All Forum Posts by: Jonathan R McLaughlin

I think its reasonable of them to be very wary of you having their social security number for "extra protection". It might provide it for you, but it definitely heightens their risk and identity theft is a growing concern. Have you provided to them how you plan to safeguard that information? Do you use VPN for your communications with sensitive data? Whats your security software? If you weren't you would you think your data was secure?

If they asked you for your social security number for extra protection if something goes wrong how comfortable would you be with them having that info?

They didn't balk at the background check, so it doesn't feel like a red flag, necessarily. There are better options than zillow. And I think the new standard is the third party check without providing SS # independent landlords.

Did you verify the self employment and the income to your satisfaction? Are there references? 
All this said, even the #$Ying cable companies demand your social :) Don't rent to them if you feel uncomfortable but this would probably happen again.

pretty state dependent.

oh, and if it closes in the new year when your income drops due to being a full time student, its likely to be a pretty minimal tax event...thats nothing to be sneezed at

yes, take the win on the second one and use your skills to do it again in the new area. And now you have a cushion/nest egg which is a VERY big deal with a new baby and going to school full time. Being able to pay a decent size bill or add extra child care without stressing is a huge plus for your life and marriage. And not sure what the spousal situation is, but thats a huge chunk of credibility for her to trust in your real estate acumen.

And at 5% in a HYSA you are not exactly losing money while you look for the next good thing.

So the ingrediants for a decent deal seem to be here AS STATED:

local knowledge of the positive virtues of the micro neighborhood, observation of a promising trend, rent to purchase price pretty solid, value add is low and cosmetic only. No knob and tube with a 59 build. How feasible would it be to add a half bath and what would that do to the value?

A solid SF 

Short sales are a strange animal...FYI the "not negotiating" thing is BS. They won't until they do, and they might come back. But sounds like you offered what you think its worth. What are the area comps? What would the quality of tenants be? How do the taxes affect the numbers? 

Sounds like the right thing to investigate at least. @John Warren gave you the perfect blueprint for analyzing it.

the thing about all/mostly white is that even if people don't like it they can still imagine it looking like the way they want it to look. 

No.

Be clear on what problem you are trying to fix. You listed two separate ones...1) background checks and 2) unauthorized occupants. Personally, if tenants have been living there for more than a decade without criminal issues I don't see why a background check is helpful?

For # 2 simply send out a notice asking people to formally list the current occupants to ensure that as a new management company you have complete and updated records. I'm assuming there are either no leases or its a mixture of tenant at will/expired leases, what have you...

At a new lease or renewal time, be that immediately or when something expires, indicate that all adult residents must be on to the lease and fill out the appropriate background check. 

@Gregory Chadwell the attic is fairly easily removable….check the walls!

Throw in the divorce and sounds like there is a lot of emotion and potential for confusion here on their side. Formally demand return of the deposit due to the simplest possible explanation. Their broker should ultimately explain to them this isn’t in their best interest.