All Forum Posts by: Christian Bors

Sounds like this will be a difficult deal to complete.  I would be careful with your estimation of the rehab if the basement is covered in mold.  After the drywall has been properly removed, who knows what it looks like behind the walls?  Also, why did the property flood to begin with?  Did a pipe burst? Has the cause been fixed?  On top of the unknowns, you will have to negotiate a minimum 100k off the loan balance from the bank.  While, I have not gone through a short sell, I know the process is very tedious and long.  Depending on your experience, you might be better off passing on this one.  However, sometimes the best deals do come from the most difficult situations.  For me, this would come down to your experience handling difficult situations like this.  

my 2 cents

@Max T. how do you get him to sign if he's deployed? Would you accept a scanned copy? 

@David Krulac That's some good stuff.

I've used smart move several times now and have been very pleased.  However, this last application has raised some eyebrows.  Smart move came back with "not enough information to make a recommendation."  They were not able to pull a credit report.  Has this happened to anyone else? Also, I could be wrong but did I see on another form Smart move does not accurately report tenant evictions?  Should I start considering using a different service?

For this particular prospective tenant, I have a couple of concerns.  My initial impression was very good.  She seemed clean (the inside of her car was very clean; thanks bp for that tip) and her demeanor/response to my questions were adequate.  I felt very comfortable with her.  However, after she filled out the application concerns started popping up. First, she is only 22 years old. Her employer is merry maids which she has only worked there for a month.  She states she is married and her husband is deployed over seas. He makes an additional 3k a month, but he will not be going on the lease due to him being deployed.  In addition to Smart moves inability to assist on this decision, how should I handle the husband situation.  She does not qualify on her own.  I will verify past tenant/landlord relationship and employment.  What else should I do?  Should I ask for a joint bank account statement that shows direct deposit from the service?  What would you recommend?

Merry Christmas!

This is another world to me, but congrats! I wish knew more so I could invest in notes.  Good luck! @Alin Toncz

@Blake NeeSmith Sounds like you should just ask a realtor to pull comps. 

@Jeff B. I guess I was trying to be the nice guy and save her a few bucks.

I have a prospective tenant that filled out our application.  Originally, her fiancée and her 3 kids were going to move in.  I told them our process and standards we require for our rental units.  First, they must fill out a preliminary application.  If they pass, we then require a criminal and credit check from smartmove. Anyways, I get both applications back (His and her).  On his application he states he was evicted last year. Easy turndown.

 I spoke with her on the phone and said unfortunately he does not meet our standards.  The application has been turned down.  She then says well I've decided I don't want him to live with me and kids (lies! I know he's going to move in with you).  I was planning on leaving him because we have been fighting.  She would still like the apartment.  Her income, Social security $1500 (by the way she's 30 years old and looks perfectly healthy) and child support $1000 does meet our requirement.  Does child support count as income?  I requested both the reward letter from SS and the child support payment agreement along with birth certificates for each child.  I also told her our strict lease agreement that specifically prohibits anyone staying at the property for longer the 10 days.  The point is, there are many red flags.  This application is getting turned down.  I'm pretty sure her credit score is crap.  She told me she has some delinquencies with credit cards etc.  She won't qualify, however she still persists on filling out the smartmove app.  I am trying to save her the $30 dollar fee.  What should I do?  I told her I recommend not filling on the smart move because of these concerns, but I cannot make a true decision without the application being fully completed (smart move report).  I don't understand why she doesn't get the hint.  Should I run the report? I just want to be compliant and make sure I am not discriminating etc...

@Philip Nowak What did you end up doing? Do you have picture with the result?

@Sayra Chorey Sounds like you have a real winner.  I'm sure this will be a great learning experience.  We all make mistakes, which is great because you can learn and grow from moments like this. Full disclosure; (I make mistakes almost everyday)

First, shame on you for allowing unit 2 to live rent free.  Its been 45 days and you haven't served a notice?!?!  You need to start the eviction process immediately.  They have to go! Eviction processes are slow.  If you serve the notice today, you won't be able to file until Jan 1.  I can guarantee they will not be paying Jan's rent either.  Depending on your state, I'm sure it will take close to 10 days to get a hearing.  From the day of the hearing, I'm sure the tenant probably has a couple of days to appeal or extend their stay.  The earliest I see you getting rid of unit 2 is mid Jan.  So you will have lost Nov, Dec, and Jan rent plus the cost of fixing the place.  Also, it is harder to find a quality tenant moving in Feb.  Due to time restraints with how fast you are able to rehab the property for the next tenant and how well you advertise, there is a chance this property might not get rented until March/April.  This tenant has the potential to cost you thousands of dollars.

Also, if I read your statement correctly you have 14 people in a triplex.  Of course the tenants are going to complain about each other.  That's way too many people living under one roof, unless this place is huge.