All Forum Posts by: Will Bradford

Welcome Michael. Which service do you work for? I'm a FF for Jefferson City, MO.

I would rent to them. I would be lying to myself if I didn't. Could just as easily been me at various points. We all make mistakes...unfortunately theirs was very severe.

@Enver Perez If you don't know what Kyle mentioned in his post your in for an expensive education. I'll also add that your probably going to run into lead paint. So an EPA certified contractor might be needed. In the midwest we usually skirt around this but I would certainly ask around in your area. It can add quite a bit to the demo.

@Account Closed I work an average of 56 hrs per week and own two rentals. I have to agree with others that the purchase and rehab time is far more time consuming than after the tenant moves in. Anything is doable but it just depends on how much time you are willing to put in.

I use Intuit. I have two properties and both tenants love it. My pros are that I have recurring payment set up, I get an email at the exact time that they pay, and I don't have to worry about lost checks. It does take a couple of days for the transfer to complete but if your running that lean your in trouble anyway.

I would go insured. I used to work as a claims adjuster and have seen a handfull of instances where something was dropped and damaged the condenser unit outside. They can get expensive especially if its an older unit and compatibility becomes an issue.

Thanks for the info everyone. I'm going to go with calling them 1 hr prior to the showing. I screen everyone on the phone about the background/credit stuff. Probably eliminates 2/3 of the callers. But its fine with me. I dont want to rent to deadbeats.

I have also looked in a PM. It would cost me 1k for a 1yr lease at $725 per month. And thats with no maintenance. I just am not willing to give that up.

Thanks again everyone.

I just got back from a showing where the prospective tenant didn't show. It was scheduled for 7pm and I called about 5 after and of course it went to voicemail.

I'm just looking for tips from experienced landlords who have dealt with this. It's extremely frustrating and also kept me from putting my child to sleep.

Thanks in advance. Will

Chad I cant answer specifically to your questions but I would say look at the small banks. I just purchased my second rental using collateral and nothing down. I was willing to put 10-15% cash down and larger banks wouldn't consider it. I also have no debt and excellent credit. It was a no brainer loan but they had their guidelines.

I went to a small local bank and they didnt ever request pay stubs. They I could keep my cash and just use my other rental as collateral.

I know is isn't what your looking for but I did speak with them about flips and they were just as open to it.

Will

So I have an open rental. I just closed on this house 2 weeks ago and have painted it and done tile work in the bathroom. I posted on craigslist and facebook and received a lot of interest but not a lot that seem qualified.

So long story short I got a call from a guy in Iowa that is a Mediacom contractor and will be working in my town for 6 months. It will be him and three other guys. He said they were having trouble with descent apartments because of course they dont like 6 month leases or 4 men.

But he said they would pay 6 months in full up front and I told him I would also charge a larger than normal security deposit. Normal is $650...I told him $950.

I will do credit and background of course. But I just wanted to get some opinions. Its a unique situation but I understand it as my brother just traveled for 6 months for a construction job. I figure at least I am paid in full so I will just stop by once a month to check on the place.

Any input would be appreciated. Will