3x Rent (by Johnny B. [MA]) Feb 20, 2021 9:47 AM|
3x Rent (by Robert J [CA]) Feb 20, 2021 10:04 AM
3x Rent (by Ken [NY]) Feb 20, 2021 10:22 AM
3x Rent (by Small potatoes [NY]) Feb 20, 2021 10:37 AM
3x Rent (by razorback_tim [AR]) Feb 20, 2021 10:41 AM
3x Rent (by Oregon Woodsmoke [ID]) Feb 20, 2021 11:24 AM
3x Rent (by Jerry [MA]) Feb 20, 2021 2:03 PM
3x Rent (by Sisco [MO]) Feb 20, 2021 2:07 PM
3x Rent (by Still Learning [NH]) Feb 20, 2021 2:13 PM
3x Rent (by PG [SC]) Feb 20, 2021 5:12 PM
3x Rent (by Lynn [MA]) Feb 21, 2021 7:33 AM
3x Rent (by Frank [NJ]) Feb 21, 2021 8:36 AM
3x Rent (by Jkj [MA]) Feb 21, 2021 1:12 PM
3x Rent (by BRAD 20,000 [IN]) Feb 22, 2021 1:25 AM
3x Rent (by Johnny B. [MA]) Feb 22, 2021 11:57 AM
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3x Rent (by Johnny B. [MA]) Posted on: Feb 20, 2021 9:47 AM
I have a question in my Google pre-screening questionnaire asking for gross monthly household income. I even specify that this is the income before taxes are deducted. I have a feeling that a lot of hourly people still put their take home income into this field. I feel this way because some of the responses have income that is so low I donít understand how they even think itís a possibility that they could afford the apartment if this is truly their gross income. Do other people experience this issue? Has anyone switched to requesting net/take home pay? If so, what do you use for a multiplier instead of 3x gross income? Iím asking this question only as it applies to per-screening so Iím not automatically dismissing a prospect thinking their income is too low, when in reality it may be sufficient but they just used net instead of gross. --174.242.xxx.xxx
3x Rent (by Robert J [CA]) Posted on: Feb 20, 2021 10:04 AM
I tell my applicants I need 3x the rent as income, taking into account their monthly obligations -- as listed in their credit report. Covering car payments, medical insurance, utility, credit card, student loan, etc. --47.155.xx.xxx
3x Rent (by Ken [NY]) Posted on: Feb 20, 2021 10:22 AM
Poor people only talk in terms of take home pay,maybe ask how much they make per hour and how many hours they work per week and figure it out yourself --72.231.xxx.xxx
3x Rent (by Small potatoes [NY]) Posted on: Feb 20, 2021 10:37 AM
I want to know what they take home. I just say total monthly income. Maybe one has asked if it was net or gross. They can't pay the rent w the taxes. Besides they use the tax refund like a windfall to splurge. If they make it through the pre-screening then I want to know what are their monthly obligations.
A small number do not know what they take home. People don't get paystubs like we used to. Many have to log into the payroll site to look and they don't. --100.38.xx.xxx
3x Rent (by razorback_tim [AR]) Posted on: Feb 20, 2021 10:41 AM
As Ken said, tenant types think only in terms of how much money they have to spend. I ask for bring-home pay on my application. That's what they have available to pay their bills. --70.178.x.xx
3x Rent (by Oregon Woodsmoke [ID]) Posted on: Feb 20, 2021 11:24 AM
I ask for take-home pay. That's what they have to spend and that is what they will be paying the rent with. Money that they have paid in taxes or paid for their insurance is not available to pay the rent with.
I also ask if they have other income that they want me to consider. --76.178.xxx.xxx
3x Rent (by Jerry [MA]) Posted on: Feb 20, 2021 2:03 PM
Ask for both gross and take home. That way they know there is a difference. --71.233.xxx.xx
3x Rent (by Sisco [MO]) Posted on: Feb 20, 2021 2:07 PM
I have found that requiring they attach pictures of their checkstubs is more effective than having dialogue of gross vs. net.
Net income is the more useful measure for screening purposes. --67.43.xxx.xxx
3x Rent (by Still Learning [NH]) Posted on: Feb 20, 2021 2:13 PM
I ask for hourly wage and weekly hours worked or yearly salary. --73.17.xx.xxx
3x Rent (by PG [SC]) Posted on: Feb 20, 2021 5:12 PM
I use the actual 3x number - 800 rent 2400 NET income.
Is your monthly NET income at least $2400? Yes or No
Keep the pre screen questions as simple as possible. I have 12 questions 10 are yes/no - 2 or brief answers. You would not believe some of the dumb answers I get.
3x Rent (by Lynn [MA]) Posted on: Feb 21, 2021 7:33 AM
The 3x rent is good for lower price units but when the rent is over $2k do you really need $6k? I also base on take home pay not gross income. --71.184.xxx.xx
3x Rent (by Frank [NJ]) Posted on: Feb 21, 2021 8:36 AM
Though we have been lucky, in such a class of rental and the cost of repairs and material I want all the security money the law will allow.u --174.225.xxx.xx
3x Rent (by Jkj [MA]) Posted on: Feb 21, 2021 1:12 PM
I ask ďwhat is your annual net income (after taxes and any withholdings)Ē --174.196.xxx.xxx
3x Rent (by BRAD 20,000 [IN]) Posted on: Feb 22, 2021 1:25 AM
People donít know what gross and net mean. They just know how much is put on their paycard each Friday.
3 or 4 times gross is no longer usable because payroll depts have changed. They have garnishments, insurance, 401k money, automatic utility payments, rent, even car payments etc autodrafted from the gross.
3 times gross is no longer accurate.
Our formula NET x 4.2 = monthly take home, then .4 x monthly take home pay for rent affordability.
We also deduct for high auto and student loan payments, allowing 15% for each.
Student loans and incredible car payments are now normal and thatís why so many fall behind in rent.
3x Rent (by Johnny B. [MA]) Posted on: Feb 22, 2021 11:57 AM
Brad20k - At risk of sounding like a dummy, can you walk me through how you apply your formula with some actual numbers as an example? --73.186.xxx.xxx
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