All Forum Posts by: Ron H.

Even though I list income requirements in my ad very clearly, with my latest vacancy I only had 8 out of 40 people that filled out my preapplication that actually met stated requirements.  I have them fill out this form before showings just to limit the time that would be wasted on these showings.  This is not including the 160 additional people that inquired of the property that decided to not fill out the prequal form

Recently got out of the student rental business but yes lease did have a joint liability clause for common area wear and damage.  All renters got dirtygrams from landlord when common areas were found in less than desirable condition.   In the end i never had to jointly charge anyone for damages as one always admitted to the damage and we charged only that person. We did keep careful watch over the houses though. A lot less work doing regular rentals as we are only doing that now.  No interest in going back

Definitely helps to know in what areas you will be wholesaling.

You can post your requirements but that does not mean people will read them.  I list credit score, income and pet requirements in my ads  but easily 90% of the people responding to the ads do not meet them.

If you have total control of your spending, try opening additional credit cards.  You can find some free balance transfers and 0% interest for the first x months.  If you don't qualify for these look for cards with interest rates significantly lower than yours and transfer the balances.  You have to watch out for balance transfer fees and weight these against your current charges.  To come up with the best options it takes a bit of research, but if your cards are in the 27% range you can pay the cards down much faster with 0, 12.95, or 17% interest cards.

I personally would not touch a 401K except if your debt is very high and you are not qualifying for low or no interest cards.

how old were the carpets?  Usually 3 years is considered their lifetime.  Landlord normally can't  charge you for replacement if this old.  I believe if they are replaced sooner their value must be prorated.   Regardless cats do stink no matter what you do and it takes time and effort to eliminate the odor.  This is why i never allow cats in units.

Just received a investment SFH loan for 5.75%. This was a zero closing cost loan though. I think standard loan rate was 5.4%

I used Third Federal.  Credit limit up to $150K.  Rate a few months ago was prime minus 1% for 10 year draw, 30 year payoff

My lease say that tenants are jointly responsible for damages to common areas.  I do common area maintenance since that gives me a reason to be in the unit regularly. 

Actually, I have always had one tenant admit to the damage so other tenants did not get charged.

I have been very leary of the out of area renters and would only go forward if some how I could get a good background check.  Just wondering how other people handled out of the states applicants. A quick pre-check on this last applicant seemed promising until the low credit score came up. So far most other interested parties for this house have appeared  worse -  pre checks have uncovered evictions, multiple arrests, etc.  Will keep looking for someone more local that has a good background.