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7 October 2024 | 3 replies
We have one of our properties for rent and are accepting applications.
10 October 2024 | 0 replies
Since the Internal Revenue Service (IRS) doesn’t consider child support taxable income, I would not consider it in the rent calculation unless you have a HUD-specific home.According to hud.gov, “[rental property] owners must count alimony or child support amounts awarded by the court unless the applicant certifies that payments are not being made and that he or she has taken all reasonable legal actions to collect amounts due, including filing with the appropriate courts or agencies responsible for enforcing payment.”So, does child support count as income for renting?
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13 October 2024 | 23 replies
Aside from all of the systems that lenders use to find undisclosed debt, one of the questions you'll be asked on the URLA/1003 (the application required for all primary residence mortgages) is basically "Are you responsible for any debt besides what we have already found?"
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9 October 2024 | 10 replies
If you click on the individual owner page there is an error but you can still submit an application to list and you can still see listings so there is nothing indicating that they are stopping operation that I could see.
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7 October 2024 | 1 reply
How do you screen tenants when applicant is a company?
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8 October 2024 | 3 replies
I think it's an added benefit if you have an applicant that has a Tesla.
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7 October 2024 | 2 replies
We use software that tells us risk levels of potential applicants to avoid these type of issues.
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9 October 2024 | 12 replies
Did you use a state-approved contract (if applicable in your area)?
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8 October 2024 | 5 replies
Also, the LLC does NOT eliminate any personal liability on the next loan application which is a popular selling point by ill informed DSCR brokers on this board (but they rarely mention the higher financing costs that come with financing in a LLC) IMO, proper insurance coverage is a better choice.
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7 October 2024 | 4 replies
We embrace S8 applicants, but screen them just like any other applicant.Many have an entitlement mentality and try to leverage their S8 voucher by pretending to be helpless:1) A percentage won't apply because they expect a landlord to waive application fees for them.2) Many cry broke and expect a landlord NOT to charge them a security deposit.3) Many of those same S8 tenants trying to avoid paying a security deposit, won't make an effort to call the list of nonprofits we send them that will pay their security deposit if they apply.4) A lot of them try to avoid paying for utilities.