 collectable income? (by Hammer [TN]) Sep 4, 2019 9:59 AM
 (by WMH [NC]) Sep 4, 2019 10:44 AM
(by myob [GA]) Sep 4, 2019 10:50 AM
(by Nicole [PA]) Sep 4, 2019 10:51 AM
(by Oregon Woodsmoke [ID]) Sep 4, 2019 11:09 AM
(by Oregon Woodsmoke [ID]) Sep 4, 2019 11:11 AM
(by S i d [MO]) Sep 4, 2019 12:03 PM
(by David [MI]) Sep 4, 2019 1:32 PM
(by 6x6 [TN]) Sep 4, 2019 6:24 PM
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collectable income? (by Hammer [TN]) Sep 4, 2019 9:59 AM
Message:
One of the screening criteria I keep seeing mentioned is collectable income.
What income qualifies as collectable?
What income is excluded?
Thanks
--137.119.xxx.xx |
collectable income? (by WMH [NC]) Sep 4, 2019 10:44 AM
Message:
w w w .nolo.com/legal-encyclopedia/tennessee-wage-garnishment-law.html --50.82.xxx.xx |
collectable income? (by myob [GA]) Sep 4, 2019 10:50 AM
Message:
we don't take anyone who can't be collected on Sec8, retiree's or any welfare program.
We take applicants who have been on their jobs an extended time and are with companies who have been in business awhile. Companies that offer benefits are golden. Tenants aren't going to leave those company's.
We check Sec of State web site to verify the company's are current on registration and who their registered agent is. Next we check if their paycheck is being garnished already?
Keep this in mind-- only a percent of pay can be garnished and if they have kids-- that's taken into consideration. The state has a formula of how much can be taken when the garnishee has debts like kids.
Also if an employer doesn't take the money-- the employer is now liable for it. You can shut down their busness by locking their operating accounts until your paid. This is why companies don't like any employees to be garnished-- one brain fart and the debt is theirs. --99.103.xxx.xxx |
collectable income? (by Nicole [PA]) Sep 4, 2019 10:51 AM
Message:
Current ability to pay rent is WAY above collecting on a judgment.
You know old stuff still works ... bird in the hand --72.70.xxx.xxx |
collectable income? (by Oregon Woodsmoke [ID]) Sep 4, 2019 11:09 AM
Message:
First, check if your state allows garnishment of wages. That's the only difference about income being collectible.
If your state doesn't forbid discrimination on source of income, and you put collectible income on your written list of criteria, it is an excellent legal way to keep out welfare, section 8, and disability who are problem tenants more often than not. Then you can just say no and not waste time screening for a legal reason to reject.
I have no problem with accepting people with a social security check or a disability check as long as they have a very high credit score and excellent landlord references. If they have been paying all of their life and not causing trouble, they are very likely to still remain good for me.
For my rentals people on social security don't have enough income, but I sometimes get a couple where one has good income and the other has social security or a (genuine reason) disability check. --98.146.xxx.xxx |
collectable income? (by Oregon Woodsmoke [ID]) Sep 4, 2019 11:11 AM
Message:
Do not reject for income not collectible if your state does not permit discrimination against source of income, or, as several states are now doing, make it illegal to reject Section 8. --98.146.xxx.xxx |
collectable income? (by S i d [MO]) Sep 4, 2019 12:03 PM
Message:
Every state is going to have different rules, but the general overall rule is no garnishing of Social Security, pension and 401K (protected under Employer Retirement Income Security Act aka ERISA), or Govt programs/bennies. There are also limits on the amount of things like court-ordered payment (i.e. child support). Tops out at 50% of "disposable" income, I think.
IRAs can also be protected in some circumstances, especially if funded with roll overs from 401K since they originated in an ERISA protection plan.
Bottom line: your best bet is EARNED INCOME. Look for W-2 income from stable businesses with a foot print. Self-employed is a no go, unless they are the owner of said stable business with a foot print b/c then you can lien business assets. It's rare I get applicants like that. --107.216.xxx.xxx |
collectable income? (by David [MI]) Sep 4, 2019 1:32 PM
Message:
income is merely ABILITY to pay. credit is WILLINGNESS to pay. You need both in good tenants.
Someone who is unwilling to pay rent, I have to question what else in the lease they are unwilling to do.... --144.250.xx.xx |
collectable income? (by 6x6 [TN]) Sep 4, 2019 6:24 PM
Message:
Lots of good answers here.
Thank you WMH
Hammer, we do not have to except section 8 in Tennessee. --73.120.xx.xxx |
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