Senior income screening
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Senior income screening (by Bonanza [NC]) Nov 14, 2021 8:06 AM
       Senior income screening (by WMH [NC]) Nov 14, 2021 8:24 AM
       Senior income screening (by Deanna [TX]) Nov 14, 2021 8:38 AM
       Senior income screening (by Allym [NJ]) Nov 14, 2021 8:52 AM
       Senior income screening (by Robert J [CA]) Nov 14, 2021 9:44 AM
       Senior income screening (by Oregon Woodsmoke [ID]) Nov 14, 2021 10:47 AM
       Senior income screening (by BRAD 20,000 [IN]) Nov 14, 2021 4:08 PM
       Senior income screening (by P.B. [MI]) Nov 14, 2021 7:09 PM
       Senior income screening (by plenty [MO]) Nov 14, 2021 8:01 PM
       Senior income screening (by P.B. [MI]) Nov 15, 2021 9:51 AM
       Senior income screening (by Nicole [PA]) Nov 15, 2021 12:01 PM
       Senior income screening (by Sisco [MO]) Nov 15, 2021 12:15 PM
       Senior income screening (by BRAD 20,000 [IN]) Nov 19, 2021 4:53 PM
       Senior income screening (by 6x6 [TN]) Nov 20, 2021 9:40 AM
       Senior income screening (by Wayne C. [CA]) Nov 20, 2021 12:56 PM
       Senior income screening (by wayde [MI]) Nov 22, 2021 8:18 AM
       Senior income screening (by Nicole [PA]) Nov 22, 2021 11:30 AM
       Senior income screening (by wayde [MI]) Nov 23, 2021 7:34 AM

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Senior income screening (by Bonanza [NC]) Posted on: Nov 14, 2021 8:06 AM
Message:

I feel like have a good handle on evaluating people with income when it comes to approving them for a house. But retired people don't have incomes (usually). In the case I am thinking of, they both have social security which does not meet the 3x month gross level. However they have plenty of money in savings (over 400K). Credit report shows no credit score because they both have no debt and only have 1 credit card each which does not have a balance.

Seem like responsible people but fall outside by normal screening criteria.

How do you evaluate seniors with regard to your screening criteria?

--65.188.xxx.xxx




Senior income screening (by WMH [NC]) Posted on: Nov 14, 2021 8:24 AM
Message:

Describe "senior." How old are they actually?

We've found Seniors - 70+ - to be great tenants on the whole. They pay their bills, don't go on spending sprees and in fact often rent because owning a home was too much for them. But it tends to depend on what they USED to do. We've had retired teachers, Coast Guard, others who were good.

Remember deadbeats get old too. AND sometimes the adult children can be real problems. We've had two like that: the tenants were great, their children were not. --50.82.xxx.xxx




Senior income screening (by Deanna [TX]) Posted on: Nov 14, 2021 8:38 AM
Message:

For most of my seniors, they've been really awesome tenants. They're usually pretty set in their habits, which minimizes the drama. Drama can still come up-- the IRS catching up to them after not paying their taxes years ago, student loans they cosigned for decades ago that remained unpaid-for by their kid, major health issues, prescription drug problems, alcoholism--- but presuming their criminal is clean, I wouldn't automatically reject them because their financials don't fit the usual expectations. --137.118.xx.xxx




Senior income screening (by Allym [NJ]) Posted on: Nov 14, 2021 8:52 AM
Message:

They just raised the cost of Medicare. SS is going up too but it doesn't cover the cost of the Medicare increase. All this because there is a new Alzheimer's drug that "may" prove to be costly to users. Sounds like they are promoting this drug for use and prematurely collecting the money for it. Another money grab. Wonder how much the drug maker paid them? --108.24.xx.xx




Senior income screening (by Robert J [CA]) Posted on: Nov 14, 2021 9:44 AM
Message:

You need to have some flexibility when dealing with "Cash" over "Credit" spenders AND Responsible savers over people who live from paycheck to paycheck.

--47.155.xx.xxx




Senior income screening (by Oregon Woodsmoke [ID]) Posted on: Nov 14, 2021 10:47 AM
Message:

I will accept tenants with no credit score caused by never using credit. If there is no score, it means they don't owe money to anyone.

However, you must be absolutely certain that you are getting the real identity of the applicants and, for myself, I don't accept undocumented aliens, which is another reason to show up with no credit score.

There are all sorts of grant letters that come with social security. There are bank statements to show savings accounts. All of that money can be verified.

SS is not garnishable, but I don't worry about that as long as the applicant has a good solid history of paying their rent and expenses. They are unlikely to pay rent every month for 60 years and then wake up one morning deciding they won't pay rent any longer. And again, triple verify identity and the identity of the landlord who is giving them a reference.

A home inspection would be a very good idea for these applicants.

--76.178.xxx.xxx




Senior income screening (by BRAD 20,000 [IN]) Posted on: Nov 14, 2021 4:08 PM
Message:

Bonanza Dude,

Regarding your question, I think we need to separate "retired with good income" from "living SSI check to SSI check".

I still stick to GARNISHABLE W2 income.

Things happen, the spouse heads into a major illness or dies, divorce...leaving the LL without rent and we cannot tap into that $400k bank account.

We WILL consider SSI and pension as secondary income if the other adult has w2 income to cover almost all the rent.

Or have them pay a year in advance.

And remember rents are increasing but pensions probably not.

I may be missing some good applicants but the chance of being burned again by "nice retired people" is not worth the risk.

Our new economy might change my mind.

The problem we're having is regular w2 residents who "age" and retire or go on disability.

BRAD --73.102.xxx.xxx




Senior income screening (by P.B. [MI]) Posted on: Nov 14, 2021 7:09 PM
Message:

I am retired, 71 yrs. old. I am on SSI and receive income from school retirement. Same with my husband.

I have one credit card which I pay off every month. I have it because I do not like carrying to much cash. I could not tell you what my credit score is, nor do I care as I have never looked. Same with my husband. We pay our bills each and every month.

Some retired older couples can no longer or do not want to care for their home or property. I have talked to many and this is when they decide to sell their homes and rent. To not have the responsibility.

We normally reside in Arizona each winter but not last winter or this winter as it is safer to stay home, but while living at the RV park we discussed this subject with many seniors.

Normal screening criteria? Seniors do not fall in that category as we are not normal, not in this day and age of lazy non working younger government paycheck generation of people. Honesty, integrity, compassion seems to be a thing of the past with them.

I believe you have some older seniors that have actually told you the truth and it is hard for you to accept that. I would rent to them in a minute.

--67.22.x.xx




Senior income screening (by plenty [MO]) Posted on: Nov 14, 2021 8:01 PM
Message:

My gift is telling me something is wrong... How do you get to be this age and have no credit score. Ask for two months bank statements... Do they have a rental referral? Sell a home? Have 400k invested where they can't touch it doesn't help when rent is due. --172.58.xxx.xx




Senior income screening (by P.B. [MI]) Posted on: Nov 15, 2021 9:51 AM
Message:

I would quess, (I do not know for sure) that they have no credit score because they do not own anything other than a paid off vehicle. These older retired people probably sold their home and that may be where the 400k came from, which is in savings, and easily accessible, to pay rent, etc. if needed.

As stated: Credit report shows no credit score because they both have no debt and only have 1 credit card each which does not have a balance.

I would certainly discuss your concerns with both of them. As Robert stated: You need to have some flexibility when dealing with "Cash" over "Credit" spenders AND Responsible savers over people who live from paycheck to paycheck. I agree with him on this issue.

--67.22.x.xx




Senior income screening (by Nicole [PA]) Posted on: Nov 15, 2021 12:01 PM
Message:

They are my dream tenant although I've never had a tenant with much more than $4,000, let alone $400,000, in the bank.

Not garnishable? Attach that bank account and get paid in full rather than a paltry $xx week from a pay check from a job they probably will quit when garnished.

I have an elderly relative who has assets in the 7 figure range ... and a 0 credit score. Has never borrowed one penny, ever, in his life. And he rented his entire working adult life. --98.237.xxx.xx




Senior income screening (by Sisco [MO]) Posted on: Nov 15, 2021 12:15 PM
Message:

I have a zero FICO score. if you stop using credit for 36 months, your score will go to zero. Your score won't go to zero by paying late, charged off accounts and the like. --149.76.xxx.xxx




Senior income screening (by BRAD 20,000 [IN]) Posted on: Nov 19, 2021 4:53 PM
Message:

If that $400,000 is in an IRA or such I don't know that it can be attached.

Also MY judge said he is reluctant to even CONSDIER an attachment order. He has never done it in 16 years of evictions an collection cases.

We've also run into problems where they could not get the money out of the account for various timing problems, etc.

Seniors on SSI are usually great people but when they run into financials troubles *I* get left in the lurch.

Maybe double deposit?

If the moratoriums continue or are reinstated they won't need to pay or catch up.

BRAD

--73.102.xxx.xxx




Senior income screening (by 6x6 [TN]) Posted on: Nov 20, 2021 9:40 AM
Message:

Sisco is right.

Following --73.120.xx.xxx




Senior income screening (by Wayne C. [CA]) Posted on: Nov 20, 2021 12:56 PM
Message:

I've been a landlord for 56 years, have rented to seniors for 23 of those years and have never missed a rent check yet. I have never leased to a person without a FICO score. Also, my senior tenants are in Over-55-Only developments, so I cannot speak on behalf of seniors in "normal" housing. My rents are high -- $2,400 to $3,500 per month and up, but then so are my monthly HOA dues -- $675 to $800 per month per unit. I take upward to $3,000 for possible damages and I live strictly by the best of all rules which is, "No tenant is better than a bad tenant" which rings especially true in California and Maryland where our properties are located. --172.116.xxx.xx




Senior income screening (by wayde [MI]) Posted on: Nov 22, 2021 8:18 AM
Message:

in Michigan you can not garnish a bank account if all the money in the account came from ssi! --73.145.xxx.xxx




Senior income screening (by Nicole [PA]) Posted on: Nov 22, 2021 11:30 AM
Message:

wayde, $400,000 did not come from social security.

Also, if they co-mingle any other funds into that account you can attach it. Not sure the logistics of what you can pull out but it will freeze their account until it gets worked out. --98.237.xxx.xx




Senior income screening (by wayde [MI]) Posted on: Nov 23, 2021 7:34 AM
Message:

the people on ssi that owe me money, have no other income but ssi --73.145.xxx.xxx



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