All Forum Posts by: David Stumpf

I have a system similar to @Alex Furini.  When a tenant inquires I send them a copy of the minimum standards and a link to an online applications, which are required before schedule a viewing.  The application is skimmed to make sure they meet the minimum qualifications.  Then viewings are overlapped to save time and create the feeling of scarcity described by @Frank Chin.  If they like the home, I collect the application fee, copy drivers license, pay stubs, process the application and direct them to Rent Prep SmartMove +Liens.   The information is then entered into a tenant score card I designed on excel and the property is offered to the tenant with the highest score.  

I like using this approach because it allows me to remove the time wasters in the beginning, allows me to collect the application fee from only serious applicants, and only take the time to verify the information after the fee is collected.  The score card also allows me to have documentation of how I ranked applicant to avoid discrimination claims.

Good Luck!

This is what i gathered thus far

1. To take advantage of taxes you need to understand the tax code or hire someone who is.

2. With 80k pages of tax code that takes a career in finance to understand.

3. Being able to take advantage of the tax code makes it fair? Maybe but why did it need to be so complicated

My solution: A bonfire! Burn all 80k pages and start over. Rewrite the tax code. 1 page, front and back, 10pt font, double spaced. The is no need for phrases like if a then b except for c unless you make more then x, have less then 3 dependents and ate red meat on Thursday. But this is why I have a CPA to help me through so I can't complain (too much)

Warren Buffett said his favorite holding period is forever. If a property is cash flowing well why sell? Unless you feel that the market is at its peak. However that could be speculating and REI doesn't allow for much of that. Buy and hold and hold and keep holding. The BRRRR strategy is designed so you never have to sell. The only exception is a 1031 exchange for a better cash flowing property that you would not be able to buy otherwise

 "I will no longer be Homer J. Simpson.  From this day forward I will known as Homer Jay Simpson"

@John Morgan I work my contractors the complete opposite. New contractors and I agree to draws but NEVER more then 10% of the work completed. After trust is gained between me and the contractor, I pay them 100% as soon as work is complete and inspected. It is much easier for a contractor to place a lien on a property then finding one who has taken your money and ducking your calls.

@Elmo Dasalla someone on BP recently listed the most common books mentioned in the BP podcasts. Check them out.

1st rent is due

5th late fee and courtesy late notice is sent

10th pay or vacate notice sent certified mail AND 1st class mail

15th file for eviction

After 10 days they are most likely be late next month and every month after until it just doesn't come...

Train your tenants that you don't put up with late rent and they will find a way to get it.

"If you wait for all the traffic lights to turn green before you leave your house, you will never get started"

Wait and find a tenant you are excited to rent to. It sounds like this applicant does not.

The really lazy ones are the best ones to screen out!