Flexing Income Stds
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Flexing Income Stds (by GKARL [PA]) Apr 2, 2024 12:56 PM
       Flexing Income Stds (by Sisco [MO]) Apr 2, 2024 1:47 PM
       Flexing Income Stds (by jonny [NY]) Apr 2, 2024 3:01 PM
       Flexing Income Stds (by mapleaf18 [NY]) Apr 2, 2024 3:23 PM
       Flexing Income Stds (by Gene [OH]) Apr 2, 2024 4:13 PM
       Flexing Income Stds (by plenty [MO]) Apr 2, 2024 4:25 PM
       Flexing Income Stds (by NE [PA]) Apr 2, 2024 4:49 PM
       Flexing Income Stds (by Tim [CA]) Apr 2, 2024 5:43 PM
       Flexing Income Stds (by DJ [VA]) Apr 2, 2024 8:30 PM
       Flexing Income Stds (by BRAD 20,000 [IN]) Apr 3, 2024 1:47 AM
       Flexing Income Stds (by S i d [MO]) Apr 3, 2024 10:06 AM
       Flexing Income Stds (by Oregon Woodsmoke [ID]) Apr 3, 2024 11:10 AM
       Flexing Income Stds (by BRAD 20,000 [IN]) Apr 3, 2024 11:31 PM
       Flexing Income Stds (by zero [IN]) Apr 4, 2024 9:26 AM
       Flexing Income Stds (by Ken [NY]) Apr 4, 2024 10:06 AM
       Flexing Income Stds (by Ray-N-Pa [PA]) Apr 4, 2024 1:11 PM

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Flexing Income Stds (by GKARL [PA]) Posted on: Apr 2, 2024 12:56 PM

I have a 63 year old retiree with a service animal. Only income is SSI which amounts to a bit over $ 2000 a month. This is for a studio apartment which is going for 1050 plus utilities. She says her credit score is 700. Current rent is 1365 a month. This is all from the pre-screener and I still need to verify credit score, rent payments and any debt service. Her being a retiree is attractive but at 2 times the income gives me pause. In the rooming house, I take folks like this all day even at 2 times income. In apartments, I generally stick with the traditional ratio. This retiree would likely do what was needed to keep a roof over her head.

Do you flex the income standards and if you so, under what circumstances?


Flexing Income Stds (by Sisco [MO]) Posted on: Apr 2, 2024 1:47 PM

Exceptions are rarely made by me. My income screening is that after rent,utilities, and all debt service are paid, $1500 + in discretionary income is remaining. Also, the bank statements clearly reflect a person in control of their finances.

Whenever these two stipulations can be met, I consider whether to go against policy and make an exception. --149.76.xxx.x

Flexing Income Stds (by jonny [NY]) Posted on: Apr 2, 2024 3:01 PM

I sometimes will "flex" if utilities are included or they are "close" to my minimum.

2x is a no for me. I've been getting some claiming they are at or barely above 1x and a few that aren't even getting half of the rent in income.

It's amazing that some have NO IDEA how they are going to pay the rent "but they assure me they will" yikes. --69.201.xx.xxx

Flexing Income Stds (by mapleaf18 [NY]) Posted on: Apr 2, 2024 3:23 PM

I'm getting those too, with abysmal credit scores. I'm pretty sure they are waiting for Uncle Joe to executive order universal basic income and free housing for all. --64.246.xxx.xxx

Flexing Income Stds (by Gene [OH]) Posted on: Apr 2, 2024 4:13 PM

Does she have additional savings or 401k, etc. for extra funds when it is needed?

The big issue I see is if the service animal gets sick, who will pay for those bills. A vet bill can cost a lot especially if the animal has long term needs. --99.165.xx.xxx

Flexing Income Stds (by plenty [MO]) Posted on: Apr 2, 2024 4:25 PM

Ask fi savings. Cause one uncovered medical bill and rent is short. If they have savings then yes. If not they should be in the boarding house or senior care --172.59.xxx.x

Flexing Income Stds (by NE [PA]) Posted on: Apr 2, 2024 4:49 PM

I may be the odd man out here, but I donít see being a retiree whoís looking to rent an efficiency off of me as a good thing. What have you done your whole life that you donít own a house now.? I know I shouldnít judge and everyoneís life is different, but I need to judge the situation at a minimum. To me, a retiree Looking to rent an efficiency has poorly planned the majority of their life and I really donít want somebody like that around my unit sitting there all day not doing much and complaining about everything. Thatís what comes into my mind at face value with a situation like this. Dig deep. --174.249.xx.xx

Flexing Income Stds (by Tim [CA]) Posted on: Apr 2, 2024 5:43 PM

It sounds to me like you're feeling bad for this person and thinking you're their last option. Anytime I get that feeling, I think about past tenants I let in under those circumstances and it never ended good. I would pass. There are lots of other places to rent. --73.2.xx.xx

Flexing Income Stds (by DJ [VA]) Posted on: Apr 2, 2024 8:30 PM

I second what Tim said.

Only consider her if you have a space in the rooming house & she is interested in that. --68.229.xxx.xxx

Flexing Income Stds (by BRAD 20,000 [IN]) Posted on: Apr 3, 2024 1:47 AM


Yes we flex on the percentages.

#1 We do not accept SSI as sole income because we cannot garnish...EXCEPT when renting a tiny studio/one bedroom apt. Those do not attract people with solid jobs.

The 3 or 4 times rent formula is based on the applicant having 60-70% of their income for supporting a FAMILY of 5 - enough after the rent for things like groceries for 5 people, 2 car payments, gas, heating bills, big screen tv payments...

We will go 50% because they have only ONE mouth to feed, no kids to support, no school book fees, no car, so no ins or fuel costs, (maybe an old cheap car but the don't go anywhere), using food pantries, a $20/mo cellphone, no internet or cable tv, medicare/medicaid for prescriptions and medical care, have the Trustee assistance caseworker on speed dial...

AND Sec8.



Flexing Income Stds (by S i d [MO]) Posted on: Apr 3, 2024 10:06 AM

Not a good long-term prospect. This person needs to be looking for a $700 month rental. One step away from disaster...and yes, she absolutely will think nothing of spending all the rent money for the next 6 months on her dog it if gets sick. It's a service animal, which by definition means she HAS to have it. It's almost like food in terms of a budget category.

One damage bill to the unit and her income is toast. You won't be able to ever recover any $ from a judgment as SSI cannot be garnished.

And I'm also with NE on this one. I get it that "life happens" to people, and while I don't judge them individually, neither am I excited to rent to them. People to whom "life happens" tend to have "life happening" events frequently, which is why they never manage to get a solid financial foundation. You'll be getting excuses every couple of months why rent will be late, or partial payments, or you'll be ignored.

I would find someone else.

Only flex criteria when there's an advantage to you. Right now, I'm not hearing any advantages.


Flexing Income Stds (by Oregon Woodsmoke [ID]) Posted on: Apr 3, 2024 11:10 AM

I probably wouldn't take her, but a few considerations. She is looking for a big drop in rent and has she been able to pay that higher rent on month on time every month?

Utilities are not included, is the utility bill for that unit usually high? Does she get food stamps to help with the grocery bill?

Income is not garnishable but she is 63 and if she has really managed to keep her credit score above 700, she is in the habit of paying her bills

What do the current and prior landlord say about her.

What is this service animal? If she really has a service animal, she has a disability of some kind. How does that affect her living there? Don't consider this out loud and don't put it in writing.

Is the service animal well behaved and well cared for?

Is it a legitimate service animal because my policy is automatic rejection for anyone who is falsely claiming service animal or ESA. --76.178.xxx.xxx

Flexing Income Stds (by BRAD 20,000 [IN]) Posted on: Apr 3, 2024 11:31 PM

I learned that poor people often have better money management skills than "regular" applicants. They KNOW how to make Lincoln cry from being squeezed.

Credit scores are about BANK LOANS, not rent payment history.

Many are NOW poor, not due to bad decisions but from life - illness, death of a spouse, employer bought out in a corporate takeover, lost all retirement invested with Enron, Merrill Lynch...

Just watched a news article about people over 50 who were let go during the Scamdemic who are now un-employable. Nobody wants a 50+ year old employee. $200k executives now working at Planet Fitness for $12/hour.

BRAD --73.103.xxx.xxx

Flexing Income Stds (by zero [IN]) Posted on: Apr 4, 2024 9:26 AM

I would consider hiring a 50 year old for $12/hr.

But I am older than that and I am in need of someone who wants to work. --107.147.xx.xx

Flexing Income Stds (by Ken [NY]) Posted on: Apr 4, 2024 10:06 AM

I just hired a 50 something year old carpenter at $30 an hour,if they have skills they will get a job. a 200k executive working for $12 an hour just found out what he is really worth,if he had skills he could apply them in a different industry and make more than $12 an hour --74.77.xx.xx

Flexing Income Stds (by Ray-N-Pa [PA]) Posted on: Apr 4, 2024 1:11 PM

It is legal for you flex your standards from unit to unit, in as long as the standards are applied evenly to all who apply for that unit.

So if you have a Class A place (and I don't deal in them), you can ask for higher credit standards than a class B or class C. Likewise if all utilities are included, your rent would be higher so you could drop an income ratio. I would caution though in changing it much as these ratios are tried and true. If anything, I would want to raise them --24.101.xxx.xxx

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