 Not all tenants qualify (by David [MI]) Sep 14, 2023 8:41 AM
 Not all tenants qualify (by NE [PA]) Sep 14, 2023 8:54 AM
Not all tenants qualify (by David [MI]) Sep 14, 2023 9:12 AM
Not all tenants qualify (by NE [PA]) Sep 14, 2023 9:14 AM
Not all tenants qualify (by David [MI]) Sep 14, 2023 9:15 AM
Not all tenants qualify (by David [MI]) Sep 14, 2023 9:16 AM
Not all tenants qualify (by NE [PA]) Sep 14, 2023 9:27 AM
Not all tenants qualify (by Vee [OH]) Sep 14, 2023 10:40 AM
Not all tenants qualify (by Jim in O C [CA]) Sep 14, 2023 10:41 AM
Not all tenants qualify (by Sisco [MO]) Sep 14, 2023 10:47 AM
Not all tenants qualify (by Ken [NY]) Sep 14, 2023 10:47 AM
Not all tenants qualify (by Jim in O C [CA]) Sep 14, 2023 11:03 AM
Not all tenants qualify (by 6x6 [TN]) Sep 14, 2023 8:50 PM
Not all tenants qualify (by DJ [VA]) Sep 15, 2023 10:27 PM
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Not all tenants qualify (by David [MI]) Posted on: Sep 14, 2023 8:41 AM
Message:
I'm currently in the market for a new car, and as I'm sure you've all seen or heard , the car ads have a very nice monthly payment but the fine print says "not all buyers qualify, requires top tier credit blahblahblah"
Screening is not perfect, especially for applicants that just barely meet the criteria. So for those applicants, I have started adding a $50 monthly surcharge, and I tell them it's for "insufficient rental history/duration " and/or "insufficient credit history " (since it's possible to have a high credit score with only one credit card and no other loans). Those applicants know that and have been willing to pay it. --68.56.xxx.xx |
Not all tenants qualify (by NE [PA]) Posted on: Sep 14, 2023 8:54 AM
Message:
So you’re running 3 year leases with barely qualified applicants for an extra $50 a month? --174.240.xxx.xxx |
Not all tenants qualify (by David [MI]) Posted on: Sep 14, 2023 9:12 AM
Message:
MY barely qualified tenants are most LLs dream tenants --68.56.xxx.xx |
Not all tenants qualify (by NE [PA]) Posted on: Sep 14, 2023 9:14 AM
Message:
If that’s the case, then why are you whacking them for an extra 50 bucks? Because you can or because there is the possibility of default? --174.240.xxx.xxx |
Not all tenants qualify (by David [MI]) Posted on: Sep 14, 2023 9:15 AM
Message:
Let's see, the tenants moving in on Saturday will both have 760+ credit, $4800 w2 income (not ideal but well above 3x), no collections , no eviction filings, not so much as a traffic ticket. But they are young 20-21year old, and their credit consists of one card. They also only have rented for 3years total . --68.56.xxx.xx |
Not all tenants qualify (by David [MI]) Posted on: Sep 14, 2023 9:16 AM
Message:
Bingo, because I can --68.56.xxx.xx |
Not all tenants qualify (by NE [PA]) Posted on: Sep 14, 2023 9:27 AM
Message:
If you loosely organized most of the qualification standards that everyone talks about on this forum, that seems like a standard well qualified tenant. What do you see there that justifies a surcharge? --24.152.xxx.xx |
Not all tenants qualify (by Vee [OH]) Posted on: Sep 14, 2023 10:40 AM
Message:
I am going to add -not all applicants will be approved- to my information - thanx for the reminder. --184.59.xxx.xx |
Not all tenants qualify (by Jim in O C [CA]) Posted on: Sep 14, 2023 10:41 AM
Message:
To me charging a sur charge could be a problem if you end up in court because you are acknowledging you are accepting a high risk tenant. --99.23.xxx.x |
Not all tenants qualify (by Sisco [MO]) Posted on: Sep 14, 2023 10:47 AM
Message:
Did the lower advertised rent help with getting the prospects to Commit? Are you now getting $50 above the market price or was it underpriced in the ad? --149.76.xxx.x |
Not all tenants qualify (by Ken [NY]) Posted on: Sep 14, 2023 10:47 AM
Message:
Jim,what is wrong with accepting a high risk tenant at court? I think it could be argued that almost all tenants are high risk? --74.77.xx.xx |
Not all tenants qualify (by Jim in O C [CA]) Posted on: Sep 14, 2023 11:03 AM
Message:
Ken, a judge might think you knew the higher risk so if there is a problem you share some of the consequences. I think like a Californian. --99.23.xxx.x |
Not all tenants qualify (by 6x6 [TN]) Posted on: Sep 14, 2023 8:50 PM
Message:
Why not just up your rent $50/M for everyone?
Or will that put you over market rent? --73.190.xxx.xxx |
Not all tenants qualify (by DJ [VA]) Posted on: Sep 15, 2023 10:27 PM
Message:
I've had those thoughts, too,David.
I think it was discussed here a while back.
I like that warning phrase- not all applicants will qualify. It's kind of stating the obvious, but sometimes you need to do that.
I have advertised a vacancy as "Now available for well-qualified applicants"
I've not yet used a sliding rent scale, but it makes sense.
Maybe the ad could be worded something like " rent as low as $XXX for well-qualified applicants" or something like that?
Like how car dealers advertise the lowest interest rate - but you only get that with FICO over 800 (or whatever they use to measure how qualified you are).
People are used to seeing it in other places --68.229.xxx.xxx |
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