Had a prospective Resident inquire recently. She did not make enough money but assured me her "very wealthy" parents were going to pay her rent for her. Dad's a dentist.

Now I know some would say get them as co-signers, but #1 they live 1.5 hours from here just across state lines and #2 if she can't pay her own bills NOW what will happen when Mom & Dad pull the plug, which they could the day after signing lease - they probably know the Covid rules. So they aren't on the hook AND I can't even threaten their credit.

Plus, if she cannot afford the place now, when we are semi-open, what happens if we go into lockdown again? She is a Yoga teacher, I doubt that's an essential service.

Very old red flag.

We are being more selective right now of applicants. We have a 2 BR apartment available and we have had well in excess of 100 inquiries in 2 weeks from Facebook alone. Of the 100, maybe 20 or less have responded to the pre-screen questions, and maybe only 10-15 of those I can send on to call our manager.

Since FB went to a new format, I have not been able to figure out to post our vacancies as a "business" we have 2 FB pages for our separate complexes. If anyone can help me out on that, I would appreciate it!

I had one inquiry yesterday that sent back their pre-screen answers; 3 cats. When I informed him that company policy was only one animal per apartment, he responded he thought we were a "private" landlord -- meaning they are fishing for someone who won't screen. I had already determined by checking our State Court records that they would not be eligible -- they are being evicted right now, and had two other evictions in the past with $$ owed to the other landlords. And the really funny part was, his "roommate" had tried the day before, had sent back answers to the SAME pre-screen questions, and had been turned down.

So Landlords need to be really on your toes right now -- the deadbeats are getting desperate!

I've taken a couple with cosigners this summer. They were people with good jobs, but lousy credit. Usually because of a divorce recently.

One with a possible eviction from two years previous, but when I called the property manager, even with a written release I could not get a clear answer. The applicant claimed that they had moved out because they could no longer afford rent. The complex did advertise that their rent started at $1500/month and went up. The current manager said they paid as agreed. Applicant was moving to be closer to family. Parents have stellar credit, and own real estate in the next county over. So I took a chance. Her rent is $675 a month and she earns about $50K a year. No reason she can't pay it.

I had a co-signer call yesterday. Stepmother calling for stepson. She and husband would cover rents until he got a job.(red flag-stepmother calls for him). She was going to be honest with me....he was just getting out of prison.(red flags all over). She lives in a town 30 miles from me and has been calling all over because everyone turns her down.(The red flag of desperation waving now)

He was driving intoxicated in 2014 at just 18 years old, had an accident, and two people died. But he has turned his life around.(pink flag) I was looking at him in online case records. He was sentenced to 6 years in 2014. In 2017, on parole, he had another DUI, and went back to prison. He was paroled again October 2019, and was immediately busted for public intoxication and marijuana possession. Back again to prison to finish his term. She did not know anything about those busts.

Hmmmm. He ain't learned anything from this. I wished her well on her search for some home other than hers.

Thank you for the reminders to watch how we screen.

Annie - that always makes me laugh a little. People here are begging for "private landlords". They don't even call me because I have my company name on all my ads. These people post on the rent sites on FB looking for x bedrooms, x price range, x side of town, PRIVATE LANDLORDS ONLY. It's amazing to me that the "private landlords" can't read the writing on the wall. They just keep cycling through the LL's....

Yikes! Find a legal reason to deny her, forget about Mommy and Daddy across state lines. Yoga teachers are a dime a dozen, and don't make a reliable income.

Thanks.

I've got shacks sitting empty. I've decided to wait it out. I think the distraction of poor teni would upset my winter. Sooner or later inflation will balance my ledgers out.

Yes, what I'm writing sounds crazy, however I can't remember a time where the courts said it was okay for teni not to pay, where the media promoted it, and politicians campaigned on it.

W,

Interesting.

Yoga inst: no.

Ery tru that the moratorium designed to protect renters has now made it harder for them to rent. Every political action has a reaction.

Me? A co-signer is a new screening item in our criteria. It helps protect me during CDC. Parents on the lease want to protect their credit.

Parent promise? No. Parent signature on the lease? Yes.

BRAD

Thanks for the tip on FB; I will try to use my phone -- just is so much easier for a Seasoned Citizen to use a desktop. I will also try the switch to the old format. I am not crazy about their new format, but what can you do?

We have much success with requiring co-signers. First time renters sometimes need a chance, and if Mom and Dad will put themselves on the line, and they have good credit, it says a lot on how Jr. was raised. We used to take the co-signer off after the first year, but have since required the co-signer to remain on the lease the whole time a first timer lives in our spaces.

I am searching for and adapting new methods to protect myself from this and future moratoriums.

No, we will not accept a person who must RELY on co-signors or "promise payers", but we are now asking NORMAL applicants if they can provide one as insurance for me.

An available co-signor increases their screening score.

BRAD