Lender · Boynton Beach, FL · Member since 2026 · 182 posts · 73 votes
I am funding small single family and triplex projects in Boynton Beach FL. Seven projects in last three years, mostly renovations and BRRRR holds.
Two things keep killing deals at the last minute for borrowers I talk to:
Skip trace numbers that are disconnected. The owner moved two years ago.
Rent comps that are asking rent, not leased rent. Appraisal comes back with market rent $2,100, not $2,500.
For skip, I now run two sources and only call mobile numbers seen in last 90 days. For rent, I pull three comps within half a mile, same bed and bath, leased in last six months, and I haircut five percent for vacancy before I calculate DSCR.
Question for the forum, especially for those driving for dollars in NY, KC, and FL:
How are you verifying a number is live before you call, and how are you verifying rent is leased before you underwrite?
What filter has saved you the most time?
Looking to learn what is working now, not in 2021.
Quick add for context — in Boynton 33445 I am seeing a lot of numbers from IDI core that are 2 years old. Wireless carrier data is newer but still 30 percent disconnected. For those driving in NY and KC, are you seeing same?
For rent, I am using Rentometer plus 3 MLS leased comps. What are you using for leased not asking?
Appreciate you including Rentometer in your rental analysis, Muyees!
One thing worth highlighting for anyone following this discussion is that while asking rents don't necessarily reflect what a property ultimately leases for, they can still provide valuable insight into current market conditions and help establish a starting point for rental analysis.
We always recommend validating rent estimates with additional sources when underwriting a property, whether that's recent leased comps through the MLS or insights from a local property manager who knows the market firsthand.
Ultimately, the more data points you have to work with, the more confidence you can have in your rental assumptions. Thanks for starting the discussion!
On the rent side, one thing that's helped me as an agent in South Florida is pulling leased rentals straight from the MLS instead of listing sites. You see the actual closed lease price and days on market, not the asking rent. I filter for same bed/bath, within about half a mile, leased in the last 6 months, and drop anything that sat 60+ days, since that usually means the ask was too high. It lines up much closer to what appraisers use for market rent. If you're working with an agent, it's worth asking them to run that pull for you. Agree on haircutting for vacancy too.
Jenya, thanks — that is exactly what I do now too. I stopped using listing sites for rent, I pull leased from MLS — same bed bath, half mile, last 6 months, drop anything that sat over 60 days. Lines up much closer to what appraisers mark for market rent. And yes, I haircut for vacancy before DSCR. Good to know you run it same way in South Florida. Appreciate.
Muyees, I can't help you on the skip-trace side — that's not my world. On rents, I can tell you exactly what I do, because a wrong rent number kills a deal at the refi. I never underwrite the rent on a wholesaler's sheet or a listing. I underwrite the low end of what the house will actually lease for: in Memphis that's $1,395 for a 3-bedroom on Section 8, not the $1,950 top of the band. If the purchase is under $100K and the $1,395 rent clears the 1% rule, the deal survives a bad guess. If it only works at the seller's rent number, it doesn't work.
James, appreciate you jumping in — 454 doors, I am listening. That makes sense — wrong rent number kills the refi. I stopped underwriting off wholesaler sheets or listings too, I use low end of actual leased. If it only works at the seller's rent number, it doesn't work — I am keeping that line. In Boynton I am doing same — low end leased comp, not top of band, plus 5 percent vacancy before DSCR. If purchase under $100k and low rent clears 1 percent, deal survives a bad guess — solid rule. Thanks.
From the agent side, skip trace data and rent numbers have totally different shelf lives. Rents you can verify yourself: closed leases on the MLS are the gold standard, and your agent can pull them — listed rents are asks, not facts. For skip trace numbers, the best verification is a live answer, so I'd order fresh data rather than trusting an old list, and batch your calls so you're testing the list quickly rather than dribbling through it for weeks. One thing I tell investors: don't skip-trace a lead you've already qualified through rent comps. Get the rent right first, because a good number with a bad list is fixable, but a bad rent assumption kills the whole deal.
Ametria, thank you — that shelf life point is key. Rents I can verify myself — closed leases on MLS are gold standard, listed rents are asks not facts. For skip I am now ordering fresh data and batching calls for live answer instead of trusting old list and dribbling for weeks. And I like that last line — don't skip-trace a lead you already qualified through rent comps — get rent right first. Good number with bad list is fixable, bad rent assumption kills the whole deal. Keeping that order. Appreciate.