Certification is very straightforward and most of NARR's affiliates offer free training.3.

Check out this chart: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyMake sure you understand the Class of properties you are looking at and the corresponding results to expect.Metro Detroit has 132 cities, the City of Detroit 183 Neighborhoods, which we’re analyzing and classifying.

On the other hand, if the tenant is required to hire a local company for trash pick-up, this house has a long, fairly steep driveway.

Quote from @James Friar: Hello bigger pockets family my name is James and I'm fairly new to real estate investing, ive been educating myself on kinda how things work (the lingo, terms,concepts) and still trying to figure out the process of this feild and after watching so many videos and listening to other investors experiences i decided that i would like to take the new land construction route, i was just wondering if anyone could point me in the right direction on how to get my feet with this process.

I teach my clients straightforward, effective ways to build wealth in the market — methods that take very little time because great investing requires discipline, not constant activity.Also, make sure you have chose low-cost funds for your 401k!

Publishing criteria (like “3x rent income” or “650+ credit”) is fine, but it can open you up to unnecessary back-and-forth or legal gray areas if phrased wrong.Best practice:Keep your criteria written down internally (income, credit, rental history, etc.).Apply those same standards to every applicant and keep a record of your process.When someone inquires, you can share your criteria in writing or over email so everyone gets the same info — that’s what shows consistency.If you want, I can share a quick example of a fair housing–friendly screening checklist I use with my clients, just message me and I’ll send it over.

The app is really straightforward, so you can get it running quickly without a big learning curve.RentRedi is another solid choice.

Push them too hard right after closing, and you might face a surprise vacancy during slower rental months, costing you more than the gradual rent increase would’ve gained.Instead:Meet the tenants, be fair, and build trust first.In three or four months (especially after all those winter holidays), approach them with a small increase-maybe $100-and ask them to commit to a new 6 or 12-month lease.

Lenders like clean, straightforward ownership when you’re doing DSCR loans anyway.So yeah — no wrong answer here, but for a first Missouri deal, I’d go local, stay simple, and keep your sanity.

Although in fairness they offered to give us the tenants details so we could try to collect it on our own!