All Forum Posts by: Teresa M.

Interesting...you don't ask for a social security number?

Having a previous eviction is a deal breaker.  But if he can be approved with his income, credit and background alone it may work.  But if he needs her income to be approved, I would have to pass.  And given she is only 21, that eviction is likely to be recent.  I just wouldn't take the chance.  Good luck. 

We have a business checking account with Chase.  We are able to take a front and back picture of the check and it's deposited that way. You can even do it with a personal checking account. I just keep the copy of the check to make sure it clears our account.  Once it does the front and back image of the check is viewable online.  I then shred the check. 

I recommend moving on and finding a new tenant.  Assuming they are in a rental currently, they may be moving because they can't afford the rent there after only being in business for 6 months.  Even in a tight market, I would continue advertising to get a better tenant.  Good Luck. 

@Jay Hinrichs is spot on about the USDA loan. That program popular with most of the builders in our community. I don't think you can use it for a rental property. Some of the HOA's really offer nice features. One of the new communities include yard maintenance in the HOA dues. So all the yards look really nice. Granted...the houses in the community start at 400K though!

Keep in mind, new construction communities probably will have and HOA. They probably don't allow "For Rent" signs in the yard. Depending on how active the HOA is, they may not be friendly to investors. Our primary residence is in a new construction community and they have little patience for investors. If the tenant doesn't cut the grass, they send a picture to you and the tenant. If the music is too loud and there is a complaint, they send a letter to you and the tenant...just to name a few. Some communities in our area won't sell to investors at all. As a homeowner, it ensures the renters take care of the property just as well as a homeowner. But make sure you let the builder know you will rent out the property. There may be a clause in the contract mentioning whether you intend to live in the property or not. Good luck.

I too have been looking for a rental payment option.  It seems like Cozy gets good rating on this post as well as others I have read. Thanks for all the feedback everyone. 

It's amazing how quickly setting a standard will work.  Jonny, keep in mind you may find yourself in a position where you have to be firm with this tenant again.  Now you know you can do it.  Good luck. 

I just can't justify spending almost $1,000 on something I won't use very often.  Cell phone camera take pretty good pictures these days. 

I agree with Thomas S. You should wait.