All Forum Posts by: Eric H.

@Seth Wyatt Great morning,

Out of your two options, I think Option A would be best because you will need that cash to rehab the property or unforeseen expenses that may arise after you purchase the property or for taxes, insurance, and utilities. Overall, it's just not wise to be without cash on hand when holding properties. And to your closing costs concern, if there is enough equity in the deal the closing costs may be able to get wrapped into the loan.

I would suggest just waiting until your credit profile is strong enough to get the loan on your own. Has your loan officer told you any specific things that you can do to strengthen your credit profile? Not exactly sure what your credit profile looks like but most can be improved significantly within 6-12 months by tweaking a few things here and there. Furthermore, waiting will allow you to be in a better cash position as well. You should be saving up cash while you build up your credit.

I wish you the best!

@Jonathan Measor Great morning,

Sorry I can't answer your questions regarding the material, but....

should I just straight up trust my property manager (& contractors) or ask him for a P.O.?

TRUST BUT VERIFY!!!

@Marcus House Great morning,

This might be a tactic to use after the tenant has met preliminary qualifications and you have had a showing with the prospect. Now that you know what the tenant looks like, you can use social media to find out further information about them.

I wish you the best!

@Mario Ontiveros Greetings and Welcome to BP!

Are there any other debts you can pay off or pay down to help your DTI? Cars, Credit cards, personal loans, student loans? Can you sell the property your son is living in right now? Have you reported the rent you have been collecting from your son on your taxes? That is going to be your ultimate proof right there. You may have to wait a year or two and report it on your taxes.

I wish you the best!

@Mike Muniz Greetings,

Yes you should definitely tell the agent what your intentions are with the property. How else is he or she going to know what you are looking for? Once you have identified your criteria, interview multiple agents to see if they have experience working with investors that have similar criteria.

I wish you the best!

@Scott McCurley Greetings,

Sounds good, initially. I would do some more investigating into previous rental history. Why can't you verify his new job info now? I would put them on a month to month, and maybe take six-nine months worth of rent instead of the whole year and reevaluate at that time. Also consider a double security deposit.

I wish you the best. 

Greetings @Brad Bellstedt,

Check out BP's Landlord Resources. They used to sponsor MySmartMove as well but I don't see them under resources anymore. That is who I used for tenant screening. Also check your jurisdiction's 'case search' / judicial website. It will bring up any cases against the tenant, open and closed. Don't forget to thoroughly investigate previous landlord references and employment references.

I wish you the best!

@Tiberiu Gurau greetings,

I haven't heard that particular episode......but I'm assuming he meant the ARV (after repair value) was 100k. He can buy it for 50k because it needs work, or it is distressed. Hence the 30k in repairs.

Hope this helps!

@Rita Rosa G. greetings,

To avoid this in the future, consider installing separate electrical meters.

@Jay P. greetings,

To help you get over the mental blockage, don't market to 'poor' people. Instead market to people that you perceive to have money.