 Fair Credit No Savings (by Detra [DC]) Jan 13, 2016 1:20 PM
 Fair Credit No Savings (by Pattyk [MO]) Jan 13, 2016 2:00 PM
Fair Credit No Savings (by Stephen [ON]) Jan 13, 2016 3:51 PM
Fair Credit No Savings (by detra [DC]) Jan 13, 2016 5:22 PM
Fair Credit No Savings (by Pattyk [MO]) Jan 13, 2016 5:57 PM
Fair Credit No Savings (by BRAD 20,000 [IN]) Jan 13, 2016 10:28 PM
Fair Credit No Savings (by Detra [DC]) Jan 14, 2016 5:17 AM
Fair Credit No Savings (by Tom [FL]) Jan 14, 2016 8:43 AM
Fair Credit No Savings (by Kyle [IN]) Jan 14, 2016 8:44 AM
Fair Credit No Savings (by Nancy [IN]) Jan 14, 2016 10:58 AM
Fair Credit No Savings (by Detra [DC]) Posted on: Jan 13, 2016 1:20 PM
Message:
Applicant has fair credit and no substantial savings ($500). Husband earns good money but they don't save. He owns a condo with $2100 mortgage. Want to rent my house for $1850. Plan to rent out condo. It's too small for their family with 3 children. Husband owned condo before marrying.
When I expressed concern he said he can take money out of his 401(k) which has $21,000 in it, can borrow from relatives or last but not least "he is getting money back from his tax return". I'm on the fence with this one.
--108.51.xx.xxx |
Fair Credit No Savings (by Pattyk [MO]) Posted on: Jan 13, 2016 2:00 PM
Message:
To many" ifs" pass. To many places for them to fail and to.much time needed to correct. Next ! --66.87.xx.xx |
Fair Credit No Savings (by Stephen [ON]) Posted on: Jan 13, 2016 3:51 PM
Message:
I agree, there is too much going on and too little asset backing. You do not mention income but it seems they are living on the edge. If they fail you will be left with all the headaches of ending a bad tenancy. Next! --108.63.xxx.xx |
Fair Credit No Savings (by detra [DC]) Posted on: Jan 13, 2016 5:22 PM
Message:
Brings home $5000 per month --107.77.xxx.x |
Fair Credit No Savings (by Pattyk [MO]) Posted on: Jan 13, 2016 5:57 PM
Message:
This is something i've been experiencing here, they can make the money, but they can't manage it. Ask for two months bank statements, you'll most likely find alot of small purchases, mostly for food and ATM withdraws. Sad. Just got rid if my tenant, looked good, sounded good,but they just couldn't figure it out. --66.87.xx.xx |
Fair Credit No Savings (by BRAD 20,000 [IN]) Posted on: Jan 13, 2016 10:28 PM
Message:
Detra,
Proves my point - even people with great incomes do not have money.
Pass on this one. He told you he does not have the money.
His explanation shows he's a juggler.
You would be the next jugglee.
BRAD
--68.50.xx.xxx |
Fair Credit No Savings (by Detra [DC]) Posted on: Jan 14, 2016 5:17 AM
Message:
You are right about the small purchases on the bank statement. My first thought was to pass but my son who does the interviewing for me "likes" them and was pushing for them. He thought since the husband made good money that he was a good candidate. Of course, he's not the one that will have to go through the eviction process in a tenant favorable place like Washington DC.
I have never made as much money on a job as any of my friends but I ended up with more because I saved. Something that people don't seem to know anything about these days.
Thanks everyone. I'm going to pass.
--108.51.xx.xxx |
Fair Credit No Savings (by Tom [FL]) Posted on: Jan 14, 2016 8:43 AM
Message:
savings ($500).
Husband earns good money $5,000
He owns a condo with $2100 mortgage.
Want to rent my house for $1850.
401(k) which has $21,000
he is getting money back from his tax return
2100 mortgage
1850 Detra DC rent
Total 3950 mortgage and rent x 3 = 11,850 monthly income to support rent and mortgage.
11,850 - 5000 actual income 6,850 needs additional income to support his total debt load...
RUN!!!
NEXT!!!
$5,000 is an excellent income HOWEVER with his debt load he's working toward bankruptcy...
AND/OR living in your unit for free for a few months...
--99.56.xx.xxx |
Fair Credit No Savings (by Kyle [IN]) Posted on: Jan 14, 2016 8:44 AM
Message:
Do you have written criteria? Does your criteria include assets? I am guessing this is a higher income rental, so you likely have more restrictive criteria than I have for my low income places. My tenants usually don't have $500 except on pay day. Tenants at all income levels can be spenders and have very minimal savings.
I would take them if they could pay the rent and deposit. But, you are in a tenant friendly jurisdiction, my area is fair to tenants and landlords. I would recommend updating your written criteria to account for your concerns about liquid assets. --68.38.xxx.xxx |
Fair Credit No Savings (by Nancy [IN]) Posted on: Jan 14, 2016 10:58 AM
Message:
What Tom (FL) just said. Run. --68.39.xxx.xxx |
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