All Forum Posts by: Wendy S.

Thanks for all the comments. Yes unfair was not the appropriate word but as @Greg M said unfortunate. 

I'm happy to have my daughter home, but yes I also had to pivot upon her return. Sorry, but staying in an empty apt when your other roommates have all returned home simply because u paid for me was not an option. It's already a leap to allow my daughter to live away from me and off campus. 

These are uncertain times, and while we as landlords know this is a business we should also remember we are first flesh and blood.

Less than 2 weeks into March and campus in person classes terminated. So yes I thought with such early notice and you're still getting rent for April, May and June on a lease which expires July 19th was not an unreasonable request. 

Bu hhek, I would be happy too if I could collect rent for all the lease, while the apt sat empty. 

@Anthony Wick.... You clearly missed where I said this was me ranting. I didn't say I expected the landlord to "eat the rent." 

When you have your daughter few states away from you, over 10 hours drive one way then I'll reconsider your input. 

Hi Bpers, hope we're all safe amidst Covid-19.

This is really a rant as while I understand that landlords including myself are running a business and not a charity, I feel frustrated based on my current situation.

So, college has stopped in person classes for the rest of the semester. My daughter's last semester but she could work etc in Arkansas and return home to Georgia either May or July if she continued to work.

With the college close, NW Arkansas jobs not hiring, etc she has returned home. I rented her room here month by month until she would return home. So have to make other accommodations upon her return.

My issue is the apt she rented have no early termination and insists rent have to be paid until July as per her lease. If she finds someone to take over she will pay $375, (rent is $510) to facilitate this.

Nobody is renting now, as she was in the process of trying to get someone to take over her lease but then came Covid-19.

I offered to pay April to June upfront and request a waiver for July or some other solution. They said no. No early release or exceptions.

The apt sits empty, all the other roommates returned home as well but we still have to pay rent until July. I feel this is so unfair.......

So I just heard from another broker who said they also got an email yesterday but the guidelines stated a minimum 620 credit score.. 

@Chris Mason.

Thanks for your response and the article.

@Kristin Smith

I was just about to ask if this is true re FHA loans as I had a lender say something along those lines today but more like FHA borrowers with credit scores below 650 are ineligible at this time. First it was that they would have to pay more points to secure a rate now they are ineligible..

What's the real deal? @Chris Mason, maybe u can shed some light on this for us?

@Andrew Postell

Thanks. Lender said to get the mortgage wrapped up first. Based on credit she would also qualify for 15% down for investment property.

@Doran Summers. Thanks. Sent u a pm. 

Good day all. So my daughter finally got her offer letter which is pretty decent. Now here is the thing, I'm wondering is it better to have her apply for a line of credit now, just to have in case we see a cash deal, or have her apply for a mortgage then get a line of credit?

Based on tentative discussion with broker she can qualify for abt $200,000 primary residence and $100,000 investment property. So this got me thinking, why not get a primary but then have access to cash for a deal, instead of putting 20/25 percent down on an investment property.

Of course if we went the route of buying a cash purchase first, technically I would be using her LOC to fund the deal, but not buying in her name so she does not lose her 1st time home buyer opportunities. Also ideally this would be a quick flip so LOC would be repaid at time of her applying for a mortgage.

Primary goal is to have access to cash, so the LOC would not even be used if we don't see a quick flip opportunity.

Any thoughts @Andrew Postell, @Chris Mason? 😊