All Forum Posts by: Adam Martin

I just completed one last week so it can be done but it is hard to find a lender who will do it.  I researched online/ called over 15 banks both national and local.  Of those 3 local credit unions said they would do it but 1 was a 20 year arm, 1 was a fixed 20 year, and the last one that said yes I have worked with in the past and they agreed to a 30 year with a rate of 4.75.  Keep looking, avoid big banks, and good luck.  

When I first started off I paid one $600 but I will not pay again.  I always have plenty of interest so I just tell them that in order to keep things on a level playing ground I do not pay commissions due to the fact I usually receive plenty of applications and this would put their client at a disadvantage since all things being equal I would be selecting the tenant that didn't come with a fee.  Sometimes they still request a showing but often they don't even bother to show which I'm fine either way with. I also feel like if they are working with an agent they are more likely to be looking to buy soon and I'm hoping to get someone longer term.  

You said you have to live in one of the units so someone has to go anyway.  If you are trying to avoid confrontation this is also the one with the lowest rent so focus on that and get him out.  While everyone deserves a second chance and people change ect. for me the business is about mitigating risk and this person has already proven to be a known risk so let someone else deal with it.  You can ask the seller to do it and hopefully they will but if not he is month to month just post a 30 or 60 day notice and hopefully he will be out.  Having him gone will also most likely make the place easier to rent.  Before I buy a rental property I do a search to make sure there aren't any offenders nearby since I know potential tenants are doing the same.  

As long as there is no physical damage the animals are doing I would just increase rent to at least market if not a bit over to cover your risks. I doubt the smells will get much worse so you may as well monetize what you can and if they don't want to pay it then they decided to be out on their own.  I would add no smoking inside though, they probably won't follow it all the time but it may help and its not like there are many smoking units out there.  If you are going to non renew I would just say you are wanting to renovate and re-rent which will be true since it will need a good cleaning, paint and most likely new carpet.  If you tell them the non renewal is based on pets there is a good chance you will end up with support animals and then have a hard time not renewing without looking like discrimination.  

I rent b+ properties and don't have a minimum credit requirement that is set in stone and look at things as more of a case by case basis.  If someone has a bad score that's what is on paper but I want to know the story behind it.  I had a great renter with a 510 who had just got out of bankrupcy since his wife died and they got overwhelmed with medical debt.  The score itself is bad but story was understandable and verified by the report but will usually give people with medical issues and divorce a pass as long as everything else checks out.  Now if you have been evicted or have a criminal background hard pass but credit scores I'm negotiable, the risk just needs to be compensated by a higher deposit.  These people also are less likely to be buying a house soon so the hope is that they stay longer than someone with a high score that is mobile.  I also only have 3 properties, this may not work for a larger operation.  

I own 3 sfh in the Northern Ky area.  To me the benefit with a sfh is that I provide the house, appliances, and that is it. It is up to the tenant for basic yard upkeep for snow and grass and they are to provide their own equipment.  I do stop by once or twice a year to trim bushes and low hanging limbs so that I can keep shrubs the size I want but mowing and snow removal is simple and something most renters should be able to do.  I have had one potential applicant say they couldn't and let them know there are plenty of teenagers who would most likely be more than happy to do it for them but they are responsible for the cost which they were fine with but were rejected based on the application.  I occasionally have someone try to negotiate but this is not something I am willing to budge on.  If they fail to mow it is in the lease that if I have to do it it is $75/ mow but have never had a problem in the past or had to charge.  I also don't see many postings offering it as well so I think I am within the norm here.  

I have 3 sfh, 2 paid on the 1st the third we were waiting on unemployment which was delayed in KY however they texted me today to let me know they got their backpay and paid, all 3 paid on the first last month.  Well see how the future holds however I'm not too worried about it for now with businesses opening back up this month and unemployment making up most of peoples losses who aren't working. 

I have used them for rent collections for about a year and a half.  It has the potential to be free to the tenant if they use ach with their bank and routing info.  If not it is $10 to use their debit card and they have a fee to use a credit card. I have it setup for my 3 houses currently and it is fine but there is waiting period while the funds transfer, they paid on the first however the money wasn't deposited until the 7th.  For me that's not that big of a deal but for some that may be annoying.  I haven't used their online document signing yet but intend to use it if my tenants renew their lease in the next couple months.  I also use their application process but not sure who I will go with on that next time, I'm leaning to rentprep due to the judgement and lien check but haven't made up my mind yet.