 Additional deposits (by Tj [FL]) Mar 12, 2019 10:29 AM
 Additional deposits (by Oregon Woodsmoke [ID]) Mar 12, 2019 1:53 PM
Additional deposits (by Oregon Woodsmoke [ID]) Mar 12, 2019 1:56 PM
Additional deposits (by myob [GA]) Mar 12, 2019 3:02 PM
Additional deposits (by moby [IN]) Mar 12, 2019 7:11 PM
Additional deposits (by Tj [FL]) Posted on: Mar 12, 2019 10:29 AM
Message:
What do you take extra deposit on, and for how much extra? For instance, taking $400 flat fee, or double the deposit if applicant doesn’t have a landlord reference. Do you take extra if they have no credit? What about when they have not been on their job over 1 year ( or through their probationary period). What else and how much do you bend your criteria to accept someone, if at all. Are all these exceptions (extra deposits) spelled out on your rental criteria page for them to see up front? --162.238.xx.xxx |
Additional deposits (by Oregon Woodsmoke [ID]) Posted on: Mar 12, 2019 1:53 PM
Message:
I don't bend the criteria much.
I took a double deposit from a guy that had a blip on his credit after breaking his shoulder. It was very clear on the credit report: good payer until the medical emergency, now back to work and paying down the old bills. Excellent landlord references, at his current house the yard looked like the cover of House Beautiful. I knew the employer at his new job. He worked out well and got every penny of his double deposit back.
I took a co-signer on the kids who had just gotten back from a year teaching in Korea. Kids and co-signer all had scores over 800 and the cosigner owned expensive real estate. I required the co-signer because of their lack of landlord references and very short time on their new jobs.
Other than that, not so much, but my rentals were in an area where the vacancy rate was under 1%, so no problem getting a better applicant. --98.146.xxx.xxx |
Additional deposits (by Oregon Woodsmoke [ID]) Posted on: Mar 12, 2019 1:56 PM
Message:
What my criteria says is that I expect a credit report that assures me that I will be paid without issues.
I don't find much value in the actual credit score. Often the score makes no sense at all. --98.146.xxx.xxx |
Additional deposits (by myob [GA]) Posted on: Mar 12, 2019 3:02 PM
Message:
Here's one I just did today. 2 apps (boy and girlfriend) -- one score 540 other 520. Both moving here for new job with major company. With verification letters showing income. Verified letter with company.
Rent is 975. dep was 900. Increase dep to 2000.00. Prorated rent is 570.00. Moving in 15th. So they paid the 2K and 15th another 570.00 with lease signing. First of Apr 975.00 due.
so our offer was after 30 days of pay from new job and showing an income of 3K we will take 975.00 from the deposit and pay the next months rent from it. That leaves them with 1025.00 dep. THEY must supply that 30 day check amount to get the 975.00. --99.103.xxx.xxx |
Additional deposits (by moby [IN]) Posted on: Mar 12, 2019 7:11 PM
Message:
That looks like a good plan myob. I just take an additional 50% haven't done it often and it has worked out. It is always in the case of short time on the job. --68.60.xxx.xx |
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