All Forum Posts by: Tanner Forster

I use Tenantcloud for my rental propertys. 
I showed the property on Sunday. That night I had an applicant apply, I started screening them Monday.
Tuesday I heard back from their employer and sent them an acceptance letter, telling them I would take the property off the market and hold it for them till the first of the month as soon as I got their deposit to hold. They paid the deposit Wednesday morning. Tuesday night I had another applicant apply, they failed to have their co-applicant fill out an application even though it is required for everyone over 18, instead they just added their info in the notes section. They also didn't complete the screening information for the background/credit check so I never received that. 
I assume I should send them an Application Denial Adverse Action letter, though I don't think I need to because they didn't complete the background/credit check. Should I just state that I chose to go with another applicant? Want to cover my *** here but I'm not sure how far to go?

Thanks for any insight. 

I have, but the equity isn't there. I've considered doing a cash out refi on the rental then paying off a bunch of the primary so I can get the HELOC but that seems a bit silly 😆.

Hey @Mark F.!

Yeah, I've thought about doing the cash out, but frankly I'm hoping to not need the money at all, so having access to the HELOC would be ideal. I'm hoping my 3 years of rental income, and excellent personal financial statement will do the trick.

I'll reach out to Zack, thanks for the referral!

Your bio is impressive! 6 properties in the first year. I'd love to buy you a beer/coffee some time and pick your brain. I'm not even looking in the Elgin area anymore, I know I'm supposed to separate my feelings from my business but I'm so disenchanted with their school district...

Know any investor focused CPAs in the area?

Either way, thanks for the reply!

Hello.

I'm working on purchasing my next investment property in Southern McHenry country Illinois. I've been reaching out to local banks and credit unions looking for someone to do a HELOC on my existing investment property (Long term rental) that's in Elgin IL. While I've had some success, they would want to hold the primary mortgage as well. this isn't a huge deal but I'd rather avoid the hassle. Does anyone have any referrals in the area?

Thanks!

@Mark Yesa are both units rented? Are you living in one?

If you’re in one of them rehab it, then offer the tenants to move into the the new side, keep their rents the same till the end of the lease and work on the newly emptied side?

Congrats on the purchase! I don't have a ton of experience, and I imagine this varies from market to market, but that's a lot more than I pay. 

Far Chicago burbs, 10% monthly, $250 listing fee, and $150 lease renewal.