All Forum Posts by: Sandra Regnell

I bought a rental with 20% down earlier this year at 5.625%.

Is this a rate I can refinance?

TIA!

Sandra

@Grace Esteban traveling nurses and other professionals used furnished finder. That may be an option. https://www.furnishedfinder.com/

@Brian Hughes thank you. The problem did go away when I contacted the housing authority. They explained vouchers didn’t cover security deposits and my potential applicant (she never applied) didn’t have it.

I haven’t found any renters yet that do meet my criteria. Income is not a problem but some truly horrific credit and generally strange situations.

I’m trying to avoid stuff that doesn’t add up.

I’m getting frustrated. Hoping to find someone suitable soon. Is 700 Fico that rare for renters?

Sandra

@Sue K. Thank you!

@Bjorn Ahlblad great information. Thanks!

We set our requirements and have interviewed so many people. I’m wondering if our requirements are too strict.

The market is great. The house is awesome, great neighborhood. People want to live here.

3 families have offered me a year cash up front to skip the requirements. (I don’t get it. What happens year 2?)

My requirements are:

3x DTI

Stable job/income

700 FICO

Good rental history

No cats

1st, last, security upon move in.

Advertising on Zillow, Hotpads, Trulia.

Am I required to participate in Section 8 if someone with a voucher applies?

I listed my requirements and the applicant told me, before applying her income didn’t meet minimum requirements.

I am not well versed in Section 8 but the 3x the rent applies to the portion she would pay only so she may qualify (though I had not realized this was the case).

Given an adversarial Section 8 application and one of 2 relocating professionals, must I choose the Section 8 just because I may have to prove I didn’t discriminate?

My home is in a beautiful neighborhood, very desirable ranch. I’ve heard horror stories about Section 8 and wasn’t considering it would be an issue.

It didn’t start off well as this lady contacted the housing board and sent me screenshots. When I asked for her email to send her an application, she told me I had it and she was busy.

Should I hire a property manager to help? Attorney? Help!!

Thanks!!

Sandra

@Marcia Maynard

How do you manage a situation where you have multiple applicants? How does one legally reject a qualified applicant using the Washington form?

Thanks!

Sandra

@Kevin Romines the lack of HOA seems to be the issue. It doesn't need rehabbing. It's ready to go.

How do I find hard money?

@Deborah Repaskey you stated a pattern of financial responsibility.

Typically, in my experience, 700+ might offer less of this issue. To your point, collections do not meet this criteria.

I’m also a landlord, and a new one at that, so I’d solicit more opinions. Do you have an attorney? Avvo is a great place to find one and they answer questions like this one.

Sandra