're way ahead of me. In my opinion slow and steady wins this race. Good luck!

Thanks @RyanMurdock  I'll do that.

Thanks for the replies. Ultimately it's not about their marital status so much as their ability to pay the rent. Together they make 3k a month and the rent is $950  so that's ok together but separately wouldn't cut it. Thanks for the comment about putting them both on the lease, I'll go that route if they pass the rest of the screening.

Thanks for the replies. Ultimately it's not about their marital status so much as their ability to pay the rent. Together they make 3k a month and the rent is $950  so that's ok together but separately wouldn't cut it. Thanks for the comment about putting them both on the lease, I'll go that route if they pass the rest of the screening.

Hi everyone,  new member here. I have a couple rental houses, one of which will be vacant soon. The applicants are an unmarried couple with a two year old. Together their income is sufficient but separate it isn't. I guess to me it's a red flag. Any experience with this situation? Thanks, Wayne