All Forum Posts by: Ramki D.

@Brad Jacobson thanks for your response. I am using Zillow which is doing credit and background checks. I am wondering what documents i need to request from applicants once the credit and background check passed

I am screening tenants first time for my rental property in California. What kind of documents can I legally request the applicants? Is it illegal to ask them to provide bank statements, w2s and tax returns? Appreciate your help.

Thanks everyone for sharing your thoughts and suggestions. I have a good day job and taking 200$ - ve is not an issue at all. I will come back and update this post after 5 yrs and see how much it appreciated/depreciated this home.

@Joe Bertolino since you are in this area for a very long time, in your opinion if the market corrects, how much % home values will go down in Folsom? I am sure they will follow the market trend. 10 - 15% or more? As you are aware this is a kb home in front of the up coming dignity health campus.

@Kevin Sobilo totally agree. I am expecting a +ve cash flow in 2-3 years because of a new medical campus coming up in the next 1 or 2 years and expecting rental demand because of traveling nurses.

@Kevin Sobilo property appreciation was the ultimate goal from the beginning for this home. Now property appreciation is also in doubt.( May take longern than expected and until then taking -ve flow may not be a good idea)

@Kevin Sobilo No. Even with current rates(2.5+ 4.25) 200$ -ve cash flow per month thinking of rents will increase in the next few years which makes the break even first and +ve cash flow. Now with market conditions everything changed.

@Joe Bertolino thrilled in a bad or good way?

@Kevin Sobilo thanks for the quick reply. I locked 10/1 arm for 4.25%. my only concern is on adjustable heloc rate hike. Right now it's 2.5% heloc +4.25% 10/1 almost 7% with 2 rate hikes and worried about future rates which will increase my heloc rate and may end up nearly 10% in next 1 and half year

@Greg R. I signed this contract last year with an estimated completion date as feb, 2022. It was delayed multiple times and scheduled to deliver by the end of july. Now the market situation is completely different interest rates are increased, and the rental market is on a down trend. So I'm thinking of backing out and waiting.