All Forum Posts by: Miguel Sanchez

@Daren H. Darren he had only been at his job for a few months and was leaving his previous unit because he no longer wanted him and his family to live with his mom in law.

Fortunately, the turnout was a lot bigger than 49 candidates and I was able to rent to another

@Linda Weygant These thieves are creative now a days!

@Adam Anderson Thanks Adam!  It actually turned out to be a lot more than 49 applicants.  I went with another candidate, his choice not mine.

@Bettina F. Thanks Bettina.  I will keep this in mind for future reference. 

@Johnathan Boyle He was 42 years old, no co-signer and has not lived with his parents for quite sometime.  

Like I told Melvin above, I rented the unit yesterday to a different tenant due to the gentleman in discussion just dropping all communication and disappearing.  I figured I would still give you the answers to your questions to get your take, even if its now from a theoretical stand point. 

@Melvin List Agreed! 

I actually agreed to let him rent and the gentleman never came through on the first to sign and take the keys.  He disappeared from the face of the earth Lol! I think the fees were a bit too much.

Good news is, I rented the apartment yesterday to a young man with more income and better credit. So it all worked out for the best! Thanks for giving your take on this matter Melvin

Thank you Jennifer!

We are on the same page, with regards to the importance of payment history, the thing is he has no late or missed payment history.   This random $230 is in some sort of limbo.  The credit report did not place it under missed payments, late payments, delinquencies, etc. 

I have a question about co-signers, if for some reason the tenant stops paying, are they to be held liable?

Good day!

Wanted to ask the landlord community their take on this matter.  Let me preface with the fact that I've been following the BiggerPockets Tenant Screening: The Ultimate Guide throughout this entire process.  Ok so here's the deal.

on August first, I closed on my first duplex in the Northern, NJ area and I am now in the process of trying to rent out the 2 Bdr Apartment upstairs. I have been searching for just about two weeks and have received over 50 inquiries.  Short story shorter, I have a candidate who has provided all the information required and everything looks good except the credit score (580).  Ok so "everything looks goods" is a very vague statement, so let me clarify.  The candidate's income is 3X the rent, he provided solid references (to include the previous landlord whose had him as a tenant for 6 years), he has a clean background and hasn't have any evictions ever.   The problem I am having is the Credit Score, he has a 580 but as we all know all scores are not created equal. A candidate with 20 accounts and a 90% credit utilization rate is different from a candidate with only one account and a 90% credit utilization score.  To give some more context, the reason his score was low is because he doesnt really have a ton of credit, he had a payment outstanding for $230 and he seemed to have no knowledge of it when we brought it up.  He offered to pay it off and asked us to run his score again once he did so.  I'll close with the fact that he has no current or previous delinquencies, literally the only thing bringing him to a 580 is the $230 from a phone bill.  if this $230 was absent, he would easily be within the 600-650 range.

I would appreciate any input from the landlord community on BiggerPockets.  Obviously I am new to the investor world but I do understand how important proper vetting is and I really want to get this right.

Thanks!

A Good Day To All,

I am a military veteran utilizing the VA loan to purchase my first home and I must say this has been a nightmare to say the least. I have come to learn that this business can very much be shark infested waters.

Let me start by saying that I first came across this community (BiggerPockets)abouta year ago and really dove in. I listen to the podcast often, read forums, etc. Back in March 2017, I gained the confidence to try and go through with my first purchase and have not looked back since. I was pre-approved for a good amount and started to look at deals and familiarize myself with my local market. I work a full-time job and only have time for on sight visits after about 6:30 pm - 7:30 pm ET Mon-Fri. Whenever I had 15-30 mins to come up for air at work, I would be looking at deals on the MLS to try and set up appointments. This method was great and extremely efficient, I was looking at 4-7 houses on the weekdays all within a 35-50 mile radius. When I was not looking at houses, I was driving around looking for houses that might have not been online.

So now that you have a visual on my process, let me touch on where things got tricky. Many folks are not familiar with the VA Loan, while I wont highlight all of the features, I will touch on the one feature that has caused me to lose out on deals,100% FINANCING. My offers are often rejected due to this and its extremely annoying!

Last Friday I found a beautiful duplex with afinished basement (House Hacking Opportunity), I did the numbers and all seemed good, so I submitted an offer that same night, and it was accepted. My attorney sent over the letter with terms immediately and waited to hear back. After accepting my offer, the seller and his team did something extremely unethical and terminated my contract because my deal was 100% financed. The listing price was under my pre-approved ceiling so I even offered to go $5K above asking and put closing cost in an escrow account and they still terminated my contract. Can someone help me here? I have never heard of anyone encountering this problem and don’t really know what to do.