All Forum Posts by: Cheryl C.

I just checked that site. Only 11 statewide and all sold. They used to have 100+ at a time with 10-20 in Lee/Collier. Maybe this is just a lull. I got a couple of excellent deals in Virginia in late '08/early '09.

I used to see alot of inventory at good prices on RealtyBid.com. I don't know if the good buys are gone. I am in Naples for part of the year and looked at some of their listings a couple of years ago.

Steve, I can be a soft touch and I have felt sorry for tenants in the past. I've let some go for up to 3 months; depending of their length of tenancy, reason for job loss, prior job history, etc. It's worked out with little exception. I'm amazed at how many people live paycheck to paycheck and have no family that can help them in a time of need (maybe too many times to the well). It IS different to give keys to someone who looks marginal, or less, from the outset.

Ok. "Denied based on income". I broke the cardinal rule: never feel sorry for a tenant. Their voucher was about to expire and they are desperate. Not my problem.

Thanks all for the advice.

I'm with you, just concerned about a discrimination claim of some sort. The app is incomplete because they have not provided the required deposit, have not provided a 2 yr address history, and I have been unable to get a LL reference. The son is in foreclosure on a house out west (he put this in an e-mail to me). He wants to get the deposit sent via Western Union. He has been blowing-up my e-mail. I won't talk to him on the phone because I want a written record of our conversations. Plus he called me the first night at midnight!

I haven't processed the app because it is incomplete and I have told him this on numerous occassions Can I just ignore further e-mail or tell him I am not able to further consider the app w/o explanation. I've already told him that his foreclosure would be a deal breaker - that's when he came up with "housing says my credit should not be considered".

What is the best way to end this ridiculous, time consuming episode? I feel I am being set up for a lawsuit as they are minorities and the mother is disabled. Also, how to avoid this in the future? I have now put together a "criteria" document but didn't have it in writing before. I currently have a disabled tenant and have had many minority tenants in the past.

This is a very nice place in a development where the average income is 60-80K+. They look like 30K. I think I'll just cite income and son's information regarding foreclosure.

Thanks Todd. I didn't want to trip over some rules that I didn't know about. I haven't had this type of situation before. Can LL's just refuse to take section 8? (Due to the inspections or whatever). I was taken aback by the son telling me what I could or could not do with respect to my leases and applications. For example; he is not an applicant so I don't need his credit/income.

I guess I was not very clear. Section 8 will pay their entire rent of $1,575. This leaves them $908 to live on. I've had section 8 years ago and they were always getting their power shut off, etc. The tenant says that I shouldn't care about their income because the gov't pays the rent. I understand that the rent is guaranteed but I've seen what happens to a property when people don't have enough money to "live".

In addition the son (30 something) will be living there as his mother's care giver and he says his credit doesn't matter because he is only an occupant. I require a check on everyone over 18 and am requiring him to be an applicant. I just don't want to run afoul of any housing laws if I reject based on income and HIS credit. There is alot more to it that sets off bells and whistles.

What ratio's do you LL's use to qualify a section 8 applicant? I have a prospective tenant with a voucher for $1,575 (the rent amount) and an SSDI income of $908/yr. This person also receives food stamps in an unknown amount.

It seems to me that they don't meet my income ratio's of about 35-40% (meaning that rent should not exceed 35-40% income). If you count the voucher as income, you have 1575 plus 908. About $2,480 in income. Is there a special consideration for section 8? They do not meet my criteria but I haven't had this issue before and don't want to run into any legal issues. They are being extremely persistant about leasing the place.

I am a big dog person myself. I really don't understand why all the young people want pets before they have their own home. Pets are almost as much responsibility as kids (if you are a responsible pet owner) and a long-term committment. Our little dog is 12. I can't take him to our winter home because pets are not allowed - so I can't spend the winter there. People need to think these things through.

Pets can cause major damage.

Charles,

Cancelled if it hasn't been drawn upon; otherwise frozen at current draw amount. Mine cannot be called. I had a number cancelled or frozen in early 2009. This was due to a clause in the loan docs to the effect that if there was a decrease in value of the secured property, they can do xyz. They can't call my outstanding balances, but they can cancel unused lines and freeze current balances.

I asked about converting them to fixed and was quoted 9%. As you may imagine, the heloc lender's have lost their shirts in the past few years.