Took an app from someone who spent about $ 3000 at casinos this past month. Has a credit score of 567. Was late on his car note in January. He didn't provide all of the requested bank statements. I'm sure they would reflect the same.

Normally, I use the statements to verify rent payments (he looks like he was late and making partial payments on the rent) and the pay. The gambling was unexpected.

I'm curious - How do you know?

I'm going to revamp my process and turn this into a revenue stream. I prescreen using my own form or the Zillow application. Generally that means quickly checking criminal and LL/tenant records. When we get to the app, the tenant pays the credit check vendor directly. I'm going to switch this up and prescreen only on income and criminal. If they pass, I'll invite them to a showing and if they want to go forth, they pay me $ 50 to 60 per person for the application and I'll pay the credit check vendor myself. At that point, I'll do the LL/tenant case check. The idea is to get paid for the checking and I won't pay the credit check vendor unless the app itself checks out. Too many folks swinging for the fences and taking up time. I had three evictees that I declined today on the pre-screening that I might have gotten application fees out of.

Gman,

Congrats on letting people pay for your time!

Me? Streamline it. I don't bother pre-screening. Just pay $25 for an app and we'll screen.

We accept Zillow apps because it gives us their credit report for free to me. But not all prospects come thru Zillow.

Charge whatever you want. A local Pro PM charges $75 per person! I am comfortable with the $25 for two persons because it pays for our time but is not large enough to scare away decent, thrifty applicants.

We check their paystubs and court records first like you mentioned which eliminates 70% of applicants in minutes, BUT WE GOT PAID TO DO IT! Not a free pre-screen taking our time and energy.

A quick check of my 19 point checklist (Facebook, Google, LinkedIN, current and previous LLs who answer their phones, drive by if warranted...) gets us down to the REAL 3% who might qualify.

No more showing people who turn out to be duds.

Now we tell them they are pre-approved and give them the lockbox code while we continue verifying their LL info etc.

New:We're now asking for a printout from their current management company portal - they can get it themselves when many PMs will not give out references, easier to see on time or late payments logged in by their current PM.

BRAD

Another thought...

Until recently gambling in Indiana was limited to a handful of casinos and illegally online.

NOW, I am bombarded with ads, several each day for Fanduel and others making gambling soooo easy and fun, even offering me $150 free money to gamble if I make a small bet.

Right their in my hand on my phone. SOOOO convenient. I cannot imagine a person with gambling compulsion resisting the advertising.

Akin to placing a beer in an alcoholic's hand.

BRAD

The gambling mindset feeds into a personal philosophy that says, "one gets ahead in life quickly with big results."

The philosophy that has served me is "slow and steady."

A gal pal and her husband hit for $18M in a IPO back in the dotcom craze. Lived the high life for 30+ years. Now divorcing. He says "the money is GONE". Bank statements during discovery show he is losing 75k/yr to Fandual and Draft King.

Put it all in a non-interest bearing checking account?

Bet it all on one spin of the roulette wheel?

Buy in heavily to a pyramid scheme?

Reply to an email from a Nigerian Prince?

Extended vehicle warranty?

ken - it's still a mystery. Besides the gambling he gave 5M to another startup that failed, 1M to child hood friend .... but it is believed he squirreled a bunch away to family to "hold" for him until the divorce was final. She stopped fighting and just settled for 6k/mo plush 25% of an heritance he has coming.

This is all happening before the start of March madnes....one of the largest bet on sports events.