All Forum Posts by: Patricia Steiner

There is a lot written about this on the internet.  Some credit agencies suggest that the strongest candidate should have his credit pulled first (really?) and others say "why would you rent an apartment with someone who can't afford to pay his bills now" (more like it).  Since they made application together, I would let whomever you're communicating with know that "as a group, they did not meet the minimum qualifying criteria."  If asked for any details, suggest that they each obtain their own credit bureau reports to make sure the information is correct. Unfortunately I have seen landlords be pulled into major wars and delinquency by multiple tenant situations - and it simply is no way to run a business.  Keep looking...

You're running a business...not subsidizing the housing market.  The best way to price your properties that reflect the actual value is to the market - not to inflation.  So if you're tenants were to move out at lease end, what would the market rent be for a comparable property in your market?  By letting the market set the price, you avoid grand debates, Fair Housing threats, and more.  Again, you're running a business so let the market - based on supply and demand - set your rent.  Hope this helps...

It is possible and my clients and I self-manage.  My firm has a proprietary process for doing it and you could certainly create your own. It's important to know that having a PM might be the best option for some investors but it doesn't mean that you're not managing.  The investor needs to proactively manage the PM to ensure maintenance costs are low, that vacancies are viewed as cash left on the floor - and filled immediately with qualified tenants, and more.  Whichever you go, it comes down to actively managing your business.  Hope this helps...

You so want to go with a First Time Buyer Program Mortgage; FHA is one options - as shared - but in my market, FHA is not accepted by most sellers; it's simply seen as higher risk. There are banks who offer 95% financing and pay all the closing costs. There are down payment assistance programs as well. Once you buy your first residence, you won't be eligible for this financing again so don't miss the opportunity. Best...

Don't confuse appraisal value when obtained for financing with actual valuation...two different things.  When an appraisal is obtained for financing/refinancing, it goes through underwriting by the lender and is often times adjusted to meet their criteria.  And, in my market, property values are increasing month-over-month so February's value doesn't matter.  Comparable sales are defined as those closed within the past 30 days and within a 1 mile radius. Those sales are then adjusted for square footage, number of rooms, and more.  My recommendation would be to let those vying for your business to do an independent analysis and come to you with a value and the criteria used.  From that process, you will be able to see who actually did the work (and it's not a quick process) versus who is "buying your listing" by giving you an inflated price that won't bode well for a quick sale.  Hope this helps...

A walk-through is not an inspection.  The purpose of a walk-through is to simple gauge it's condition, location, and best use.  The inspection period is when you cowboy up, bring in resources, and take a deep dive.  That's when you have some skin in the game and have the right to look at components in detail.  I do recommend that you build bench strength and find a investor focused realtor to go with you - maybe one who has represented other flippers in purchases.  Let that realtor do some preliminary digging and inquiries with the listing agent that can help focus your attention during the walk-through. State Law also defines what can be done during an inspection.  In my state, you can look but you can't alter.  Know the business and know the law.  An investor realtor can provide that...interview a few - not all are created equal and some just flat out don't have the experience they say they do.  You're running a business so  no winging it.  

Geez...I'm fine with a 50 lb, well-behaved/trained/vaccinated pooch with Renter's/Pet Insurance in place and a separate pet deposit and agreement.  It's the 180 lb. tenant who can't seem to understand that he's not the owner so he can't call the shots that I recommend being banned.  

You need to build some bench strength...get yourself a realtor who is investor focused and works with investors more often than homeowners to help you find properties and stay through inspections, financing, and more. Real Estate is complex - no matter what the podcasts states - and it's too much money to make a mistake. Interview some resources; as a buyer, you don't pay a commission so why not get a trusted advisor/advocate/someone with more knowledge (if you're ever the smartest person in the room, leave), and leave skid marks after closing on reaching your ROI goals. Having a goal is great but executing it is the tricky part.

My bad...I thought it was a piece of art.  Looks good there.  

Let's cut to the chase:  they returned the keys to you and told you they would be out by the end of that day.  As such, they have notified you that they have vacated and surrender the property to you.  

If it were me, I would wait until after the time of their stated departure (like the morning after the stated departure) and then take a witness with me to enter the premises.  If it is completely empty of contents, then you can secure it.  If there is one piece of furniture remaining/any personal items, I would document the inspection and leave - not changing locks. Take photos of everything - you entering the unit using the keys they gave you as well as the condition of each room.  If there is a security deposit involved, deal with it now. Comply with all written notices.   Document everything that happened including the police visit.  

And, know the law; it's not optional: https://www.fdacs.gov/Consumer...

When it is all said and done and before you re-rent it, make sure your lease is clear on the cost of breaking a lease and required notice.  It is a disclosure that every landlord needs to provide as part of their lease.  And, remember, you've been paid through the 19th so if any doubt - back away and wait until then.  But there is not enough leftover rent that compensates for the chaos and drama that ensued.