looking without rent (by jeffpas [IL]) Feb 12, 2018 9:35 AM|
looking without rent (by Robert,OntarioCanada [ON]) Feb 12, 2018 9:59 AM
looking without rent (by J [FL]) Feb 12, 2018 10:14 AM
looking without rent (by Deanna [TX]) Feb 12, 2018 10:24 AM
looking without rent (by razorback_tim [AR]) Feb 12, 2018 10:29 AM
looking without rent (by RB [MI]) Feb 12, 2018 11:01 AM
looking without rent (by Jeff [CO]) Feb 12, 2018 11:20 AM
looking without rent (by Beth [WI]) Feb 12, 2018 11:23 AM
looking without rent (by Johnny B. [MA]) Feb 12, 2018 11:41 AM
looking without rent (by Robert,OntarioCanada [ON]) Feb 12, 2018 11:49 AM
looking without rent (by Ken [NY]) Feb 12, 2018 1:06 PM
looking without rent (by CGB [MI]) Feb 12, 2018 2:50 PM
looking without rent (by Andrew, Canada [ON]) Feb 12, 2018 3:11 PM
looking without rent (by RathdrumGal [ID]) Feb 12, 2018 6:47 PM
looking without rent (by David [KY]) Feb 12, 2018 8:58 PM
looking without rent (by nhsailmaker [NH]) Feb 13, 2018 3:51 AM
looking without rent (by WMH [NC]) Feb 13, 2018 4:49 AM
looking without rent (by cjo'h [CT]) Feb 13, 2018 12:36 PM
looking without rent (by Ray-N-Pa [PA]) Feb 13, 2018 7:05 PM
looking without rent (by jeffpas [IL]) Posted on: Feb 12, 2018 9:35 AM
I may sound stingy on this, but any tenant applicant that doesn't have 1st month's rent and security deposit on hand seems like a disaster waiting to happen.
Honestly.... I've had people apply for an apartment and not even have a complete rent payment! What could they possibly be thinking. And if they can't even weather the deposit, how can you expect them to pay every month, when all those emergencies happen?
"Can you hold it for me for $100"
This to me sounds like the worst idea ever. You have to turn down other applicants with cash, and leave the apartment vacant losing money until they finally get their finances in order. And if they back out which is just as likely, inevitably they're angry at you- for 'stealing' money from them.
Anyone have any positive experiences with the 'I'll have it for you Tuesday' new renter, or the down payment squatter? I just thought I'd get feedback tx
looking without rent (by Robert,OntarioCanada [ON]) Posted on: Feb 12, 2018 9:59 AM
In Ontario there is no damage or cleaning deposit where first and last. In the past everyone allowed without a deposit evicted within the first year or less. If rent is a issue before they move in then rent will be definitely be a issue once they move in. At least get half of a deposit or walk. --147.194.xxx.xxx
looking without rent (by J [FL]) Posted on: Feb 12, 2018 10:14 AM
Jeffpas I don't think you're being unreasonable at all. If they can't come up with that it tells you have nothing--no savings if anything goes wrong.
Having said that I've heard of landlords in Grade D neighborhoods that will "work with" someone on the security deposit -- pay in installments. --72.188.xxx.xx
looking without rent (by Deanna [TX]) Posted on: Feb 12, 2018 10:24 AM
It all depends on your tenant pool.
If you're renting a $2,500/month apartment in Chicago, I'd definitely expect my tenant pool to not flinch at paying first month's rent, last month's rent, and security deposit. That can easily run, what, $7k? That's significant.
But if you're renting to people who flip burgers or who manufacture doodads for minimum wage, they're not going to have $7k liquid, which is fine, because they're also not renting $2,500/month apartments. They might be renting a place that's more like $400 or $500/month. And the landlords operating in that market might not be able to get first and last plus SD... maybe just first and SD. And maybe sometimes, with the cost of getting electric, and gas, and water switched over into their name, perhaps their options are "be strict and have four months' worth of vacancy before they find someone who's qualified"-- and lose $1600-$2k in lost rent while they're waiting-- or "work out a payment plan to get past the move-in funds, and then get back to normal."
So, yeah. People will ask you anything. And you definitely shouldn't say "yes" casually. :) Unreasonable expectations happen at any price point. :) I have a $360/month 1/1 sfh, and I had the neighbor's son call me up. It's him, his girlfriend, and his father, and between the three of them, he has the only paycheck, and earns about $500 month. That was a bad idea on all sorts of levels, and obviously, I didn't go for it. :)
It's okay to take calculated risks. But there's a lot of variables to take into account when you do it for the right person. --96.46.xxx.xx
looking without rent (by razorback_tim [AR]) Posted on: Feb 12, 2018 10:29 AM
Seems like Iíve had a lot of lookers in the past few weeks who are looking in anticipation of getting their tax refund from Uncle Sam. --166.137.xxx.xx
looking without rent (by RB [MI]) Posted on: Feb 12, 2018 11:01 AM
Sounds like J. Wellington Wimpy :
" I'd gladly pay you Tuesday for a Hamburger Today." --47.35.xx.xx
looking without rent (by Jeff [CO]) Posted on: Feb 12, 2018 11:20 AM
Robert,OntarioCanada, those would be actual problems and not issues. --76.120.xx.xxx
looking without rent (by Beth [WI]) Posted on: Feb 12, 2018 11:23 AM
What are the stats? Something like roughly half of the US doesnít have funds available for a $500 ot $1000 unplanned expense? That is going to apply for most tenants, I imagine. So, I am not surprised that you see a lot of prospects without the necessary funds available to move in. If --24.177.xxx.xx
looking without rent (by Johnny B. [MA]) Posted on: Feb 12, 2018 11:41 AM
I have that as one of my pre-screening questions... do you currently have the move in funds of $X available. No sense in showing the place if they canít afford it! --24.147.xx.xxx
looking without rent (by Robert,OntarioCanada [ON]) Posted on: Feb 12, 2018 11:49 AM
In Ontario it takes 5 to 6 months to evict problem tenants so one is going to avoid that drama along with hassle. Now more then ever before many are leaving the rental housing industry then avoiding this environment. We may have less then four months of the Fiberals. --70.27.xxx.xxx
looking without rent (by Ken [NY]) Posted on: Feb 12, 2018 1:06 PM
I buy houses regularly from landlords who tell me they moved in on a promise to pay and never paid a dime,i got a call today from someone who let tenants move in with no money,they haven't paid since and moved in January and landlord promised a land contract which may mean a foreclosure not an eviction in this state. --72.231.xxx.xxx
looking without rent (by CGB [MI]) Posted on: Feb 12, 2018 2:50 PM
I recently had an applicant who paid the application fee and was approved. When I told her the "holding fee" was required within 24 hrs I never heard another word form her again. I suspect she did not have the funds. Now in my application there is a direct question "Will you have the holding fee within 24 hrs if you are approved." Rented to a couple after 24 hrs passed. --50.77.xxx.xxx
looking without rent (by Andrew, Canada [ON]) Posted on: Feb 12, 2018 3:11 PM
As Robert said, if they dont have the proper funds prior to moving in, when they are trying to work with you and convince you to accept them, they are even less likely to give you the rent once they have moved in and now have legal rights.
I now require first and last in cash or money order AND I require it within 48 hours (when the lease is to be signed), of approval of a prospects application.
For me its part of the screening process. Dont have the funds....sorry, in ontario I cant take the risk. --65.94.xxx.xxx
looking without rent (by RathdrumGal [ID]) Posted on: Feb 12, 2018 6:47 PM
We require first and SD for our apartments. Even if they have to borrow from family (and some do) these funds are required at lease signing. --98.146.xxx.xx
looking without rent (by David [KY]) Posted on: Feb 12, 2018 8:58 PM
Part of my pre-screening criteria is if we move forward they must present their last two checking account statements to me along with last years W2's and their most recent paystub with year to date totals on it. I ask them before I ever show a place if they are able to produce these documents if we move forward. This eliminates a ton of tire kickers and saves a ton of time showing places to people that never had a chance. --173.239.xxx.xx
looking without rent (by nhsailmaker [NH]) Posted on: Feb 13, 2018 3:51 AM
I have a motto: always ask because there are 3 thing people can answer - YES, NO , And MAYBE - and two of the three are good.
If they seem like a good prospect I ask them to put in writing why they need what that are asking and what is their plan to pay. I rarely get back a written request to accommodate their problem. That way I dont seem like an ogre when I say NO !
Remember "dont let tenants make their problem your problem".
looking without rent (by WMH [NC]) Posted on: Feb 13, 2018 4:49 AM
I rent Class C houses. Rents range from $700 for a tiny studio to $1200 for townhouse. I've raised Security Deposit to $200 then $250 soon $300 above rent.
I market 60 days when possible, and yes I *will* work with folks on a deposit in that time frame.
1/2 deposit amount as Holding Fee - non-refundable if they don't follow through.
Remainder deposit 2 weeks later.
First month's rent before possession.
Works for me. As long as I have it all before move-in. --50.82.xxx.xx
looking without rent (by cjo'h [CT]) Posted on: Feb 13, 2018 12:36 PM
Robert in Toronto,what do you think Caroline Mulroneys chances are of getting in?....................charlie................................seems pretty bright.................................... --174.199.x.xxx
looking without rent (by Ray-N-Pa [PA]) Posted on: Feb 13, 2018 7:05 PM
No hamburger.........just cheese burgers --24.101.xxx.xxx