All Forum Posts by: Rhondalette W.

 Thank you Kim.

One of my tenants had a credit score a bit below 600. She is a high school teacher with a bunch of student loans that is keeping her credit score low. I believe that we place too much emphasis on credit scores. Personally, I use credit karma to track my own score and my scores decreased 50 points when I got approved for 2 new mortgages for my newest rentals. Also, if you use more than 30% of your available credit card balance your scores decrease etc. Even though I still have a good credit score I think the whole system is not exactly fair. I found out that I got a ding on my score when I wanted to turn on utilities at my rentals because they do a hard credit check. So turning on utilities decreased my score? (sorry for the credit rating rant!) 

To answer your questions, I got 3 contractor bids for the work. There was a significant difference in the bids (varied $5K). I selected a contractor that was willing to work within my budget. This contractor is also an investor who owns 50 rental properties himself, so he also mentors me along the way. For example, tells me where to purchase discounted used appliances for rentals etc. Contractor selected some items from his own warehouse since he has 50 properties himself. He used same carpet he uses in all of his own properties, recommended vinyl plank flooring because that is what he uses etc. 

The disadvantage to using this investor/general contractor is that sometimes his properties my take priority over mine. So, I would not recommend him to everyone but I am glad I selected him because in essence he is teaching me to be a general contractor for my own properties. I hope I answered your questions ;)  Sorry for the long rant. 

 Good question. If you scroll down to the bottom of the original post you will see the link to zillow where I have advertised the property. I have learned to list all of the rental requirements in the advertisement since the last rental I advertised I got over 150 inquires all wanted to know the screening criteria. If you get a chance click on the link and let me know what you think. I do not have a credit score requirement but I do have a "no criminal background and no past evictions" requirement. I expect that they will have poor credit because if they have excellent credit they would probably qualify for a mortgage and buy instead of rent. So as long as they are not filing for bankruptcy in my opinion they are good. 

 Time machine is a good way to describe the before picture. Believe it or not, I was able to sell that green stove on craigslist. Someone purchased it for $100. I actually felt guilty selling it to them. 

@ericjones I have heard to something similar to which you are speaking. I attended a seminar at a local REIA and they talked about using debt as a "weapon" to get out of debt faster (thus paying off your mortgage early). They talked about using HELOC, credit cards, personal lines of credit, business loans etc using all types of debts as a weapon to pay off mortgages early. I liked the presentation however, they wanted to mentor you through out the process and charge $300 a month to show you how to do it.

Here is a youtube video from the presenter. Please let me know if you use the debt strategy and if it works for you. 

Do you already own your own home? Could you pull money out of your home? Have you already been turned down for a loan or are you assuming that you won't qualify with bad credit?

 Thanks Abou,

It is officially going to be available tomorrow so I will see how long it sits before being rented. I will keep you all informed.

The kitchen looks amazing! Nice profit.

This is not a fix and flip but instead this is a update to my 3rd rental property (buy and hold). 

Removed green stove, yellow counter tops, green sink and opened the kitchen up by removing the row of cabinets that blocked the view of kitchen. 

Added- black stove and vent hood, stainless sink, laminate counter tops (took a big risk with counter tops because I did not want to go with standard plain rental beige counters). and stained the cabinets. 

Kept- cabinets, flooring, lighting (due to budget)

I have my first potential renter coming tomorrow to see the property. I will get renters feedback but would also like yours. 

Sorry could not rotate this picture. 

Click to see on Zillow

 Welcome to BP neighbor. Maybe you can get into real estate law too.