Melanie Patterson

About the Author

Melanie Patterson

Melanie Patterson, MA, CBA is a staff writer at Fit Small Business specializing in Real Estate Investing with over 25 years of combined experience in real estate sales, property management, and residential buy-and-hold real estate investing. In addition to managing her own property, Melanie has also managed a women’s emergency shelter.

Before joining Fit Small Business, Melanie worked as a certified business advisor for the New Hampshire Small Business Development Center, a discretionary program of the US Small Business Administration and owned and operated a private home-based business as a business development, sales, and marketing coach.

When not writing for Fit Small Business, Melanie is in her gym training five days a week as a competitive natural bodybuilder, hiking, and kayaking on the many mountains and lakes in her region, and planting a small vineyard, and flower, herb, and veggie gardens on her 13.5 acre farm in rural NH where she lives with her husband, David, and their 17 year-old Jack Russell Terrier, Oscar.

6 Best Tenant Screening Services 2020

By Melanie Patterson on June 18, 2020 | Buyer's Guide, Property Management, Real Estate Investing | Comments (32)

The best tenant screening services offer criminal background checks, employment and income verification, and eviction history—all at an affordable price for landlords, tenants, and property managers. Depending on state laws, landlords can charge tenants for the application and tenant background check fees. Top 6 Tenant Screening Services Which Tenant Screening Service Is Right for You?…

4 Best Real Estate Portfolio Lenders in 2020

By Melanie Patterson on June 18, 2020 | Buyer's Guide, Real Estate Financing, Real Estate Investing | Comments (8)

Portfolio lenders provide unconventional mortgages for real estate investors looking for short-term, fast funding solutions, long-term loans for multiple rental properties, or commercial financing. Portfolio lenders hold the promissory notes instead of selling them on the secondary mortgage loan market. This type of loan is more expensive than a conventional loan, but lenders offer flexible…

12 Warning Signs in Tenant Screening Reports

By Melanie Patterson on June 10, 2020 | Property Management, Real Estate Investing, Tip List | Comments (0)

If you’re a landlord, running a background screening on your tenants is a necessity. Landlords can decide if overlooking the past history is worth it, but before you do, you need to understand the top renter screening warning signs. 1. Evictions Evictions won’t always show up on a credit background check. They’ll only show up…

What Does a Property Manager Do?

By Melanie Patterson on June 10, 2020 | Property Management, Real Estate Investing, What is | Comments (0)

Property managers manage, maintain, and operate residential and commercial real estate for property owners and real estate investors. Property managers perform a variety of tasks and range of duties, including finding and securing qualified tenants for vacant rental units. Some landlords who own fewer than 10 rental properties act as a property manager, self-managing their…

7 Ways Landlords Can Verify Proof of Income

By Melanie Patterson on May 12, 2020 | How To, Real Estate Investing, Rental Property | Comments (0)

Landlords should ask prospective tenants for proof of income to show they can afford to pay rent and to determine if they’re committing fraud with forged documents. Pay stubs are the best proof of income, but landlords also should collect at least one other proof of income document and compare the two. You can verify…

How to Evict a Tenant in 5 Steps + a Free Eviction Checklist

By Melanie Patterson on May 12, 2020 | How To, Property Management, Real Estate Investing | Comments (6)

Due to the COVID-19 pandemic, many landlords are temporarily prohibited from evicting residential and commercial tenants. If you’re a landlord who was in the eviction process before the CARES Act was signed into law on March 27, 2020, you may still be able to proceed with your eviction. We’ve included answers to some frequently asked…

How to Buy a Pre-foreclosure Home in 7 Steps

By Melanie Patterson on May 12, 2020 | How To, Real Estate Investing, Rental Property | Comments (4)

A pre-foreclosure occurs when a borrower defaults on their mortgage prior to their bank foreclosing and selling the property at auction. During pre-foreclosure, the homeowner can either sell the property or pay the outstanding balance on the loan. An investor can typically buy a pre-foreclosure below market value. Finding pre-foreclosures is tricky. You’ll need to…

How to Collect Rent Payments Online in 4 Steps

By Melanie Patterson on May 11, 2020 | How To, Property Management, Real Estate Investing | Comments (2)

Collecting online rent payments benefit landlords by creating an easy and automatic way for tenants to pay rent. It also means no more driving to collect rent or waiting for rent checks in the mail that you have to then take to the bank. Online rent payments make your rental property business more efficient and…

How to Screen Tenants for a Rental Property in 8 Steps

By Melanie Patterson on May 11, 2020 | How To, Property Management, Real Estate Investing | Comments (0)

Landlords should know how to screen tenants for their rental units. They do so by running credit checks, verifying income, confirming employment, conducting criminal background checks, and verifying prior landlord and residence histories to assess whether a prospective renter will make a good tenant. Proper screening helps landlords avoid the common challenge of accepting applicants…

Private Money Lenders: How to Get Private Money Loans

By Melanie Patterson on May 8, 2020 | Real Estate Financing, Real Estate Investing, Ultimate Guide | Comments (17)

Private money loans are good for both short- and long-term investors in need of quick financing to compete with all-cash buyers. Investors sometimes use a private money loan, also known as a hard money loan, to purchase a property before refinancing to a long-term conventional mortgage. Investors who don’t qualify for conventional mortgages also may…

Rehab Loans for Investors: FHA 203(k) Loans, Hard Money & More

By Melanie Patterson on May 8, 2020 | Real Estate Financing, Real Estate Investing, What is | Comments (0)

Rehab loans help real estate investors fund the purchase and renovation of residential properties. Short-term investors use them to fix-and-flip properties as well as long-term investors who need renovation financing for rental properties. A rehab loan combines property purchase and rehab costs into a single short-term loan with quick funding and interest-only payments. 3 Types…

Portfolio Loans: Rates, Terms, Qualifications & Where to Find

By Melanie Patterson on May 8, 2020 | Real Estate Financing, Real Estate Investing, Ultimate Guide | Comments (2)

A portfolio loan is a mortgage designed for real estate investors who don’t qualify for a traditional mortgage or who are financing multiple properties on a single loan. Because portfolio lenders carry the risk—the loans don’t meet guidelines that allow them to be bought by Fannie Mae or Freddie Mac—they create their own underwriting guidelines…