Recheck their lease application.

Can someone explain exactly how the approval and application process for getting the hard money loan/rehab loan/refinance loan works for a first time Investor?

I like the idea of posting your listing at what rent you think you can get, and then lowering it $50-$100 after a few days or a week if you do not get an influx of applications.

Sure, the process could be super-automated and online and all that, but behind the curtain would need to be very talented and numerous humans making sure the machine doesn't break and when it does be there to fix it.

The software is an all in one application with accounting, marketing, leasing, and management features for multi-family and single-family, commercial, etc.

@Kris Russell we just acquired a property and opened the application pool to section 8 voucher holders.

Of course we all know that there are numerous expenses such as maintenance, cap ex, taxes, insurance, vacancy, possibly utilities, misc. that go towards the 50% rule. 

So long as you can support the payroll data with documentation and you certify honesty; and subsequently use the funds to continue paying your employees, the same amount you are listing on the application, then your loans will be forgiven.

We do have each tenant submit a separate application including background and credit check. 

The interesting part is that the lead I got from Zillow actually showed up (I did the tour as it was the day I was signing with the leasing agent), they liked the apartment and decided to apply (the agent did the application process and the background check), with all the checks it looks like we are honoring the lease to these folks.