All Forum Posts by: Rick L.

Just finishing up the details on a hardmoney loan to a friend here in St. Louis. I think I'm going to like this! Any recommendations for discovering individuals to lend to?

Thanks for all the suggestions!

I think I would also include the rental price in the description of the property in addition to the fill-in boxes where the website (Craiglist/Postlets) ask for the rent price. I think when they push the format out to the various other website the format is differnet and the rent price might be left out in some cases. I received so many phone called just asking how much rent was.

Thanks for the advice Brandon! I'm lazy, and work much better corresponding via emails. Anyone have any advice on weeding out spammers, etc from emails on CL, etc?

I just went through the process of finding a new tenant my rental property. I learned a few things a long the way about attracting and screening potential tenants. I'm attempting to streamline the whole process upon reflecting on everything that occurred.

I created an add via Postlets, posted on Craigslist, and put a for rent sign in the front yard. I received interest from all though avenues, but in the end the old tenant referred the new tenant to me!

I received tons a phone calls from the for rent sign. Most were price shopping, looking to improve their living situation and decrease their rent. I felt most caller weren't interested in committing. I scheduled four showing from the for rent signs and two were no shows.

I received a steady flow of emails from both the craigslist and postlets ads. I found most of the interested people were college kids or young professionals. It was difficult to decipher between legit people and spammers.

I think during my next tenant turnaround, I will ask//email a list of pre-screening questions to be answered before I schedule a viewing of the apartment. Here's a list of questions:

[i][b]Hello,
I have a few pre-qualification questions I ask before I show the apartment:
Who will live in unit??
Will you get a good reference from your current landlord??
How long have you been at your job? ?
How is your credit? What is your FICO score?
Do you have an issue with submitting to a background check?
Smoke??
Have pets?
Thank you in advance for your answers

Hopefully this simple step helps narrow my pool of prospective tenants and eliminates me wasting my time showing the apartment to unqualified individuals.

Forgive me, but I didn't know where to put this. Great deal, and I figured I would share with my Peeps on BP! Enjoy!

http://dealnews.com/Quick-Books-Enhanced-Payroll-2013-for-PC-for-0-after-rebate-free-shipping/691414.html

Thanks for the replies Dion DePaoli Timmy Perez. I have increased total rents $150/month collectively between the three tenants (I live in one unit).

My realtor was able to pull some favorable comps in the immediate area. I'm hoping to get some new landscaping in the prior to the appraisal, it's the last little think that's needs to be completed to increase curb appeal.

I suppose I'm guilty of assuming that if I put 20k into thr property, that it should be worth 20k+ additional.

What should I do the day of the appraisal. Am I present when the appraiser inspects the building? Do I need to walk around pointing all the improvements I've made. Trying to "sell" this 20% increase to the appraiser??

bump, for the day crown! Anyone? Bueller...?

I purchased my first multifamily fourplex in June 2012. I paid 3.5% via a FHA loan @ 3.67%. The approximately $400/month in PMI is killing me so I've decided to try and refinance the property. I'm hoping for a favorable appraisal so I refinance to a conventional loan with 20% equity though a higher appriasal value.

I have performed several updates including installing a new roof, new aluminum gutters, updating one of the units (kitchen & 1.5baths), french drain system, new paint throughout, etc, etc

Do you have any recommendations for a Noob to the refinance process?

Hi Loc,

Welcome to BP! I'm a landlord beginner myself. I purchased my first property in June '12, after reading a few landlording books. I would recommend to begin reading articles and blogs posted here on BP. There is a wealth of knowledge on these forums and everyone is eager to answer any questions you may have.

This is perfect! Thank you Brandon Turner