All Forum Posts by: Denise Holder
Denise Holder has started 14 posts and replied 43 times.
Post: How do I check credit and background?
- Posts 45
- Votes 3
Thank you Alison and Alecia! This helps bunches! It sounds so easy. This helps so much, Thank you !
Post: How do I check credit and background?
- Posts 45
- Votes 3
Hello!
I have my first tenants, I'm to the point where I need to check their backgrounds and credit. How do I do it? I have their ssn's, thought I could do it, but it does identity checks to make sure it is them. How does a landlord check prospective tenants credit. Also, back ground/criminal ect..
Thank you!
Thank you all so much, I'll go to the Landlording section and definitely put all adults on the lease
Hello, I am about to rent out my first property! I have a couple questions,
How do I check the prospective tenants credit scores?
My best prospective tenants so far are an unmarried couple. Should I put the lease under one of their names (the man makes most of the money and says he has great credit) Or both, I don't know yet what the woman's creditworthiness is. But if she meets my minimum requirements, should I put them both on the lease? If they break up, I might have a better chance of getting my money from him. If she takes off, but is responsible for half the rent, I might have a hard time getting it from her.
Thank you!
Post: borrowing when 1099
- Posts 45
- Votes 3
Quote from @Michael Smythe:
If your credit score is high enough, you should be able to get a personal loan or credit card for $20k.
Thank you!
Post: borrowing when 1099
- Posts 45
- Votes 3
Quote from @Trevor Schmitt:
Keep calling... try mortgage brokers.
You should be able to find a lender that will lend to you that amount based off of your bank statements.
Thank you!!
Post: borrowing when 1099
- Posts 45
- Votes 3
Quote from @Zachary Ware:
Do you already own the home and just need reno funds, or will you be buying the property?
I own it outright, just want to Reno it enough to rent to hunters in the season and couples in the summer
Thank you!
Post: borrowing when 1099
- Posts 45
- Votes 3
Quote from @Nick Belsky:
There are many programs out there for 1099 income folks. The products tend to follow Fannie guidelines and the down payments tend to be a bit higher, but they are more than possible and obtainable. Many of these programs only require 12 months of 1099 income as well. Bank Statements is another route to explore.
I am unclear if you are focusing on conventional, non-QM, or private financing. But a conventional may prove to be the most constrained.
Are you trying to borrow $20k from the equity of the cabin? from another property you own? If only $20k, have you considered a personal or business line of credit. The interest rates would be much higher on a LOC, but can be fairly easy to access and no restriction on how you use it.
Just a few thoughts.
Cheers!
Hi Nick,
Great! I'd have to use bank statements, as, I've been in this job less than 12 mos.
I was just "signing up" for a signature loan when I discovered that conventional banks won't touch me until I've worked this job 2 years. Then its constrained.
Also from conventional bank, I'm told I have no "equity" in the camp (can't borrow against it) because there's no foundation. I own it outright and hope to turn it into a short term rental. So far I'm just planning to accept one of these "0% intro rate credit cards for so many months". I could probably pay the thing off before introduction times is up. But could at least transfer to it another of the similar before the time was up. I hate to play that game, but doesn't seem overly risky considering the small amount. I guess I've just never actually gotten a loan any way other than conventional. Maybe Its time to forge into the future!
Thank you
Post: borrowing when 1099
- Posts 45
- Votes 3
Quote from @Trevor Schmitt:
Keep calling... try mortgage brokers.
You should be able to find a lender that will lend to you that amount based off of your bank statements.
Thank you! I love that
Post: borrowing when 1099
- Posts 45
- Votes 3
Quote from @Zachary Ware:
Do you already own the home and just need reno funds, or will you be buying the property?
I own it. It is a little hunting cabin I want to Reno into a short term rental. It's very rustic, no running water, outhouse, needs a heating source. But I can do most of that for 20k.