All Forum Posts by: James York

I’ve been dreaming up an approval flow chart to standardize who gets approved and who doesn’t as well as who might get approved with a 2x security deposit. The general idea is to start with “do they make 3x rent” and follow down the line from there. Has anyone created or used a system like this before? I’m trying to devise a system where every applicant with a specific statistical profile (income, evictions, references, credit) would land on the same result, be it approved with a higher deposit, declined or approved with 1x deposit. 

@Daniel Leno I strongly believe the most passionate opponents of S8 have never used it. The inspections are for standard safety items. They are not hard to pass and the inspectors are not looking to cause problems. Yes, your tenant will need to recertify annually, but that’s typically a formality unless they’ve had major life changes. Your tenant pool will be what you screen for. Do thorough background checks and hold s8 tenants to the same standard as any other. The rents In many areas are at or very close to market rate and can be higher than market as bedroom counts increase. Don’t be discouraged by people with no experience in s8 regurgitating some garbage they heard from their friend’s uncle.  

Quote from @Jason Harty:

Hey all!

It is with super excitement that I share that my wife and I are in contract for our first investment home that we intend to rent out on a short-term rental basis. The property is located on the beautiful Lake Norman in Mooresville, NC. The property is located just 30 minutes north of Charlotte and just a few minutes off of I-77. The property is a SFH outside of any HOA and we are purchasing from the original owners of 30 years. The property can use a little TLC, but not much at all. I am a contractor by trade and will be doing any renovations myself quickly to get the property listed for use ASAP.

I would love to speak with people in the Lake Norman area that are currently renting on a short term basis and learn from what you are doing.  Thanks to all who comment or reach out!

 I live close by. Looking forward to watching your progress!

I’ve got a new experience in my business. It just came to my attention that there are three extra people (who are creating a noise issue for neighbor) and two cats living in a duplex I own. The lease states only named people may be living there and no pets. How do you move forward with this? Lease says they have 48 hours to remove nuisance pets but that is under the provision that would allow pets. My plan is 48 hours to remove pets and 1 week to remove people. Aside from the damaged blinds, should I be charging for the presence of the cats? IF I allow pets, I charge a $500/pet fee. 

@Julia Oh I spoke with Dave about this same concept. He was extremely helpful and patient (with my ignorance), but I walked away feeling like it was too complicated and expensive for a relatively small transaction. I opted to pay my taxes and move along. That said, I’ll be calling Dave when the time comes to do a 1031 because he was so willing to help. 

If you knew there was an issue or that there may have been an issue I believe you should fix it. Otherwise, I’d use the best feature on your phone. Block 

@Edna Salinas I’m currently working on a dscr with @David Greene’s company. The One Brokerage. It’s early in the process but Braydin has been helpful so far. 

 @Henry Clark outside Charlotte NC

@Greg R. I’m building LTR and leveraged 70% max and lower across the portfolio. I’m not flipping and if I sell something it’s because market conditions indicated it. I don’t rely on selling things.