Posted on 12/27/2018 9:51:32 AM PST by bgill
With slews of tent encampments in a fast-growing city flush with tech-sector cash, it’s tough questioning Seattle’s serious problem with homelessness and affordable housing. But an unprecedented new city law — forbidding landlords from checking into potential renters’ criminal past — is very much in dispute and setting up a closely-watched court battle. Landlords argue their free speech, property rights and possibly their safety is being jeopardized by a law that forces them to close their eyes to relevant public information about possible tenants. They’re backed by landlord groups and background screeners who call the ordinance a perilous precedent. The “Fair Chance Housing Act” was anything but that, according to landlords’ lawyers. Ethan Blevins, an attorney at the Pacific Legal Foundation, said the law’s premise “is this paternalistic idea that the city gets to decide what information is relevant or important to a landlord’s decision making process.”
(Excerpt) Read more at marketwatch.com ...
One good data point: A friend of ours has rented their cabin at Truckee, CA for several years now. They have had about 300 AirBNB customers. Of those, he says he’s had only 4 or 5 who did some modest damage or theft and didn’t get their deposit back. Most of the customers leave the place cleaner than they found it. They are paying their entire mortgage on their cabin with the AirBNB renters and have enough days left over (per tax law) for their own recreational use.
Yep...we needed to critically review our selection of team members as critically review the tenants. Selecting that guy was our #1 and worst mistake.
Buy what you can afford you don’t need much credit. They are hard to find but there are lenders who actually check your actual risk, not a random number.
Wasn’t that because of the legislation signed by ol’slick....the Community Reinvestment Act?
I have a rental that is 8 hrs away. It’s under pro-management.
It’s a 10% cut but worth it.
What? You don’t want those 3 AM “the furnace is out” or “the toilet is plugged up” phone calls?
Building a business without borrowing money is nearly impossible unless one is rich or has partners
It’s just life
I see this all the time here.
You don’t need credit
Well yes in a Dave Ramsey personal life plan you can save for everything and do a lot of waiting except your home but even he says home mortgages are ok
Btw
I literally live two miles as the crow flies due west of his new high rise campus about 25 miles south of Nashville
Judging from its size 300,000 sq ft and the property location which is toney in a semi rural way .. I’m guessing 100,000,000 plus in total cost.....with room for much expansion
Quite a place built from coaching folks to live within their means...
His home is valued at 15-20,000,000 and is closer to town.
I’ll bet there are commercial mortgages on that business venture.
It’s just how business is. Leverage is real estate in particular.
Maximum effed ...... for any nice and reasonable landlord, he is screwed.
Well, since I wasn’t discussing building a business, your point is rather moot. Besides a mortgage and occasionally a car note, we’ve never had any debt at all and get along just fine.
Yes but you are pushing a point repeatedly
One I’ve seen here before from folks who have never been self employed
They have to be careful about how they obtain prospects. No "For Rent" signs at the property. Blind ads stating only a description of the premises and general location, never an address. A detailed application including criminal history; the landlords can't CHECK (if I read it correctly), but they can ASK. Anyone refusing to answer would be rejected, as only a criminal or a radical liberal would decline.
And it's still risky. Some RadLib judge would bend the law enough to convict you if it came to trial.
a masters in psychology is less than nothing in most states. Needs to obtain a licensable degree
Have been self employed for a good part of life.
Have found that paying everything a month early has helped keep my CR at its usual sterling 825- to 835.
And no one pays or mails my bills except me.
when the mails have not worked, I call the creditor and they look at my payment history and back out any credit ding.
FWIW.
In NJ the law forbids discrimination on the basis of any LEGAL source of income, of which Section 8 is one. A minimum credit score requirement would eliminate 99% of them though. 725 or over is pretty safe.
In return for a bit less than market rent, have the lease specify that the tenant is responsible for maintenance and repairs up to a certain level.
There’s always more than one way to skin a cat, like the 725 credit score you stated. But the walls are closing in on what you can do with rental property. A friend of mine built a new home and listed his old place for rent in a newspaper ad, stating that it was a good home for a family. The newspaper told him he couldn’t use that wording—too restrictive. He had to screen the callers himself and was able to turn down a Section 8 but the newspaper wouldn’t allow such innocuous wording as “ideal for a family”. He said he wanted a man involved to take care of the lawn.
I own a chain of car washes and other stuff and have many commercial mortgages and leases which have my personal guarantee
Which results in the fact that I will with 100% certainty get a slew of credit enquirers per year
By law banks and other lenders have to do this as sure as they need tax returns and fininacial statements
And Dodd Frank which hasn’t been repealed to benefit borrowers yet btw also requires it
Hence despite up until as I described my wife was late on the home mortgage I have never been higher than mid 700s
Because I get a hit on credit enquires annually which costs according to my primary banker approximately 50-70 points on my score
Despite that I pay so much in debt servicing personally through my business
How many taxpayers pay off over 100,000 debt servicing monthly and yet I get no credit for that on my peronal score
It’s frustrating
I’ve sold off some since so my debt is about half now but it’s still sizable and requires all those damned credit enquiries annually
What’s more amusing I guess to me here is how so many Freepers think business is easy without credit
Dave Ramsey logic on business expansion and management
But like I pointed out
His new building I guarantee has a mortgage or two
I have to pay someone to pay bills and she’s good
My old bookkeeper passed away just two weeks ago after 20 years leaving us stunned and lost to be honest
If I paid my own bills that would be a nearly full time job to keep up with
I’m not a big company which 12-15 employees but I do need a bookkeeper no question
Never said I was and bye the way, I was discussing me and my family, not you and yours.
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