All Forum Posts by: William C.

@Carl C.  Thanks for your comments!  Yes I think it is very likely that the previous owners enclosed the porch to create a larger house.  Another result of the addition is two bedrooms are without windows, which is not appealing to me.

Considering these issues, I probably will have to adjust my resale value for this property.

I am interested in buying a house but just found out it has two different foundations under the house.  The majority of the house is on a pier beam foundation, while two small areas have slab foundation.  The result is there is a 2 feet difference between the lower areas and the majority of the house, and you will have to go up 3 steps to the higher part of the house.

I wonder if this will create any resale problems and what this implies structure wise.  The property is in a rural area.  Any advice is greatly appreciated!

Appreciate all your replies!  Your replies really help me. 

Hi All,

Newbie here...  I have an application with eviction in 5 years ago.  Still working on credit recovery.  Family income is met OK.  Good rental references. No criminal records.  It is in class B rent market.  Shall I consider this application?

Thanks!

@Bill Gulley, OK, I read your comment again. So an authorization with fee agreement letter would do the work. I also will put the basic requirements on it.

@Bill Gulley, but how the tenant's agent can list the property on the MLS without the listing agreement signed by me?

Hi,

My tenant sent a notice to me that they want to do early termination due to their new house is ready. Their lease ends in July. They have an agent and asking for tenant replacement option. Their agent sent me the MLS listing agreement and agree for me to pay no cost. Do I need to sign the listing agreement with tenant's agent, or just give the tenant's agent a verbal OK with my screening qualifications is sufficient? If I sign it, any potential bindings or things I need to consider?

I do have the option to collect 2 times monthly rental amount penalty to let the tenant go. But understand that the current tenant choose the replacement option and want to save more, which I am OK with it.

Appreciate for your answers & helps!

@Steve Babiak

Initial six month lease is a great idea. I will talk to the applicant regarding this.

@Bill Gulley

Thanks for the info on rent and BK. The applicant really wants his kids to attend the schools of this community. So hopefully he will learn his lessons and spend prudently.

Thanks everyone for your insights! I appreciate all the help!

@Steve Babiak

I am checking the numbers regarding DTI

Monthly gross income $7493

Pre-tax deductions $1090

Tax $1145

After-tax deductions (include BK payments): $1277

Net monthly income $3981

The rent is about $1575. He has a family of four and no other incomes.

I am new to screening tenants and really appreciate any comments on his ability to afford the rent and utilities.

@Joel Owens

That is my concern too. This guy just started his BK payments last Nov. It would be hard to say whether he could finish the process. If he doesn't finish the plan, would he still be responsible for his previous debts?

@Marcia Maynard

Thanks for sharing your experience! The prospect tenant has agreed to pay 2x security deposit. He had 1 late rent payment at his current place and the current landlord did have to send a legal notice. He is moving due to job relocation. My lease term is 12 months. I am wondering whether month to month makes more sense to this situation.

@Steve Babiak This applicant has a 17% DTI and his debt payments are less than the rent (but close). The debt payments are deducted from his pay check automatically, which makes his net income (after tax and debt payments) less than 2.5 times the rent. Do you think this is a red flag?

Thanks for everyone's insights!