All Forum Posts by: Gleason Jones

Originally posted by @Anthony Angotti:

@Gleason Jones

You should have this policy written somewhere to avoid claims of discrimination. If you accept this applicant and he doesn't meet your policy you do open yourself up for some litigation. 

Will it happen, likely not. Could it happen, yes. 

Also 3X is rule for me and if an applicant is only making 3.000000 times the rent they better have great additional indicators (credit, debt load, eviction history, etc.)

Then again, how many other applicants have you had and how long has the vacancy been?

@Anthony Angotti

I have at least 6 people interested in the property. And i just bought it last month and start tours Tuesday. Should i have his wife also submit an application?

So i've always heard on here that the income from a renter needs to be at least three times the rent. Currently i have a single family home and my first applicant is making $70 less than three times the rent. But he's a family man with 2 kids and a wife and relocating for his job. Is three times just a rule of thumbs?

Thanks

So I'm in the process of buying my first rental and know that I need a business account to have the rent going into and to be able to right checks for mortgage, expenses, etc. What would the best type of business set up be? LLC, sole proprietorship or something else. I was reading the Bp book on managing properties and it was said that with LLC's it's hard to get loans and if you try to switch it over then banks might call the loan. Any suggestions? Thanks

So I'm in the process of buying my first rental and know that I need a business account to have the rent going into and to be able to right checks for mortgage, expenses, etc. What would the best type of business set up be? LLC, sole proprietorship or something else. I was reading the Bp book on managing properties and it was said that with LLC's it's hard to get loans and if you try to switch it over then banks might call the loan. Any suggestions? Thanks

I'm 20 years old and in my junior year of college. I recently just bought my first rental home (3 bed two bath,residential zoning) with a co-sign from my dad. I have a small lead on a family that might be interested from a friend. Other than that I don't really know how to advertise the house or what all should be included in the legal contract with the renter. So any ideas would be greatly appreciated for a newbie. Thanks

Hi, i'm a new investor and am in the process of sending out yellow letters. My only problem is when its a non occupied home where do i send the mail to? I'm only assuming it shouldn't be to the non occupied house. Where should i go to find the address for this one and future properties?

Thanks