General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago,
Does your financial screening rule change IF the tenant offers to prepaid the entire lease?
I had an applicant called me a few days ago asking about a 1/1 unit I had for rent, I told her that it was just rented.
She asked for how much, I said $1000 a month,but since I have already rented the place and signed a lease, I declined. I said I am still in the process of repairing and getting the place ready, and I have already rented it.
She then offered to repair anything that needs repairing, she would pay $1100 per month, and she would prepay the entire year up front plus security deposit with a cashier's check that day...now she hasn't seen the place yet. I politely declined, and she thought I was crazy.
This is not the first time I have an offer to prepay the entire lease term. Last year I had someone - a student who applied and she had no job, but her parent came with her and again offered to prepay the whole year. That one didn't pan out either because of pet restrictions.
So my question is, if you are being offered rent for all 12 months, will you still go through the same screening process? I believe you would still do the criminal records, eviction records, credit history etc...but would you still require a minimum income?