All Forum Posts by: Scott MacDonald

Hi All, 

I was looking for some advice on a recent application I have for one side of a Duplex I have listed. I received an application from a couple (boyfriend and girlfriend) who have been living together for the last year with some room mates and are now looking to get their own space. They filled out the application on Cozy and he checks out well; ex-military, currently working while also going to school, no major blemishes (a late cell phone payment years ago is as bad as it gets). However his girlfriend is a different story and has a terrible credit history with repossession of vehicles, multiple collection's and lots of late payments etc with some as recent as a few months ago but all seem to be closed now. 

My approach had always been "If its a maybe, its a no" but I am wondering if there is a way I can protect myself with one of them being such a strong candidate. One option was me looking too have her find a guarantor for the lease with good credit.

Im leaning towards denying the application because I fear its going to get to the point where she won't pay rent if she has a history of not paying bills but the rent is 16.7% of their combined income but she makes 66% of the income as he is at school.

Anyway I was wondering what the forums perspective was and if there are any options to protect myself here or if I should just move in. I do have in my head we are starting to get into a slow period of renting with the holidays coming up.

Hi Angela, not only is it open to all I'd love to have everyone join! The group is only as good as its members and we need members from all areas one REI to make this an informative well rounded group.

I think the group could be particularly useful to someone in your position as there is a ton of resources to network with from flippers, wholesellers, realtors etc etc. 

I hope you can make it and I look forward to networking with you. 

Thanks

Scott

Just a reminder guys that this event is on Wednesday for anyone looking to come.

Thanks

Scott

Thanks @Jarrod Covey for the recommendation. 

Brian, great to hear you are starting out! Everyone needs to make their first move sometime. As Jarrod mentioned me and a few friends run a meetup each month with the format having a guest speaker come along to talk on a subject of interest and then network for the remainder of the session. This month we have a risk assessment manager and insurance broker coming along to talk about motivating risk and liability on your rentals. I’d love to have you along if you can make it. Details can be found at:

https://www.biggerpockets.com/forums/521/topics/610006-south-austin-real-estate-investor-group-september-2018

@Nasar Bhegani

@Naji Saba

@Jason Grote

@David Ferrette

@Andrew Cairns

@Eric Barnett

@Daniel J Jackson

@Vamshi Ananth

@Eric Pesek

@Elizabeth Jackson

@Heath Henry

@Jenelle Harris

@Rod Cordsen

@Ryan Tanel

@Daniel Tisdale

@Scott Fehrenkamp

@Ryan Cink

@Preston Duron

@Bryant Patterson

@Mason Lantz

@Muhammad Ahsan

@Brianne Magott

@Billy Bartush

@Sujin Park

@Jason Perkins

@Lexi Teifke

@Alex Jurgens

@Richard Richani

@Colin Folta

@Ivan Gurrola

@Chris H.

@Andrew Roberts

@Callum Sinclair

@Jarrod Covey

@Account Closed

Hi All,

Firstly I wanted to thank everyone for their attendance last month. I thought there was some great networking going on and I understand there were a few deals discussed and agreed upon. I am open to feedback but I think the location was a great success so we have looked to book the same venue again for Septembers meet up.

Septembers meet-up guest will be Todd Hanzelka presenting information on property and casualty insurance for investment properties and the exposures faced in real estate investing. He is a Managing Advisor with Iscential; a full service insurance, risk management and financial services firm working with successful families and businesses by helping clients understand the complex world of insurance and the exposures that come with personal and business endeavors. Representing multiple single-family and multi-family habitational risks, associations and property management companies, Todd brings a wealth of knowledge in advising clients on how to handle the known and unknown exposures in real estate risk management. Todd holds a property, casualty, life, and health license in the states of Texas, California and New York, is a licensed Risk Manager in Texas and holds his Security License 6 & 63.

I have personally used Todd for many years and his knowledge is second to none so I am confident in saying everyone will leave the meet up a little smarter than they arrived which is my goal for all of these events. 

I also have a guest speaker lined up for the October meet-up who is a CPA specializing in small business and real estate tax services. With the end of the year approaching I think it will be important to get people thinking about their tax returns and making any business strategic decisions such as millage deduction, cost segregation, doubling up on property tax for single people etc. With that said I am busy negotiating a speaker for the November slot but again I always welcome feedback so if anyone has any subjects they are interested in please reach out with such requests.

Finally I want to thank everyone for their continued commitment to this group and helping it grow. Without you guys we wouldn't have this excellent network of resources to help us all work towards our goals.

Happy deal hunting and see you all on Sept 19th.

Thanks

Scott

 Awesome news Ivan, I hope you find a great starter property. Just remember its more important to get the first deal done than make the best deal in history. Your first deal is never going to get you rich but use it as a learning experience to move forward and develop a strategy that will take you towards your goal.

I sent you an invite to connect and I will tag you in future events. I am just putting the post together about the next meet up in Sept.

 Hi Colin, ABSOLUTELY! we have investors of all levels who join us. Come along and meet some new people and ask any questions you have before closing your first deal. 

 Hi Amanda! congrats on the first deal, its always the toughest. I look forward to meeting you and your boyfriend at the meet.

 Hi Shane, good luck with the move! I am from Scotland so not too much of a difference on distance travelled! I hope to see you at future meets.