All Forum Posts by: Tom Ott

Well do the math on that one. If you feel they cannot afford the unit then you must tell them that. Always do a DTI to see what they can afford for rent.

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Originally posted by @Dustin N.:

Hi Bill,

When I was renting in MA and NYC I had to hand over all my bank statements, tax filing, employment contract and pay stubs for the application process. Thought it was more of the norm to do so.

Not sure if there is any specific service that does all of that. We did use transunion smartmove which gives a random tenant score that I cant really decipher and I don't really trust (not only that but they have no support to call for help with these reports).

Depending on the company, bank statements and tax filings are not always required. If someone is self-employed they are most likely used to having to hand in those documents. That is probably the best way to verify income since they would not have normal pay-stubs like everyone else. Most of those documents do not have information that can be harmful. If you print a bank statement from the website they star (*) out any information that can be harmful.

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AS SEEN ON TV - FOX - CLEVELAND, OHIO

HOW MUCH DO YOU KNOW ABOUT CLEVELAND, OHIO?

HAVE YOU EVER SEEN A CUYAHOGA SUNSET?

*****1479 S. NOBLE ROAD, CLEVELAND HEIGHTS, OHIO 44121*****

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Originally posted by @Michael Lee:

Originally posted by @Tom Ott:

Hello BP!

I am new to this community and I am excited to join in the fun I hear everyone is having! I have known about this site for awhile and I have finally joined with my company.

I am here to give any advice I have and engage in conversation with anyone who wants to listen.

I am mostly wondering how many in the BP community are interested in turnkey investments? We deal a lot in investments and investors, and I am just trying to gauge how everyone feels.

Any feedback would be great!

Hello and welcome! I think the turnkey investors will be popular because they provide a means to be involved and not have to spend any time on it. You have more control than you do in the stock market. I think it will be a good way to make a living. I graduated from college with a business degree that emphasized real estate. I got that degree and a broker license in 1980. Regardless of that I felt more comfortable with the construction business. I have been in the construction business since I was 17. If you think that I might be able to help you please contact me at any time. Good luck!

Hello Michael!

Great information! It's good to know there are people on here looking for turnkeys.

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Originally posted by @Barb Cast:

Thank you, TOM... That's what I've been saying! I'll happy to provide both my 1099k forms and my Bank and Credit card statements. Shouldn't that be enough?

Well, I'm not too sure if it is enough, but it is a great place to start. This can be a complicated check, and may need more research.

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****1052 OXFORD ROAD, CLEVELAND HEIGHTS OHIO 44121****

Charming Colonial with 3 bedrooms and 1.5 bathrooms. The inside is completely revamped with new hardwood floors. Living room with wood burning fireplace and built-in glass cabinets. Dining room. Kitchen with updated built-in cabinets and eat-in area. Full unfinished basement. 2 car detached garage. This charming colonial is located in the city of Cleveland Heights and offers approximately 1,454 square feet of living space.

Cleveland Heights, Ohio is a diverse, progressive, vital suburb of Cleveland just up the hill from University Circle, with its museums, orchestra, colleges, and world-renowned medical facilities - Cleveland Clinic and University Hospitals - and is a convenient commute to downtown.

Creativity and culture abound in Cleveland Heights - Home to the Arts! Our city attracts artists, musicians, galleries, theater and dance companies, as well as patrons of the arts. You'll feel at home here - Cleveland Heights residents are educated, involved citizens who care deeply about their community. Come for a visit and stay for a lifetime.

http://www.clevelandheights.com/

AS SEEN ON TV - FOX - CLEVELAND, OHIO

HOW MUCH DO YOU KNOW ABOUT CLEVELAND, OHIO?

HAVE YOU EVER SEEN A CUYAHOGA SUNSET?

****1052 OXFORD ROAD, CLEVELAND HEIGHTS OHIO 44121****

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Originally posted by @Richard Beatty:

Hello Everyone,

I will be closing this week on a 3 family in the Dorchester/Boston Area. The tenants are At Will and pay a few hundred dollars less than market rent. My plan is to reach market rent without the Tenants bailing out on me.In March I plan on increasing the rent by $ 60. Would you guys keep them TAW so you can raise rent or go up $100 and offer them a yr lease?

Hello Richard,

Great question! It is always difficult to raise the rent on a tenant. They are normally okay with what they pay and they last thing they want is a notice that their rent is going up!

The best way to raise a rent is normally with a new lease. Have it be a legal and binding contract that they must pay said amount on time. Explain to them that you are simply bringing it up to market value and you cannot let it go below a certain amount. Give them all of the details they can so they understand fully what is going on.

Sadly, they may say that they are going to be moving out. At that point you may either offer them a lower rent (don't go too low) or just rent it out to someone else. Depending on where it is located, you might find someone to rent it rather quickly.

Please let me know if you have any questions!

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Originally posted by @Kevin Wang:

Hello, I am a newbie landlord and is wondering how to verify income for self-employed people? Tax return? Please advise!

Hello Kevin,

This is an excellent question! When someone applies for one of your units and you see they are self-employed, it is easy to get nervous about what that even means.

I can tell you from experience, we have had many people who rent units who work from home, or are self-employed (either at home or their own business) You may ask for tax returns and monthly bank statements. Statements are most likely the best to look at. It will show their monthly deposits and you can determine (on average) how much they are depositing every month into their bank account.

There may be road blocks and make sure to keep an eye out for them. If they don't deposit the money at all, or their income is all over the board, you may want to reconsider. It is important (like any job) to make sure they earn enough money to pay all of their bills, including their rent.

Please let me know if you have any questions!

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All Forum Posts by: Tom Ott

Tom Ott has started 941 posts and replied 4593 times.

Post: Would you rent an apartment with an eviction on record

Post: Raise Rent/Extend Lease ?!

Post: Too strict on Income Verification for screening process?

Post: Too strict on Income Verification for screening process?

Post: Cleveland Colonial Turnkey - 16% ROI - Managed - Remolded!

Post: Real Estate Investor

Post: How to verify income for self-employed? First time landlord needs help!

Post: Cleveland Turnkey Investment - 16% ROI - Managed - Great Deal!

Post: Raise Rent/Extend Lease ?!

Post: How to verify income for self-employed? First time landlord needs help!