Screening question (by Roy [AL]) Jan 10, 2024 1:50 PM
Screening question (by Jason [VA]) Jan 10, 2024 2:03 PM
Screening question (by NE [PA]) Jan 10, 2024 2:04 PM
Screening question (by jonny [NY]) Jan 10, 2024 2:09 PM
Screening question (by RB [TN]) Jan 10, 2024 2:25 PM
Screening question (by plenty [MO]) Jan 10, 2024 2:48 PM
Screening question (by GKARL [PA]) Jan 10, 2024 2:54 PM
Screening question (by S i d [MO]) Jan 10, 2024 3:21 PM
Screening question (by Roy [AL]) Jan 10, 2024 4:07 PM
Screening question (by NE [PA]) Jan 10, 2024 4:09 PM
Screening question (by Ken [NY]) Jan 10, 2024 4:21 PM
Screening question (by GKARL [PA]) Jan 10, 2024 4:34 PM
Screening question (by WMH [NC]) Jan 10, 2024 5:14 PM
Screening question (by Roy [AL]) Jan 10, 2024 5:28 PM
Screening question (by NE [PA]) Jan 10, 2024 5:31 PM
Screening question (by Jason [VA]) Jan 10, 2024 5:49 PM
Screening question (by Roy [AL]) Jan 10, 2024 6:50 PM
Screening question (by NE [PA]) Jan 10, 2024 7:19 PM
Screening question (by DJ [VA]) Jan 10, 2024 7:26 PM
Screening question (by Jim in O C [CA]) Jan 10, 2024 7:29 PM
Screening question (by BRAD 20,000 [IN]) Jan 11, 2024 12:48 AM
Screening question (by BRAD 20,000 [IN]) Jan 11, 2024 12:50 AM
Screening question (by Vee [OH]) Jan 11, 2024 5:55 AM
Screening question (by David O. [OH]) Jan 11, 2024 7:43 AM
Screening question (by Roy [AL]) Jan 11, 2024 7:58 AM
Screening question (by NE [PA]) Jan 11, 2024 8:08 AM
Screening question (by Roy [AL]) Jan 11, 2024 8:35 AM
Screening question (by NE [PA]) Jan 11, 2024 8:42 AM
Screening question (by Roy [AL]) Jan 11, 2024 9:20 AM
Screening question (by NE [PA]) Jan 11, 2024 9:38 AM
Screening question (by zero [IN]) Jan 11, 2024 9:41 AM
Screening question (by Jason [VA]) Jan 11, 2024 9:48 AM
Screening question (by NE [PA]) Jan 11, 2024 9:50 AM
Screening question (by 6x6 [TN]) Jan 11, 2024 7:31 PM
Screening question (by Bonanza [NC]) Jan 11, 2024 7:57 PM
Screening question (by tryan [MA]) Jan 13, 2024 8:37 AM
Screening question (by Roy [AL]) Posted on: Jan 10, 2024 1:50 PM Message:
When you are screening an applicant, how do you determine if the applicant has the necessary funds (full deposit + first months rent) available to rent the house? Even if they have a decent job and they exceed your 3X minimum with pay stubs, that does not guarantee you anything when you approve an application and then ask for the move-in funds.
Will you even rent a house to someone who does not have the full amount of move-in funds available at lease signing? --71.207.xxx.xx |
Screening question (by Jason [VA]) Posted on: Jan 10, 2024 2:03 PM Message:
A lot of members here ask that on their pre-screening form. Me? When I email their congratulatory email, I spell out all of the funds due at lease signing. If they show up with anything less than what I’ve told them, or if they “can pay me Friday”, then they’ve lost their chance. --172.58.xxx.xxx |
Screening question (by NE [PA]) Posted on: Jan 10, 2024 2:04 PM Message:
Come on Roy. Seriously? --24.152.xxx.xx |
Screening question (by jonny [NY]) Posted on: Jan 10, 2024 2:09 PM Message:
I guess it wouldn't be a "bad" thing to have that on an application ("do you have the money available for the total move in cost" or something like that). It still wouldn't "prove" anything though... they can say whatever they want.
I let them know what the amount would be (first and security) due at or before lease signing (and it's in the ad but we all know they don't usually read that anyway). Once they are approved it's in there too.
If they are dumb enough to show up with anything less than what was stated they don't get keys. They get a HOLD FORM (maybe) and then they will get keys once all money is paid in full that is due.
I say "maybe" because if they totally wasted my time to show up with only half of the money (or whatever "less" means) and I was all prepared to do the signing in full... I may be so irritated that they lose the chance and I'm out and on to the next one that I would have approved. It hasn't happened (yet) but I hope that this doesn't bring me that kind of 'luck' LOL --69.201.xx.xxx |
Screening question (by RB [TN]) Posted on: Jan 10, 2024 2:25 PM Message:
After all "we" have been through,
would the real Roy-al please stand up. --69.130.xxx.xxx |
Screening question (by plenty [MO]) Posted on: Jan 10, 2024 2:48 PM Message:
You may not know. Ask for two months bank statements. Or just verbally ask them "are you ready to go with your move in funds" --172.59.xxx.xxx |
Screening question (by GKARL [PA]) Posted on: Jan 10, 2024 2:54 PM Message:
I saw this question come up on another forum earlier this week. Some were suggesting they would do a payment plan. Generally, I would not consider unless the applicant was pretty solid. Having said all that, I never done it. Brad has mentioned working with people this way several times. Perhaps he can come along and explain what he does. --172.56.xxx.xxx |
Screening question (by S i d [MO]) Posted on: Jan 10, 2024 3:21 PM Message:
It's on the pre-screening and application. A "No" on either is an instant DQ. I do allow for deposit + 1st rent payment, which is our handy bi-weekly option. Cuts it down a bit. On rentals as cheap as mind, if someone can't scare up $300 - $400.... we're already one step shy of eviction before event signing the lease.
Let them borrow from someone they trust instead of me. Broke applicants become broke tenants who become broke evictees who become broke and ungarnisheable debtors to me. No thanks.
I do not want our first financial transaction of the tenancy to set the wrong expectation, that the landlords will accept "payments" on the funds due. --184.4.xx.xx |
Screening question (by Roy [AL]) Posted on: Jan 10, 2024 4:07 PM Message:
Last Friday, I had an open house and 7 people showed up. All of these people had completed my required Zillow App to be submitted first to be invited to the open house. At the open house, I asked each one if they had $1,800 ready to put down on a deposit and first months rent if I approved their application. The typical answer was: I have some of it but will have it all when I get paid next.
A better question would be: how to determine if they have the necessary funds BEFORE showing the house to them? --71.207.xxx.xx |
Screening question (by NE [PA]) Posted on: Jan 10, 2024 4:09 PM Message:
Tenant Turner --24.152.xxx.xx |
Screening question (by Ken [NY]) Posted on: Jan 10, 2024 4:21 PM Message:
Roy, ask them as part of your pre screening, it is helpful at an open house to have a couple losers there just to make it look like there are more qualified applicants to compete against --74.77.xx.xx |
Screening question (by GKARL [PA]) Posted on: Jan 10, 2024 4:34 PM Message:
By the way, I only use a Zillow app for pre-screening. Not everyone who completes the app gets an invite to a showing. Also evictions don't necessarily show up on the Zillow application. I just ran across some cases just as recent as yesterday were this was the situation. --172.56.xxx.xx |
Screening question (by WMH [NC]) Posted on: Jan 10, 2024 5:14 PM Message:
We collect a Security Deposit of 2x the rent at lease signing, which is done online - they pay electronically. First Month's Rent is due prior to getting the keys - again paid online.
I've done payment plans in the past, but I figure breaking it up this way IS a form of payment plan, so I don't offer anything else anymore. --173.28.xx.xxx |
Screening question (by Roy [AL]) Posted on: Jan 10, 2024 5:28 PM Message:
Ken,
In my next Zillow Ad, I may have to be more than blunt with them,..."if you don't have the deposit and 1st months rent ($1,800) in a savings account or a Debit card ready to go, then don't waste my time by answering this Ad".
--71.207.xxx.xx |
Screening question (by NE [PA]) Posted on: Jan 10, 2024 5:31 PM Message:
You’re holding an open house. They aren’t wasting your time, they’re wasting their. --24.152.xxx.xx |
Screening question (by Jason [VA]) Posted on: Jan 10, 2024 5:49 PM Message:
People don’t read ads, THAT would be wasting your time. A good bit of us use pre-screening questionnaires to screen for exactly what we’re looking for. If you try it you’ll never go back. --71.63.xx.xx |
Screening question (by Roy [AL]) Posted on: Jan 10, 2024 6:50 PM Message:
Jason,
Even with a pre-screening questionnaire, how do you verify if the information is accurate? I use the Zillow App as my pre-screening questionnaire, however, there is no way to verify the information a person puts on that app. Zillow does pull a credit report which I find somewhat useful. My best screening techniques result from me talking face to face to someone at an open house. And I am not the least bit shy about asking someone 'do you have the deposit and first months rent ready to go, right now'? --71.207.xxx.xx |
Screening question (by NE [PA]) Posted on: Jan 10, 2024 7:19 PM Message:
Tenant turner blocks them from proceeding if they put less than your required minimums. Income, deposit monies, etc. But your free to still keep holding open houses and wasting your time with deadbeats. --24.152.xxx.xx |
Screening question (by DJ [VA]) Posted on: Jan 10, 2024 7:26 PM Message:
By looking at their bank statements
No
ASK on the pre-screen what funds they have available NOW
Verify it after / if they complete the full application & upload all necessary documentation - including bank statements --68.229.xxx.xxx |
Screening question (by Jim in O C [CA]) Posted on: Jan 10, 2024 7:29 PM Message:
No, proof of funds or see yea. --146.70.xxx.xxx |
Screening question (by BRAD 20,000 [IN]) Posted on: Jan 11, 2024 12:48 AM Message:
Roy,
We are now 3.5 x the rent
AND
We deduct a portion of their vehicle and student loan payments over 15%.
I analyzed why we were losing good income earners and realized they were cash poor due to vehicles and student loans.
If I waited for full deposit and first month I’d have to sell one of my Porsches!
Once screened and visited, we will sign with the deposit amount and a written plan for the prorated rent that month. Usually it’s the next payday or two.
I figure that deposit is as good as a full month of rent.
Also, weekly rent means they only need to come up with one week, not an entire month.
My homes get rented, res starts paying the heat while other LLs complain.
BRAD --73.103.xxx.xxx |
Screening question (by BRAD 20,000 [IN]) Posted on: Jan 11, 2024 12:50 AM Message:
PS
Legally in MY state, I stopped taking a refundable deposit 1,000 leases ago.
I take a Non-Refundable Rent Lock Fee, same amount as one month of rent.
I profit a month before they even move in.
BRAD --73.103.xxx.xxx |
Screening question (by Vee [OH]) Posted on: Jan 11, 2024 5:55 AM Message:
The move-in money is in the ad, so they are in tune while looking into the next step. I can do a 24 hour holding fee, this is no-refundable however. --184.59.xxx.xx |
Screening question (by David O. [OH]) Posted on: Jan 11, 2024 7:43 AM Message:
I contact them prior to the signing and verify they know the amount and they are bringing the amount. If they cannot provide the amount at signing I go to the next person. If they show up (after saying they would have it) and they don't have it, I take what they have and give them 24 hours. I also keep what they have given me to hold the unit. There are unique situations where the ATM doesn't give them as much as they think they can get; they assume the machine will spit out whatever they need. Or, they needed a ride before the bank closed and couldn't get it. They need to show up with more than 50% of the required amount. I used to use the honor system and let them pay the balance of the deposit over 2-3 months and it worked OK but I just got tired of the hassle and risk. --70.62.xxx.xxx |
Screening question (by Roy [AL]) Posted on: Jan 11, 2024 7:58 AM Message:
Brad20K,
Oh my goodness, for heavens sake I would not want you to have to sell one of your Porsches. Just how many Porsches do you have now that your hand to mouth payday tenants have bought for you?
With my 'cute and cozy' house on Zillow, I had only one applicant that met my minimum standards, however, she does not have the full $1,800 to move in. Like Brad20K, I will settle for the deposit now and get the first months rent next week at lease signing.
--71.207.xxx.xx |
Screening question (by NE [PA]) Posted on: Jan 11, 2024 8:08 AM Message:
Roy, why would you consider that tenant not being ready? If they have all the money by the time you sign lease, then they’re ready? Right? --24.152.xxx.xx |
Screening question (by Roy [AL]) Posted on: Jan 11, 2024 8:35 AM Message:
NE,
I am accustomed to having applicants being able to save enough money to pay both deposit and 1st months rent at lease signing. Here I have an applicant who lives with her parents, has a good paying job, but can't save a dime. I see that as a potential problem that I may have to deal with down the road. --71.207.xxx.xx |
Screening question (by NE [PA]) Posted on: Jan 11, 2024 8:42 AM Message:
But this applicant is ready at lease signing. There’s nothing wrong with taking the deposit now and the balance due at the lease signing like you stated you were going to do. I can consider that normal course of business. --24.152.xxx.xx |
Screening question (by Roy [AL]) Posted on: Jan 11, 2024 9:20 AM Message:
NE,
I wanted to sign this lease today, not next week. But that is not going to happen under the circumstances. Why is it that a person that has 4X income to rent can't save a dime?
My conservative chain of thought says anyone who goes shopping for rental property should have the first months rent and deposit in a savings account before they leave the house. It is no different than going to grocery store or shopping at Walmart. You need to have the money to pay before you walk in the store. --71.207.xxx.xx |
Screening question (by NE [PA]) Posted on: Jan 11, 2024 9:38 AM Message:
No money is an America problem. Paycheck to paycheck is normal and that’s what you have here. Especially with what sounds like a first time renter. --24.152.xxx.xx |
Screening question (by zero [IN]) Posted on: Jan 11, 2024 9:41 AM Message:
Even more sad is that she is living with her parents and still doesn't have the money.
Maybe they plan to gift her the money to get her out? --107.147.xx.xx |
Screening question (by Jason [VA]) Posted on: Jan 11, 2024 9:48 AM Message:
My pre-screener form screens agains ALL of my screening criteria so that I only deal with prospects that pre-qualify. Everybody else get an automated “thanks but no thanks” email. You’re letting your discomfort with technology hold you back, which wastes valuable hours/weeks/months of your life. I promise you that once you try it, you’ll never go back. --172.58.xxx.xxx |
Screening question (by NE [PA]) Posted on: Jan 11, 2024 9:50 AM Message:
Jason, he won’t try it. He’s been told countless times and then returns with the same problems. Receives the same advise and argues it over and over. Best to learn from landlords like this by not repeating their mistakes. --24.152.xxx.xx |
Screening question (by 6x6 [TN]) Posted on: Jan 11, 2024 7:31 PM Message:
"Why is it that a person that has 4X income to rent can't save a dime?"
A few thoughts on that:
First, it seems that most folks in this country have been trained by society in general that it is okay to spend every dime that you have and don't have.
Second, they have been trained that it is okay to use a tremendous amount of debt and if you can't pay it back, that is okay too, just file bankruptcy.
Third, their parents suck at financing and so they learn by example.
Forth, rent is at the bottom of their important bills to pay list.
Fifth, why would you rent to someone like this?
If you rent to them, you are teaching them that it is okay yourself. That is a big part of the problem. --73.190.xxx.xxx |
Screening question (by Bonanza [NC]) Posted on: Jan 11, 2024 7:57 PM Message:
Ask for bank statements. You can verify they paycheck they are getting is accurate. Plus if they have $506 in the account they don't have enough financial reserves to afford your home. --179.51.xx.xxx |
Screening question (by tryan [MA]) Posted on: Jan 13, 2024 8:37 AM Message:
In my hood anybody with 3 months rent had enough for a deposit on a home PURCHASE in an economic development zone. All they needed to do was commit to living in the house 5 years.
Soooo I had to adapt or die. I cut out the security deposit as the holding laws are prohibitive to the LL. AND accepted monthly payments on Last Months Rent.
Catering to those living week to week is a different game. Unicorns are elusive in the hood. --198.168.xx.xxx |
Reply:
|
|