All Forum Posts by: John Chung

Do you all use CREDIT SCORE or RESIDENT SCORE?

I have heard of using Credit Score, but Resident score is new to me.

How much stock should I put into resident score?  Is it legit to use as reason to the tenant rather than credit score?

Hey all,

New landlord here.  I recently got someone looking to rent my unit.  Unfortunately, this individual has less than standard credit score (close to 500).  Also has outstanding collections on some credit cards.

I feel like this is risky and I would like to deny the potential tenant respectfully and without getting into any legal battle.

So with this...my question is...

In my denial letter, do I have to state what credit score I am looking for?  (i.e. above 620)? or can I just say denied due to "low credit score"?
Also, do I have to supply them with the credit score report company that I used to make my decision?

Finally, does anyone know of a site that I can go look at sample landlord letters of denial or similar format?

Thanks

@Tim Herman, @Mindy Jensen 

thanks for the replies. I am a pro member and using my normal BP sign on. I am also on Android, however no luck still. I will reach out to the help team to see why this is happening.

thank you again

John

Thanks, I downloaded and tried to sign into the new tools app but it won't let me get past the sign in password stage. I hit 'next' but it stays on the same screen. I shut the app down and restarted but same issue persists.  Any thoughts to this dilemma?

Hi all, I have the BP App. I am trying to access the rental calculator from there but cannot find it. Is it buried somewhere in the App? Or just not available?  I can usual access the calculator tools on line.

Hi all,

I need some guidance

I am looking to buy an out of state rental property (Single family) around Tucon AZ or approximately around there.  I live in California so the housing is too expensive at this time for me here.  I chose Arizona as I am hoping to retire there some day.  

Anyhow, I was looking around the $150k - 200k SFH marker...but if i use the 1% rule, i would need anywhere between $1,500 - $2,000 monthly rent (relatively speaking)...HOWEVER, when looking at rentometer.com, it always shows about 0.5% rent of the value of the homes i am pulling up. Does this mean the property is way over valued?

Since i am out of state investor (Calif) and not a ton of time to physically be there to do research, can anyone give me some pointers on how to find property deals to get me to the 1% mark? (other than turnkey)  

I have a full time 8-5pm job (often even more hours)...so its difficult to conduct business looking for a property during working hours (nor do i think its ethical to use work time for my personal business).  

Anyhow, I'm not afraid to put in after hours work to find my deals...but i would imagine it is difficult to do business with contacts during the evening...? I'm sure there is a way...but not sure where to start.  I dont have any friends or family there so can't ask anyone there to be my "boots on the ground".  

If you had similar experience, or have knowledge about this, your strategy would be greatly appreciated!!

Thanks

Thanks so much!

Yes I wish I had a partner in the vicinity of where I want to buy...but unfortunately, I don't know anyone there.  Trying to network amongst my friends to see if there is someone they know interested in partnering up.  Until then, ill have to see if I can give it a go myself with the tactics you mentioned.

many thanks!!

Hi all,

Is there a way to get an excel or csv download of raw data from the MLS systems? (e.g. address, price of property, # of Bedrooms/bath, Sq ft, year built, etc...). I would like to avoid emails that only show 1 property at a time, and me spending time typing in the data into a calculator one by one.

I'd rather see it all on one excel sheet where i could make some quick calculations on a broad data-set and narrow down my search...THEN when I find something I would be interested in, I could zoom in on those properties for deeper analysis before making an offer.

If the answer is no, are there any sites that do provide this type of service?

Thanks in advance

Hi BP folks, has anyone bought property out of state, without having a close friend, family member or a business partner (boots on the ground) sort to say, to inspect, drive by, take pictures of that location? How did you go about finding and checking out the homes? Would cost a lot $$$ to constantly take trips out there by plane, hotel, etc... Any words of wisdom that you all could recommend? many thanks

Hi all,

I was doing some research on some zip codes that I was interested in investing in.  I stumbled onto a site called neighborhoodscout.com, that for a subscription, would give me data about the area such as crime, demographics, real estate, school and other trending data.

Does anyone have experience with this site?  Any good?  if not or if you have other methods to do this kind of research, would you be as so kind to share that with me?

Many thanks