All Forum Posts by: Dan Vleck

I have six sfr houses, all with mortgages.  My plan is to build my portfolio to 14 houses and then pay them off. P.S. God nay have other plans for me and my portfolio.

Looking at my records, bought with cash on Feb 10, 2016 and refinance May 31, 2016. 

You should read one of the many landlording books to get the basics down.  Need to be careful about asking questions.  Should have a list of questions to ask, my initial screening questions are:

How many people are you seeking housing for?

How many and what kind of pets do you have?

Does you income exceed XXX.  I set the number at 4x rent because I require tenant to cover utilities.

Any felony convictions or other criminal history? (This one is now getting scrutinized by fair housing, so need to be careful in how you evaluate criminal history.)

I've never understood this problem.  I've never encountered a problem getting conventional financing sub 50.  My last deal also had a shorter seasoning period, I think 3 months from purchase to conventional financing using appraised value.  It appraised so well that I only had some repair costs in the deal, purchase price was 100% financed with conventional financing.  The rules keep changing, so you need to talk to the lender to see what the current rules are.  That one happened to be a purchase price of exactly 50k.  Point is, talk to a local bank and see what they say instead of going by what others on here have said in the past.

I've had mixed success with used appliances.  I will never again buy a used dishwasher.  I will buy used refrigerators, they don't break easily.  Used stoves must be newer.  I generally don't provide washer and dryer, but if one is left in a place I make it clear that I will not repair or replace it if it breaks.  Washers and dryers are easily abused and damaged, so provide if you want but don't ensure they will keep working.  I typically buy used off Craigslist and new from big box stores.

One sign is if it sounds too good to be true, it probably is.  Meaning that you are about to be ripped off.

Update: Thank you to Everyone who responded! I did not accept the dads application and I refused to modify the lease. To my surprise,  the tenants were relieved and happy with my decision.  The dad was treating his daughter like she was his mother and they did not want him to live with them any longer. 

Diatomaceous earth around the walls and doors might work.

Look it up on web.

I have 2 houses that get wet basements. I told the tenants that the basements do get wet at snowmelt and after heave rain. I go out and sympothise when they complain, and I lent one tenant a second dehumidifier. 

My answer is I provide a dehumidifier and inform them of the issue before they sign lease.

Nicole, part of my tenant selection is determination of which applicant will cause the least amount of wear and tear. I may not have selected this applicant with knowledge of a third adult. I feel like they are putting one over on me, like this was their plan. 

To be clear, I'm not asking what you would do, but rather if I can raise the rent.

Please, landlords answer, not agents.