 Applicant with Trust (by Gene [OH]) Oct 21, 2017 6:07 PM
 Applicant with Trust (by Vee [OH]) Oct 21, 2017 6:23 PM
Applicant with Trust (by AllyM [NJ]) Oct 21, 2017 6:34 PM
Applicant with Trust (by Robert J [CA]) Oct 21, 2017 11:20 PM
Applicant with Trust (by Gene [OH]) Oct 22, 2017 4:17 AM
Applicant with Trust (by LindaJ [NY]) Oct 22, 2017 5:16 AM
Applicant with Trust (by David [NC]) Oct 22, 2017 5:48 AM
Applicant with Trust (by Jim in O C [CA]) Oct 22, 2017 7:32 AM
Applicant with Trust (by Tom [ME]) Oct 22, 2017 9:06 AM
Applicant with Trust (by Chris [CT]) Oct 23, 2017 4:29 PM
Applicant with Trust (by Gene [OH]) Posted on: Oct 21, 2017 6:07 PM
Message:
I had someone show up who is using their trust to pay for their rent. What are the pros and cons of having a tenant with no income other than a trust?
--99.165.xx.xxx |
Applicant with Trust (by Vee [OH]) Posted on: Oct 21, 2017 6:23 PM
Message:
They need to pre-pay 10 months, there is nothing you can do when something goes wrong - no garnishment, got a dog place you want to sell them? --76.188.xxx.xx |
Applicant with Trust (by AllyM [NJ]) Posted on: Oct 21, 2017 6:34 PM
Message:
The biggest issue is getting someone to sign the checks when it's a lawyer that is the Trustee. Sometimes the trust beneficiary has to demand that a new trustee be used or to demand that property or cash be released to the beneficiary. It can take some time if the Trustee has a crappy assistant and the lawyer/trustee himself, can't be found. but find out how much money is in the trust and what kind of interest does it make and the make your choice. Find out who the Trustee is and if they are competent. It's no different than having Dad pay. --73.33.xxx.xxx |
Applicant with Trust (by Robert J [CA]) Posted on: Oct 21, 2017 11:20 PM
Message:
I had a fantastic women who's grandmother left her almost a million dollars in trust. Before renting to her, her grandmother's lawyer sent me confirmation of the terms of the trust. "Rent and utilities to be paid buy the trust".
The only issue was if a "dude/guy" moved in with her, the trust would only pay HALF of the "costs". Of course the dud had no job and wouldn't help out. So I ended up evicting her..... Once she was out, the boyfriend split! --47.156.xx.xx |
Applicant with Trust (by Gene [OH]) Posted on: Oct 22, 2017 4:17 AM
Message:
I was kind of leary for various reasons, but at least I can use the trust as an easy out. Thanks everyone for the info. --99.165.xx.xxx |
Applicant with Trust (by LindaJ [NY]) Posted on: Oct 22, 2017 5:16 AM
Message:
I would investigate more on the trust setup and the trustee. I am trustee for a trust and my duty is to write the necessary checks for living expenses. It may be a better arrangement than you think. --96.236.xx.xx |
Applicant with Trust (by David [NC]) Posted on: Oct 22, 2017 5:48 AM
Message:
Why not make them pre-pay quarterly? Then you only have to worry about it quarterly. --65.188.xxx.xxx |
Applicant with Trust (by Jim in O C [CA]) Posted on: Oct 22, 2017 7:32 AM
Message:
Some years ago I had this situation. The trust attorney had to handle everything. After 3 days of telephone tag getting information any regular tenant could provide I opted out. --75.22.xx.xxx |
Applicant with Trust (by Tom [ME]) Posted on: Oct 22, 2017 9:06 AM
Message:
They stay home all day. No need to go to a job. --76.178.xxx.xx |
Applicant with Trust (by Chris [CT]) Posted on: Oct 23, 2017 4:29 PM
Message:
I'd only do it if they paid for a full year up front. I'm not chasing a trust attorney for my check. --24.45.xxx.xx |
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