When someone presents to "tap" Private-$ we want to do as little thinking as humanly possible, that's to say the burden is on you the proposed borrower to present a complete, detailed "pitch" outlining the allocation of every cent, contingencies, time-lines, data supporting each action item.

@Keagan Scott It would be nice to know the details of the property for your analysis but, I took a look at some of the backend data, it looks like only a small handful of homes in Nashville IN make over 100K.

Thank you so much for such a detailed response I completely understand how this could potentially be a problem.

A good rule of thumb is to ensure that the tenant’s income is at least three times the monthly rent to ensure they can comfortably afford it.The process typically starts by collecting a rental application from the tenant that includes personal details, employment information, and rental history.

More details in this article:http://www.postandcourier.com/business/new-propert...

The management percentage seems awfully high.But all of those matters are details.

They’re packed with useful info.Commercial Data: For multi-family insights, CoStar has detailed market data, though it might need a subscription.

Of course it quickly snowballed so the result so far is a comprehensive, detailed model that captures quite a wide gamut of financial variables.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.PM us if you’d like to discuss this logical approach in greater detail!

Ask for details on how they vet tenants, including credit checks, background checks, and rental history verification.References and Reviews:Don’t just take their word for it.