All Forum Posts by: Russ B.

So many other places only require first and security, that the tenants who have other options might look elsewhere... leaving you with the ones that don't have other options.

I think it's better to price competitively for the market (both long term and upfront), so you have your pick of the ones with better credit / more solid work history / etc. 

It also depends on the state. In some states, there are certain protections from medical bills - in others, they could lead to garnishments and such that would put the ability to pay rent at risk. 

Personally, I wouldn't hold it against someone if they can't pay some obscenely high medical bill, as long as it won't affect their ability to pay rent and the rest of their credit is ok. It's not remotely the same thing as credit cards, utilities, and other consumer debt. 

You might not want to touch the insurance on your other properties for a few years - if they start looking and see a claim at a different building, it could cause problems there too. 

Lol.. That's awesome. You should snapchat the looks on people's faces when they find out that's why they were rejected 😂

Users of a certain service are not a protected class. However, I wonder if an argument could potentially be made that it targets a specific age group (which is illegal).

There have been cases where certain criteria were found to be discriminatory because they disproportionately affected a certain protected class. 

As said above, there's a great chance that he doesn't leave. It's common for people to tell you that they'll be out by X date, and then stay. 

Also, the part about leaving the country makes everything else he's said sound that much more questionable. 

I would post the required notices and do everything you'd normally do at the end of a non-renewed lease, regardless of what he says. 

Similarly, I would follow the law to the letter around the deposit. He may show up in 31 days and demand it back. 

Let me guess.. she wants you to pay by wire transfer? 

There is a scam I've heard of that looks a lot like this deal. That doesn't mean it's not possible that this is legit, but I would never do it. 

Even if you could prove that she is who she says she is, and actually owns the house, there's a lot more work to do to ensure that she's not upside down on it or some such. 

The normal process exists to protect both parties from being ripped off. 

This. 

The only real estate classes that are worth taking, are if you want to become an agent (and I think those might be self study). There is zero value in going to any of those gurus to learn their top secret "system", paying for "mentoring", or buying access to anybody's "exclusive network". All those guys will do, is take the money that would have been your down payment, and possibly connect you to other scammers. People who actually want to do deals don't charge money to talk about doing deals.

This doesn't apply to books of course - I'm all for reading. But, do be aware that there are some good books out there, whose authors are also selling these bogus seminars and classes. 

Thanks for posting his the story ended! Too many of these threads leave that part out 🙂

I would second the comment about building your credit now. This will make it a lot easier to get started. 

If you have some established credit and can show income / 6-12 months work history (as an electrician), then you could buy a place with up to four units just like a single family with maybe 3.5% (or even nothing) down. Note that closing costs will add another couple percent upfront though, so 5% is probably a good target. 

This should be very doable over the next four years. Start by getting whatever type of job you can (bonus points if it's something related to the electrical trade, since that's what you want to go into - even working at a supply store), and then have your parents open a credit card with you as an authorized user. It doesn't matter if the card has a $200 limit.. banks just want to see you buy something and then pay the balance off over at least 4-6 months. Once you hit 18, you can open your own card and continue the same thing. As you do this, they may increase the credit limit, which helps your utilization as well. Also, your parents may be able to put one of the household utility bills in your name, which has the same effect of showing a history of on time payments. 

If your dad has rental properties, that would help too - he could let you manage one (or even transfer one into your name). If you can show a year or two of experience as a landlord, then a bank might let you claim 50% of future rent as "income" when you buy. 

Also don't forget your future day job - once you get established / hold the right certifications as an electrician, you can have your own company. This not only generates cash, but also potentially puts you in contact with every other investor in town - lots of future deals could flow from this. 

I do believe that, at most, they can only request an accommodation for one animal per person. So, one person with four pets is right out.