All Forum Posts by: Michael Glaser

No, but that score would get their foot in the door to rent my property. I'd vet them after that with a credit check, rental references, income, personality, how clean they kept their car even. 

Again... let me be clear. A FICO score is one metric I'd measure at the beginning. The idea I'm not sifting through 10 applicants for one that might work with a 530 FICO score.

@chris @greg @jan Thank you all for the posts. I should've specified that the FICO score is one of many metrics I consider for my tenants. As far as a beginning point, a threshold, I'm inquiring what the BP communities of landlords' threshold is to even consider a tenant?

As of now I don't plan on looking at anyone below a 600. If you don't have any credit established or a low enough credit history to only have a 600 or below you're probably not a good fit.

I think 650 would be a good place to start as another poster said.

Again, I'm aware you can't sign tenants solely based on a FICO score. 

In the process of closing on 4x SFH homes. C to C+ neighborhood with great cash flow. I have one unit that's unrented and another where the inherited tenant is consistently late and will likely have to move with the next 6 months.

I'm wondering what your credit threshold is to those in this type of working class, blue collar, lower income neighborhood?

@Account Closed Read my post again. There's also a deposit option, moreover, this is why I'm asking BP to get ideas. I'm not forcing the future tenants to do anything. 

Picking up cash every month is time consuming for me and the tenant. 

@Bob Collett I'm assuming the worst. The worst being they pay in cash. I'd like to make this easier on both parties by offering a place they can deposit or send the rent. 

I'm also exploring opening up a checking and savings business account. Giving them the account number of my savings and then moving it over into my checking.

@Rick S.

Here's their email response/PayNearMe:

Hi Michael,

Thank you for your inquiry to PayNearMe for Rent. Our cash payment business is growing like crazy and we are adding more regional and national walk-in retailers to accept rent later in 2016 and early in 2017.

PayNearMe has a 100 payments per month minimum, which is well suited for larger property managers processing hundreds of cashier's checks. Given your current size, we are unable to cost effectively service your business.

We want to earn your business so we are working with property management software providers that can serve the needs of businesses your size. We have your information in our database and we'll get in touch with you in a couple months once we have a partner that can serve your needs.

@Rick S. Only 45 more doors to go...

I know a guy that does remodels homes with his wife in 66103. His house are across the road from 66205 in Johnson Co. He said it's really hard to get the house appraised for the correct market value by most of the local banks. Not sure what's that's worth, but it would be good to know what the bank thinks of this before going in I'd assume. 

I'm in the process of acquiring 4 SFH in the Kansas City area. I've reached out to a PayNearMe representative, whom I'm talking with currently. The seller would either collect the rent or have them mail it for all of his rentals. I'm trying to make things easier for me and the tenant by getting everyone signed up with PayNearMe at a local 7-11, which sits about 5-10min drive from each rental.

Is it realistic to think I could get 4 tenants who each pay between $700-$800 a month to do this service? Is it something I can put in the lease with a second bank deposit option? I'd like to keep things as digital as possible.

Before I spend too much time going after PayNearMe to be a vendor of mine I'd love to hear some stories of its success with lower income tenants.

Thank you in advance,

Michael

@tra

@Travis Sperr I'm speaking with them now. I have a few boiler plates from some friends that are investors that I'll fit into his. 

They have told me that the properties need to be broken up. 

@Ned Carey  I will add your points too. 

Thanks guys!