Social Security (by Triplexer [IL]) Mar 14, 2019 10:06 AM|
Social Security (by razorback_tim [AR]) Mar 14, 2019 10:29 AM
Social Security (by Deanna [TX]) Mar 14, 2019 10:31 AM
Social Security (by Jim in O C [CA]) Mar 14, 2019 11:27 AM
Social Security (by S i d [MO]) Mar 14, 2019 11:42 AM
Social Security (by Triplexer [IL]) Mar 14, 2019 12:19 PM
Social Security (by Ken [NY]) Mar 14, 2019 1:01 PM
Social Security (by Live The Dream [AZ]) Mar 14, 2019 1:56 PM
Social Security (by Alan [CA]) Mar 14, 2019 8:15 PM
Social Security (by Robert J [CA]) Mar 15, 2019 5:33 AM
Social Security (by Oregon Woodsmoke [ID]) Mar 15, 2019 11:34 AM
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Social Security (by Triplexer [IL]) Posted on: Mar 14, 2019 10:06 AM
Does anyone have any thoughts/experiences they want to relate renting to tenants with Social Security? I may be doing my first.
Older lady with her live in (claiming not to be dependent) son.
I've been told a downside to renting to anyone on SS is you can't garnish wages in any kind of court settlement.... but to date I have never gone there, and think its more hassle than its worth to even attempt it with non-payers. Although its true I have yet to deal with a no-pay squatter.
I assume they can't do any kind of direct deposit, and my assumption also is given its a government organization it will be impassive, rulesy and completely uncooperative when asked. lol.
I just don't want to get surprised with "Oh legally you can't tell a person on Social Security to vacate." etc.
Social Security (by razorback_tim [AR]) Posted on: Mar 14, 2019 10:29 AM
Some people won’t take them because they aren’t garnsihable but I have some long-term very good tenants who’s only income is social security.
Screen as normal. The best indicator of future performance of a tenant is past performance. --166.137.xxx.xx
Social Security (by Deanna [TX]) Posted on: Mar 14, 2019 10:31 AM
The plus side is, a lot of older people are more stable. Their drama years are more likely to be behind them. They're regular in their habits, and if you don't move their cheese, they'll be content for a long time.
The minus side is, they're on a fixed income. If drama does hit-- it's very difficult for them to adjust.
I'd probably look harder at the son. If he has a stable job he's been in for a while and is contributing income, then that's a good thing-- they're working together like a functional family. If he's just kind of leeching off of mom and lying around all day--- that's not so great, and will bring the drama quotient way up. --96.46.xxx.xx
Social Security (by Jim in O C [CA]) Posted on: Mar 14, 2019 11:27 AM
Just make sure they have sufficient TOTAL income to afford the property including utilities. --99.23.xxx.x
Social Security (by S i d [MO]) Posted on: Mar 14, 2019 11:42 AM
It sounds like you're already aware of the worst risk: it is shielded income.
There is no state that I know of that allows tenants not to pay rent and stay, but an "expert" tenant can delay evictions for months if they know the system and how to appeal.
I only take garnisheable income, but if you want to do this, be sure to follow razorback_tim's advice and be diligent on all other areas. If they have excellent credit, excellent land lord references, and no trouble with the law, they could be good, long-term tenants.
Be careful she's not looking to move her son in then bail out on you. That's a common issue we've heard here time and again: the good party gets in, moves someone else in, then leaves. --173.20.xxx.xxx
Social Security (by Triplexer [IL]) Posted on: Mar 14, 2019 12:19 PM
Be careful she's not looking to move her son in then bail out on you. That's a common issue we've heard here time and again: the good party gets in, moves someone else in, then leaves.
Well that's certainly something to worry about. If they both sign the lease as co-tenants, what can be done?
She looks great, she has SSN and a part time job. He isn't working, but just got a new job starting Monday at Taco Gringo (confirmed). Provided, he actually goes in.
Sure would be a rental bomb to have an unemployed deadbeat son dropped on our porch lol
Social Security (by Ken [NY]) Posted on: Mar 14, 2019 1:01 PM
I take social security,SSI,SSD regularly as the only income from older single people.They just get the check and pay you,the govt is not involved like Section 8 or welfare.In your case I would want more info about the son,when did he work last? my guess he is leaching off the mom and wont keep the job a month.Not garnishable so I am zero tolerance on these people --72.231.xxx.xxx
Social Security (by Live The Dream [AZ]) Posted on: Mar 14, 2019 1:56 PM
I switched my apts to senior 62 plus a few years before selling. Most of my more recent tenants were mid 70's plus. Seldom had a problem with collecting the rent.
But with older folks you need to be sure they qualify. Sadly out here many elderly only get around $800-1,200 which often isn't even 2x rent. Just ensure they have adequate stable income AND FULL medicaid or a senior HMO health ins. Or medical bills will wipe them out.
Social Security (by Alan [CA]) Posted on: Mar 14, 2019 8:15 PM
Be sure to have Emergency Contacts on file for them in the event there is a medical problem or death. --71.198.xxx.xxx
Social Security (by Robert J [CA]) Posted on: Mar 15, 2019 5:33 AM
Around 50% of my tenants or applicants on Social Security have a check mailed to them that they take to a check cashing place because they have no valid bank account or are afraid of current judgement. This sends me a red flag. Unless someone on social security has direct deposit, they check can get lost in the mail or take days to receive, cash and convert into rent. --47.156.xx.xx
Social Security (by Oregon Woodsmoke [ID]) Posted on: Mar 15, 2019 11:34 AM
I've got no problem with SS income as long as the tenant has good credit. SS might not be garnishable, but it is reliable income and if the tenant has a lifelong habit of paying bills and not getting evicted, they are going to pay their rent with their income that is going to arrive every month. --98.146.xxx.xxx
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