All Forum Posts by: Account Closed

yep its illegal to suddenly add anything for the matter to an existing agreement onesidedly but thats why i said at renewal add it to the new agreement.

some folks charge $25 first day late then $10 each day. i do from now on $10 day from day 1 late till day 5 then notice to quit or pay posted on day 6. thats $50 total late fee for 5 days late then i have to go thru the trouble to type up and post a pay or quit which to me realistically takes an hour or more esp if their location far away, think gas, time, mileage, etc.

NO late fee for paying 1, 2, 3, 6,7,8 days late says its OK to run progressively a few days to a week or so late to see how much u can get away with.

dang bro that's alotta paper u buried in.. id cut up cards and focus on bringing that DTI ration DOWN! i'd also sell most everything i own that doesn't bring in a profit (something which i did over the past 2 mos)

the good news is with 25% down ur bound to find a willing lender but based on DTI it gonna be an unconventional source, which is the bad news since u dont want that route.

so id cash out existing mortgage since theres obviously little/no cash flow on that property. reinvest into an income producing house. just what i'd do, just sayin.

well owner was pissed to see the sign in the window advertising sastreria and babysitter services and we issued a breach notice cuz tenants complained of kids running ppl at door & knocking as if its a store etc.. lets see if the sign comes down and she stops babysitting if not, seems she must walk; the place isnt suitable as a childcare facility for the kids i feel sorry for them in there!

emphasize at renewal that since late rent is taking a huge 'domino effect' in late fees ur being assessed for mortgage, tax, etc, u need to start assessing a daily late fee and of course add it to the new lease agreement good luck and dont forget show appreciation of how they take care of place =d

i dont have cable but.. go Pacman!

ps anybody got a link? =D

I highly doubt credit and background checks are outdated, for if anything, they are continuously competitive and streamlined hot tool commodities.

Perhaps the 3X Rent = Minimum Monthly Salary qualifier is outdated?

First, where does the 3X Rent = Minimum Monthly Salary basis to afford the Rent come from?

It comes from the threshold that had been set originally at 20% by the United States National Housing Act of 1937.

By 1968 the Housing and Urban Development Act raised the 'rent threshold' to 25 percent of family income.

By 1981, Freddie Mac, Fannie Mae & FHA underwriting set the 'mortgage threshold' to 30 percent, which today remains the threshold/standard for 'affordability' most housing programs -whether rent or mortgage.

So, what has changed in household spending patterns since 1981?

Well, the following article, upon which the above stats are derived, explains:

http://www.census.gov/housing/census/publications/...

"Figure 3 - Share of Renter Costs for Single-family Homes" (Page 5, at least on my browster)

One look at the graph and is clear that in my state, CA, rents are significantly higher than all the other states sampled (MA MN WI FL LA MS CA). So tis clear enough for me; all the more reason to set the bar up a notch to 4X rent monthly salary requirement, not 3X. (Yes, I have yet to see how that works with how long it takes to fill vacancies and if it actually helps avoid lates and evictions)

But, lets face it: alot has changed in household spending since 1981.

Back then, did household have credit cards debts averaging $15k?

reference:

https://www.nerdwallet.com/blog/credit-card-data/a...

Back then, did households have student loan debts averaging $33k?

reference: above

How about Cell phones bills around or above $333 per household?reference: http://www.wsj.com/articles/SB10000872396390444083...

(i mean seriously, back in 1981 did anyone in ur household even have a cellphone?)

And last but not least nor really last either, did households have Time warnercable TV and home high speed internet bills averaging $106/mo?

(likewise, well in1981 i was barely learning to write let alone type but highly doubt even dialup was around, was it?)

reference: http://qz.com/243001/the-incredible-rising-interne...

Not sure how to add up all those extra costs households face today which most they likely didn't face back in 1981 since it would depend on the interest on $15k credit card balance as well as how much the household was actually paying off the cards besides interest, and likewise with high tuitions and college grads remaining jobless it likely at least depends whether the student loan was private or subsidized as to when interest started accruing and thus when the household member(s) responsible actually started paying of those.

But in any case, suffice it to say ( I propose) that nowadays households face multiple bills that are hundreds of dollars each that weren't even in the picture a whole generation or well, 34 years ago. This is a new generation where household members spend, spend, spend. The newest model of the iphone/android, the newest tablet, the newest and the list goes on, plus way more ppl are likely financing their late model vehicles than 34 yrs ago when more ppl simply made do with the vehicle they could actually afford to own than finance.

So to me, its a no brainer the 34yo rent affordability threshold of 30% is wayyy out of date. As exemplified by the recent and likely ongoing surge in evictions across the USA.

http://www.boston.com/business/personal-finance/20...

Most of these renters were screened and qualified based on all the tools available to PMs and landlords today (credit checks, background checks, eviction checks, etc) so the question remains, why is there an epidemic in Americans qualifying for apartments but not staying within their budgets and obviously spending more on all *other* things than keeping the mere 30% roof over the head?

Obesity and overindulgence overall, comes to mind:

http://www.consumeraffairs.com/news04/2008/07/obes...

Study: 86 Percent of Americans Could Be Obese by 2030

"Most adults in the U.S. will be overweight or obese by 2030, with related health care spending projected to be as much as $956.9 billion, according to researchers at the Johns Hopkins Bloomberg School of Public Health, the Agency for Healthcare Research and Quality (AHRQ), and the University of Pennsylvania School of Medicine.

Their results are published in the July 2008 online issue of Obesity."

http://www.cnbc.com/id/41969508

"Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn

hence the topic stating IRS imposes a penalty if 1099 missing SSN/TIN

 i am asking  what should be used to request it,  a W-9 form as part of the hire package?

i can see how that can be construed as 'asking for tax advice' although, what i am asking, to reiterate from the OPost, is  how to hire a contractor in a way that avoids an error/omission in the SSN/TIN?

http://www.experian.com/connect/renters-share-your...

yea its very pro-tenant being marketed for tenants not landlords afterall. i heard experian also offers landlords 'free' credit checks on their tenants, but that is not the 'connect' plan and i wonder if that one's really free?

the connect program seems pretty straight forward and costs prospective tenants 15 bucks and they can apply it to multiple properties they're applying to.

would it be legal to require all tenants to provide their Experian Connect self-initiated credit check?

would it be legal to thus not charge a fee for this kind of credit check, thus not ever have to be held liable for returning any fees, nor deal with potential returned-check fees just for applicant credit checks?

yep hopefully not a crash. but some folks here are saying the 7 year cycle thing might mean another crash rather soon.

anyways, 10% increase in rents sounds awesome for however long lasts

i use 1099-MISC as a token preventative measure where an independent contractor (ie, plumber, painter, etc) earns $600/yr or more in projects in case they or any of their subs/helpers should ever use the rental property address and/or my name as a place/employer they were 'employed' at for an albeit desperate unemployment claim.