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7 January 2025 | 5 replies
Hello Kyle,When screening applications for the properties that I manage, I always look for:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)I have found this screening standard very helpful when finding tenants who pay on time and treat the property well!
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7 January 2025 | 3 replies
@Bart TillyThere are various "standard" agreements available in the marketplace (e.g.
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25 January 2025 | 91 replies
It is standard practice and component level depreciation is encouraged by the IRS.Though it is very important to track you time as you go along.
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10 January 2025 | 8 replies
It’s standard practice and an essential safeguard for landlords.Trust your instincts and treat this as a non-negotiable policy.
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1 February 2025 | 21 replies
I ended up backing down and just use the standard payment platforms, Venmo, MetaPay, CashApp, and Zelle.
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19 January 2025 | 9 replies
This means that if you pay off the loan too early, then you'll pay a 1-5% fee off the loan amount. paying off the loan early means you either refinance or you sell the property, both would trigger a prepayment penalty to the lender. that being said, you can choose your prepay options, 5yr usually giving you a better interest rate by like a 0.25%, 3yr being most common and standard, and a 0,1,2 yr where you can buy down the prepay to be less years. meaning you pay 1% upfront of the loan amount to get a 1yr prepayment penalty so you're free to sell the property or refi after 1yr.
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18 January 2025 | 16 replies
@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?
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3 January 2025 | 4 replies
We rent to plenty of S8 applicants; I've always believed the standard of care they exude is as high if not higher than "market" applicants because they'll get kicked out of the program if they don't.
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7 February 2025 | 31 replies
I wouldn't recommend a standard buy and hold rental because you'll have to pay both your HELOC and mortgage on the house.
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5 January 2025 | 17 replies
The Hilltop Mall (standard shopping mall, Macys, JC Penny, escalators, if you were alive in the 90s you know), in Richmond CA was purchased in 2021, but the buyers aren't doing any of our brilliant peanut gallery suggestions.