All Forum Posts by: Tami DuBose

Hmmm. Try this again. @Shital Thakkar , I just read through the post @Alexander Merritt suggested. I'm always open to suggestions for rent collection. 

My typical tenant does not have a computer at home & they don't have a bank account.

I have less than 10 doors paying rent each month & so far, like @Pete T. noted in the other post, I've yet to find a better, more stress free option than the going to my bank & depositing the money themselves.

My bank provides online copies of the deposit slip, allowing me to confirm which unit & when it was deposited. My tenants know to write their name & unit somewhere on the deposit slip.

I know other people who make all the rents different (ie. $631 for unit A, $632 for unit B. . .) Not for me, but a nice idea.

The 'training' begins when they are chosen as the lucky new tenant provided their deposit is in the bank by X. I text them the banking information & tell them to save the text for future reference.

When we do the lease, I give them a print out of instructions for doing night deposits & assure them, I have dropped cash many times (most of my tenants are cash payers.)

When I started doing this over a year ago, it saved me  volumes of time & headaches. The rent is either in my account or not.

When 'not', I send a simple text, "What's the scoop?" They know what that means. They know I love late fees & those who tend to be late all have a picture on their phone of the late fee schedule.

Hope this helps someone.

@Shital Thakkar , I just read through the post @Alexander Merritt 

suggested

@Matheo Segovia , you'll likely have a quicker answer if you call a title company in your area. Call 2 or 3 to confirm you have the right answer.

@Account Closed , they might be confused if they think owning property interferes with the SS/disability benefits. If that's the only thing holding them up, your preferred lender should look into it for you.

@Joe Moore , @John Moore hit the nail on the head. 2yrs & re-established credit is the key (640 works) for a primary residence on a typical Freddie/Fannie loan program. 

If you are asking about a non-owner occupied mortgage, please, keep asking. 

Remember, as an investor, you want to think outside the box. Check out all the great blogs & podcasts about non-traditional methods for investing.

@Rico O. you would use a realtor if the property is listed on MLS (listed by a realtor - has an agency sign in the yard.) When a property is represented by an agent, the agent has already agreed with the seller on a commission which comes when the house is closed. You do NOT pay the commission outside of closing. Even though, technically, your $ is how they are paid by the seller.

If an agent is not representing the property, you can make a cash offer personally. If you choose to purchase a For Sale by Owner property, you can pay a realtor to help you negotiate/navigate the deal. I don't encourage it. 

Your question reads as though you are a new investor. I encourage you to browse the podcasts. Even better, start on #1 & keep listening.

Browse the forums. Look below the last reply & you'll see related discussions.

Please, continue learning & educating yourself.

@David S. , there are many good ideas above. Still, the simplest & lowest risk idea in my opinion, came from @Jon Huber . 

To be more clear, you should consider house hacking. Look it up here on BP if the term is foreign to you.

If your finances are in order (clean on paper), explore what programs are available to you for a primary residence. FHA will allow you up to a 4-plex as well as other programs, provided you qualify. Some areas still have 100% programs available. Most of these programs allow the seller to pay your closing costs, too.

Read up on house hacking.

@Dave Johnson , this is a great opportunity to exercise your negotiating skills.

#1 Are you working with a lender? Have they told you what you'll qualify for in August? Is the BK the only thing holding you back?

If #1 is in order,

#2 Find a FSBO. Negotiate a lease purchase for yourself.

When I was originating loans, I had no problem verbally sharing my opinion, not promise, to a seller when my potential borrower/buyer was a GOOD buyer.

Good people have bad marks on their credit, yet, they are good, sound buyers. That's why many of us on BP can create the magic we do. We've learned to read between the lines.

In this situation, all things being perfect, you can close on the house August 13th.

Get to work. Start calling those FSBOs.

@Account Closed , it reads as though they need the wife's income to qualify. If it's just personal reasons, she needs to 'get over it.'

My guess is "personal reasons" have affected her credit, ie. tax liens with ex, or an old bankruptcy (BK), unpaid child support, delinquent on student loans.

Anything 'government' related (child support, student loans, tax liens, VA stuff) MUST be resolved before qualifying with a typical Freddie/Fannie program. Other junk like a BK can be overlooked within 2-3 years depending on the program.

Can you be more specific on the 'personal reasons'?

They came to you because they didn't fit the traditional mold. They're lucky to have found you.

Momma needs to fix her situation if they want a better note.

@Jay Helms , I can help you with credit scores. ANYONE, any website, any individual, can create an algorithm to spit out a score. And guess what? They can advertise all day that they offer credit scores, because they do. 

HOWEVER, most of these sites do NOT offer FICO scores. Here is one of many forum posts about FAKO scores. The reports are correct, the scores are proprietary made up math problems. You, your friend & I can offer scores tomorrow if one us could write a program to analyze credit.

I don't know what SmartMove offers, but I know Transunion has their own FAKO scores. Always read the small print. More importantly, know how to do your own credit evaluation by looking at a report.

Hope this helps.