Proof of income shouldn’t be so hard to get. It’s very simple…. show me that you are taking in 3X the rent a month. One tenant wants to use a job offer letter and show me his paychecks AFTER he moves in. One doesn’t have any income at all but says their student loan will be paying it. Another says he makes enough but doesn’t want to give us any documentation because he says state housing will be paying all rent and deposits. He would like a signed lease before he puts down any money. Says he needs the lease to get the state housing funding started. Great, the housing checks should start rolling in by Thanksgiving! This is why we prescreen. Of course I chose my words carefully and everyone got an application.

It is amazing...

Had someone yesterday (and many prior to this) indicate to me that I needed to fill out and sign a landlord statement in order for her to find out if she qualifies/ the county will pay (and how much).

There are desperate mom and pop landlords who answer their phones and listen to every sob story, then after 4-5 bad tenants ruining their rental and sanity, they sell at a steep discount. These are the folks the applicants you're dealing with are looking for, and they often find them.

I'm not happy that such things happen to mom and pop landlords, but the fact is it does happen. Read Ken's post "Recent Purchase Update" for a recent example.

Be thankful for these folks. If all applicants were well-put together, timely, organized, financially secure, and truthful, then there wouldn't be as many burned out LLs who will sell us cheap inventory.

A lot of bull-oney out there, maybe more after covid - go 3 x checking each applicant.

Same problem but different aspect.

1. Retired people (65+) who are on social security, pensions, and investments. They aren't going to be making 3x rent.

2. Early retirement people (50-64) who "cashed out", took buy outs, "1 year sabbatical", "made millions in the market", or whatever their story is. They aren't going to show 3x rent.

So now you have to figure out if they qualify a different way or are you just going to deny them?

You might require proof of savings or investments. How much?

50x rent? 100X rent?

Would you accept a year rent up front?

If I had a couple that was retired, downsizing, going to travel the world, I'd probably rent to them with no income if they could show they are financially stable.

Same problem but different aspect.

1. Retired people (65+) who are on social security, pensions, and investments. They aren't going to be making 3x rent.

2. Early retirement people (50-64) who "cashed out", took buy outs, "1 year sabbatical", "made millions in the market", or whatever their story is. They aren't going to show 3x rent.

So now you have to figure out if they qualify a different way or are you just going to deny them?

You might require proof of savings or investments. How much?

50x rent? 100X rent?

Would you accept a year rent up front?

If I had a couple that was retired, downsizing, going to travel the world, I'd probably rent to them with no income if they could show they are financially stable.

Rents,

They walk among us.

Our EXCUSE list is pretty short because we require a full, paid app up front.

Your post is why we don’t spend even one SECOND talking on the phone or showing a home UNTIL the proper documents are in hand.

I sure hope these excuses came before you left your family to show a home to these folks.

Careful with “letters”. Easy to forge.

Side note: our applicant pool is full of mud too. We recently signed leases with 2 families who prepaid. One for a year, another for six months. Both were moving to town with verified job letters. One was a gift from parents to help them get settled, the other was an insurance check from a car wreck.