Background Checks And Evictions

Does anyone have a reasonable priced service they use for doing background criminal checks and past eviction checks for potential Lease Option tenant?

Thanks,
Joe B.

Comments(9)

  • d_random20th June, 2005

    National Tenant Network is good. Check them out:

    http://www.ntnnet.com/index2.html

  • cjmazur26th May, 2005

    did they disclose APRs? That will help you shop, and see which is the cheapest.

    Do you really want 30yr money?

    Do you have a financial calculator or excel? You could calc your payments.

  • d_random26th May, 2005

    cjmazur

    Please explain why you think he/she would not want a 30 yr loan?

  • johnnyloans26th May, 2005

    I have a list of lenders that go 90-100% LTV depending on fico of borrower.

  • mcole26th May, 2005

    Greetings alexlev,

    At first glace, the loans don’t look too bad – with the exception of the PMI on the first one. You should be able to get around that.

    Also, are the points for a buy-down? Or, are they for loan origination? If they’re for loan origination, I would ask your broker how much yield spread is on the backend.

    As you may know, a broker makes money from the points they charge, as well as from the yield spread. But, the amount of spread can affect your interest rate. So, it would probably be beneficial to find out if there’s any rate bump from that.

    Whether to go fixed rate or not is a tough call, and could probably be argued either way. A lot really depends on your own comfort level, your investment strategies, how long you typically keep a loan (not the property), your market area, etc.

    Just my thoughts on this

  • BMan26th May, 2005

    If the payments are similar and the tax breaks comparable then the only other thing to consider are closing costs. Take a look at which is cheapest to execute. If you plan on holding for more than 5 years this is the way to go if less than 5 years a 5 year adjustable will allow you more money in your pocket every month but in 5 years who knows where the rates will be....
    Good Luck

  • jam93719th June, 2005

    I just got a quote from a local bank for single family rentals in Ohio on 30 yr loans. All with $499 closings costs, no points or origination. I thought they were all pretty good.

    70% LTV, 30 years, 6.375%
    or
    80% LTV, 30 years, 6.875%
    or
    90% LTV, 30 years, 7.375%

  • dominicd7th June, 2005

    Look at the judgement you were granted. Does it give you the right to the rent and posession of property? If so....it means you can take the money and still evict her. Make the local judge explain it to you. You paid for the service.

  • ray_higdon18th June, 2005

    Do you have a security deposit on her? You should and yuo should do the right thing and give her the money back. It may come back to bite you if you keep her money and evict her (rocks through the windows, etc)
    [addsig]

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