San Francisco, CA · Member since 2018 · 46 posts · 14 votes
Hey everyone!
Times are looking little rough right now for a lot of people. But for me? I am in contract with a home that seems to be a deal I’ve been looking for. This will be my first investment and with time like these, it makes me doubt myself because of everything that could go wrong.
So the question I have to landlords, what should I be looking out for? What if tenant do not pay rent as of right now? How to screen for a great tenant so that I’ll have less problems in the future? What should I be asking to my tenants?
The same goes for interview my PM. What kind of questions should I have for them? What makes a PM a great PM so that we both can have a strong connection.
I hope everyone is doing well out there. If there’s any advise landlords can give me. Please share!!! Would help a lot.
Hi I had two condos in Dallas 2005-2010 what I learned is running credit scores was the most important thing over 700 I had no problems 650-700 I had issues but some such as coins clogging the washer, and a broken toilet were normal ish but less than 650 nothing but trouble....
HI Benson, credit scores are very import as I said in my case most important. Find a company that will run credit checks make the tenet pay the 35.00 and run their credit it will tell you what kind of person you are dealing with. You'll see their adult life including autos and cell phones... The other add ons such as evictions and things like that maybe, calling references is only a 50/50 chance they are real and honest. Credit you can't lie... 650 or less means they are late on credit cards maybe had a car repo'ed... A couple of people I tried to help them as they seemed like they were tying to rebuild but I got burned you know the story of frog and scorpion well in real life it's true...One of the worst was a woman with 680 a PM found her and interviewed her I had nothing but problems... everyone over 700 all smooth but that's my experience. Also, it is based in what kind of neighborhood. You're not getting a 750 credit in a so/so neighborhood unless it is a Grad Student or Resident if you're near a Univ. All of this is why you should be your own PM so you can learn and this is why you should try to be driving distance 2-3 hours or less. I did 1800 miles and if I didn't work there sometimes I don't think I would have done it but I also bought really cheap. Be real careful if you are dropping a lot of money you can really lose your mental and physical well being and your credit if you make a mistake...
HI Benson, credit scores are very import as I said in my case most important. Find a company that will run credit checks make the tenet pay the 35.00 and run their credit it will tell you what kind of person you are dealing with. You'll see their adult life including autos and cell phones... The other add ons such as evictions and things like that maybe, calling references is only a 50/50 chance they are real and honest. Credit you can't lie... 650 or less means they are late on credit cards maybe had a car repo'ed... A couple of people I tried to help them as they seemed like they were tying to rebuild but I got burned you know the story of frog and scorpion well in real life it's true...One of the worst was a woman with 680 a PM found her and interviewed her I had nothing but problems... everyone over 700 all smooth but that's my experience. Also, it is based in what kind of neighborhood. You're not getting a 750 credit in a so/so neighborhood unless it is a Grad Student or Resident if you're near a Univ. All of this is why you should be your own PM so you can learn and this is why you should try to be driving distance 2-3 hours or less. I did 1800 miles and if I didn't work there sometimes I don't think I would have done it but I also bought really cheap. Be real careful if you are dropping a lot of money you can really lose your mental and physical well being and your credit if you make a mistake...
I do agree credit scores are very important for screening tenants!