All Forum Posts by: Stephanie Simmons

@Tammy Skeath

Good luck! I’ve run into those difficult choices before. Glad you found a tenant!

Tammy as you get more rental properties you need to be careful with subjective approvals - as one could sue based on some sort of perceived violation of fair housing laws.  

Like others have mentioned - having an objective scoring system that you apply to all applicants and the publish how you select applicants will help in preventing issues.  This mom you turned away “could” say that you didn’t approve her because of familial status (she has kids)  

@Timothy Hero

Paying appraisers is illegal in Florida

@Tammy Skeath

You should have strict approval guidelines that you use & publish to applicants.

I wouldn’t approve if they don’t make 3x the rent - period. I also don’t approve if they owe money to any prior landlord. I also look at debt to income ratio (usually my renter are low income so they typically have horrible credit and no loans)

I will conditionally approve (meaning they have to pay first, last, plus deposit) if they have payment history issues.

I also sit down with each tenant and go through the lease and let them know that I will begin eviction procedures immediately. I offer them $50 off the rent if they pay before the 1st. They are late on the 2nd and I charge a $100 late payment fee.

@Erik B.

They are pretty good if you follow the timelines closely you can get an order from the county within the same month that the tenant failed to pay rent. 

@Misty Porter

I like the direct knock on the door approach. Tell them you are the new owners. Then you can explain the options they have. I like to have some compassion in understanding their situation and seeing how you can remedy it in the least cost way. It’s less hassle and money than eviction is a lot of cases.

@Hugh Jameson

Foreclosures you usually submit your offer directly to the bank using an on-line system so the realtor cannot screen offers. Did they send you to a portal to submit your offer?

I want to purchase a duplex or a 4-plex that will run between $135-250k purchase price

I have w-2 income of $10k a month with monthly debt payments of $2400 a month

I have $2m in investment assets (401k/IRA/stocks). I have a credit score of 770.

I have $120k in cash & I will not be living in the property.

I’d like to put down 25-30% and finance the rest. The properties I am looking at run from turn key rentals to super distressed (bad roof/mold).

Is there conventional financing for the purchase? What should I expect as it relates to rates and/or points?

@Daniel Adler

Why not pay the 30 year loan as if it was a 15 year note if all other terms are acceptable?

@Y'Marii Gatson

Study foreclosure laws in your state. Understand legal filing and timing required to foreclose on a mortgage. Understand how to look up other recorded liens in public records of your target area.

Also try networking with a title company and/or real estate attorneys to understand risk of unrecorded liens and how to handle when those appear.

Understand short sale processes for the largest lenders.

Good luck!