Coming Attractions!
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Coming Attractions! (by mapleaf18 [NY]) Jun 21, 2024 8:24 AM
       Coming Attractions! (by NE [PA]) Jun 21, 2024 8:26 AM
       Coming Attractions! (by John... [MI]) Jun 21, 2024 8:56 AM
       Coming Attractions! (by S i d [MO]) Jun 21, 2024 8:59 AM
       Coming Attractions! (by Tony [NJ]) Jun 21, 2024 9:02 AM
       Coming Attractions! (by NE [PA]) Jun 21, 2024 9:06 AM
       Coming Attractions! (by Jim [CA]) Jun 21, 2024 9:10 AM
       Coming Attractions! (by mapleaf18 [NY]) Jun 21, 2024 9:12 AM
       Coming Attractions! (by NE [PA]) Jun 21, 2024 9:15 AM
       Coming Attractions! (by Markl g [MA]) Jun 21, 2024 9:39 AM
       Coming Attractions! (by Ray-N-Pa [PA]) Jun 21, 2024 11:33 AM
       Coming Attractions! (by Mapleaf18 [NY]) Jun 21, 2024 6:17 PM
       Coming Attractions! (by WMH [NC]) Jun 21, 2024 7:31 PM
       Coming Attractions! (by Robert,OntarioCanada [ON]) Jun 22, 2024 8:04 AM
       Coming Attractions! (by gevans [SC]) Jun 23, 2024 3:43 PM
       Coming Attractions! (by John... [MI]) Jun 24, 2024 11:22 AM

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Coming Attractions! (by mapleaf18 [NY]) Posted on: Jun 21, 2024 8:24 AM

I've had at least 3 (instantly DQed) very angry inquirers adamantly tell me that credit score is NOT linked to rental history in any way, shape or form and that someone with a bottom basement tenant can be a goooooood tenant.

I predict that soon legislation will be passed banning landlords from using credit score as a way to screen.

Coming Attractions! (by NE [PA]) Posted on: Jun 21, 2024 8:26 AM

Pretty sure itís already banned in Seattle. Didnít Michigan do something like this too?

Coming Attractions! (by John... [MI]) Posted on: Jun 21, 2024 8:56 AM

No, Michigan does not have anything like that.

Maybe you are thinking of Minneapolis. You can't use a credit SCORE there, but you can still consider information on the credit report itself. They just don't like using just a flat, single score to make the decision.

Coming Attractions! (by S i d [MO]) Posted on: Jun 21, 2024 8:59 AM

Once "housing is a human right" gets codified into law, you won't be able to "screen" for anything. Human rights cannot be denied. That's what makes them... *wait for it... "human rights."

Same with healthcare, retirement, etc. Rights, by definition, cannot be denied.

My 2 cents: get out of residential real estate in blue states before it becomes impossible. Use the 1031 rules to avoid taxes (while that is still allowed... they're coming for that as we speak) and roll your investment dollars into red states that protect property rights. Not doing this is accepting the fact that one day the Govt will take your stuff and give it away to whomever they decide is deserving of it, most likely those who will vote to keep them in power forever. No need to move: find a good market and a quality property manager. The cost of hiring a good PM will be offset by better returns and less aggravation.


Coming Attractions! (by Tony [NJ]) Posted on: Jun 21, 2024 9:02 AM

Be careful what you wish for. I just received a tenant verification form from a mortgage agency called NACA. Tenant tells me this is a mortgage program that underwrites based on "character" rather than credit/income. Excerpt below:

"The client stated above is applying for credit through the Neighborhood Assistance Corporation of

America (NACA). This is a request for rental payment verification for the client for the period stated

below. Please fill in the information below and fax it or mail it to NACA, to the address and person

shown above. Thank you for your cooperation in this matter."

Coming Attractions! (by NE [PA]) Posted on: Jun 21, 2024 9:06 AM

Tony, Iím not against a screened for character based society. Thatís why I often say to screen a tenants politics. But it would be too subjective on who decides whatís good character. I certainly wouldnít trust the average American, certainly not an HR person or politician, to make that decision.

Coming Attractions! (by Jim [CA]) Posted on: Jun 21, 2024 9:10 AM

I think I will award an extra point if their politics shows intelligence.

Coming Attractions! (by mapleaf18 [NY]) Posted on: Jun 21, 2024 9:12 AM

NE, While I mostly agree with you, we run an HVAC biz and I can tell you that just as many, if not more "conservative" customers don't pay their bills on time than leftists. These same "conservative" customers will run to the government to get on any and all programs than gripe about it.

Coming Attractions! (by NE [PA]) Posted on: Jun 21, 2024 9:15 AM

I agree 100% Mapleleaf. I saw that after reviewing the national list of businesses who took the c-19 handout $. Both sides suck. I guess I should change my term to principles instead of politics. Politics that Iím referencing with tenants is more about their lifeís philosophy.

Coming Attractions! (by Markl g [MA]) Posted on: Jun 21, 2024 9:39 AM

We need a national group that represent LL' both a lobby group and one that can establish rules or at least recommendations to states outlining things like this that local state politicians can at least point to our needs and concerns.Politicians also think that rich greedy LL's are not hurt by their stupid laws,

That THEIR state protects tenants who will keep them in office as there are many more voters than there are LL's

And a reference that state that local LL organizations can point to as standards.

But organizing LL's are like herding a group of cats,..

Coming Attractions! (by Ray-N-Pa [PA]) Posted on: Jun 21, 2024 11:33 AM

Why the concern about the landlord not being allowed - just require the tenants use a third party company that you do business with to get screened.

Credit link can allow me to these screenings at a lower price or the tenant can load up the data and the report gets processed. This is all paid for by the tenant. Buy the way this company will charge the tenant more than double a land lord. But the difference is its not the landlord doing this, this is a the third party vendor.

Coming Attractions! (by Mapleaf18 [NY]) Posted on: Jun 21, 2024 6:17 PM

Ray, doesnt matter whether or not its a 3rd party, there will be no credit screening period. Full stop. Here in NY you can only charge a max of $20. I cannot do a background for less than $40.

Coming Attractions! (by WMH [NC]) Posted on: Jun 21, 2024 7:31 PM

I've included a "Why you should have your rental payments reported to the credit bureaus" flyer in my new lease packet. It is true that some tenants have less than stellar credit but DO pay their rent, sometimes precisely *because* they have terrible credit. So they might as well get credit for that.

Coming Attractions! (by Robert,OntarioCanada [ON]) Posted on: Jun 22, 2024 8:04 AM

In the province of Ontario a credit score below 700 then can keep looking where a low vacancy rate then stay holed up at friends, relatives place or motel. Low credit scores are always a unstable rental history. Unpaid utilities and unpaid rent go hand in hand together. So if concerned about credit score then housing as a last resort which is community rental housing formally called the housing authority. Then if evicted maybe homeless. i went for a check up in Hamilton Ontario at hospital this week where no longer seen the tents of homeless people or many homeless on the streets where they must cleaned although seen people panhandle for money where usually have problem with alcohol. If housing is a right then move some people into houses that the tenancy advocates own where provide free housing and utilities.

Coming Attractions! (by gevans [SC]) Posted on: Jun 23, 2024 3:43 PM

We tell our tenants "we are not looking for a credit score NUMBER. We are looking for a pattern of paying your bills and paying them on time".

I believe that is still legal in all 50 states.

Coming Attractions! (by John... [MI]) Posted on: Jun 24, 2024 11:22 AM

gevans: Depends on how you find that pattern of paying their bills and whether or not they are on time. If you want to get that information from a credit report (even if you ignore the score), I think that is currently only illegal in Seattle. So, almost all of all 50 states... :)

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