All Forum Posts by: Therese V.

@Bill Gulley  I'm going to have to do some research on kiting to make sure that's not what I'm proposing. I guess I was just trying to think how I can creatively use that $10k no interest for 12 months.

@Brian Gibbons Are all cards' lines of credit factored in to that or just the one we'd get the $10k from?

The area is C property.
My estimates are based on the people that I have doing work for me. They give me good prices since they realize I will use them again and again.
I think the basement glass block windows are not standard size, so will probably need custom made.
I was thinking to estimate about $2k for the glass block windows, but not sure if that's high enough.

Updates:
We bought the house, have a tenant in it and have gotten 2 months of rent so far.
We didn't do the credit card thing because I figured I waited too long to figure it out.

We are looking at new rental property yet again, so thinking about doing it this time. What we'd do is right after we get an accepted offer we'd get the $10k from one card and have $5k waiting from another.
I calculated it as follows:
$10k has 12 months to pay off with no interest
$5k has 18 months to pay off with no interest
The first 12 months- we get about $1800 from the other 2 rentals, so that leaves us about $500/month that we are making. So we'd save up that $500/month and at month 10 we'd have $5k, we'd use $5k plus $5k from the other credit card (which gives us 18 months to pay with no interest).
Then, do the same to pay that one off.

Does this make sense? It would allow us $10k less OOP costs for buying each home, right? Since we aren't added any extra of our own money, although it's still getting paid back from other rents. But it seems like that means it's still the same money being paid, does that make sense? Still toying with the idea for a future deal.

I need help determining whether this is a good deal or not.

Price $52k, 30 year mortgage 20% down 5% interest + closing closts (how do I pre-calculate these?)
3br,1br
Estimating about $2k work for kitchen and bathroom
Estimating about $1k work for the rest of the house
Needs glass block windows in basement (how do I figure cost of these, was supposed to get an estimate on another rental house we own and the guy never sent it to us)
Taxes are about $200/month

I'm estimating to get between $900-$1100 rent, so want to estimate returns etc on the lower end at $950/month rent.

Thoughts?

The property is not in Virginia. Is that considered a low credit score? I thought that was an average score and would be fine for a renter?

They are low income as far as income in the overall US goes, but they are average income for the area of the rental. It is $1k/month and they make slightly over $3k/month at 2 jobs.

I am leaning to just not take her and move on, I can understand the student debt, but the collections stuff worries me.

OK, I had a feeling to move on, but wanted to see what everyone on here thought about it since this is the first time I needed to run a credit check. 

This is an area that is probably considered C housing if that makes a difference?

I have run my first credit/background/eviction check on my first potential tenant for a new rental property (my first property had a familiar tenant in quickly, so didn't need the background check).

She is divorced, 5 kids (1 in college). She has really high debt, about $98k from student loans. The payment information shows she has refinanced it and has paid all her payments. I also see what appears to be a car that was repossessed and charged off as bad debt from 2005 and 2011. I also see a utility company and shows she paid those bills as well.

I also see something that I don't quite understand 2 lines called collection items. What does assigned mean, and what does Last Act mean? The assigned are 6/12 and 6/10 and both have the last act as 12/14. One is comed and the other is verizon wireless.

The credit score is 645. The income is a little over 3x rent.

Thoughts? Advice? Thanks in advance and Merry Christmas!

I also would like to know the answer to this question. Was just going to post it.

Someone just told me that only realtors are allowed to do the tenant screening in IN, is that true? I want to do the online credit/background check myself, but want to make sure it's still all right.

This is a buy and hold property, not a flip.