All Forum Posts by: Martin Guerrero

Hello my fellow landlords,

I have listed my first property and have my first applicant.  I have a couple of questions regarding doing due diligence on applications.  I have set a minimum standard of 3x income.   rent is 1500/month so annual income of 54K or 4500/ month.  Applicants income is 4450 per month and has listed a guarantor. Tenant has put down a guarantor on application.  Does Guarantor need to fill out application as well and does guarantor put any money down as well? In addition to that Guarantor is tenants current partner and they currently live together so the current landlord is also the guarantor.   Meets credit score requirements of greater than 625 although did have an account that had some issues on record, but was paid off and has had 100% on time payments for the last 3 years.  No criminal or eviction history.  Any advice would be greatly appreciated.

@Kristi K. thanks for the analogy :) LVP it is then.  

Im an engineer, personally looking to build passive income something my current employment does not offer.  I have to be at my job contributing to get my paycheck.  And any field can be fulfilling. My engineering career has provided a lot of opportunities for me and it has also been rewarding on many aspects both personal and business related.  

@Scott Mac the owners will be taking all of their stuff at closing so will not be partially furnished.  Will have bare empty units :)

It would take some experience and hands on to take to next level.  I am about to close on my first rental duplex March 16th.  Can't wait to get started, a bit nervous, but excited.  I know its a journey and we, y wife and I, want to provide quality housing to our customers.  :)

@Scott Mac thanks for your input. What do you think of the french oak? Not too shiny either.  Yes the house was beautifully kept it was owner occupied and the owners lived there over 50 years.  They are retiring and moving out but they kept their house in tip top shape.  I might have to do something with the bathrooms for sure though :) the floors are nice maybe just the tub, toilet, vanity and removing wall paper.  

@everyone thank you for your input.  I feel like i overthink it too much when trying to match to existing trim without having to replace all of the trim?  Does this look decent enough?

One last question.  Is there a recommended mil thickness for rentals? Thank you all again for your input and feedback :)

Forgot to show the better pics :) this one is the lower unit. First pic is the upper unit both 3 bed 1 bath

When it comes to flooring is LVP always best? I’ve used waterproof laminate which is a bit more economical and more wood look matches than most LVP I have seen any recommendations? Waterproof laminate vs LVP waterproof.   Thank you!