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Updated almost 10 years ago on . Most recent reply

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Bob H.
  • Rental Property Investor
  • Cedar Park, TX
272
Votes |
413
Posts

Would you approve an applicant with a big advance rent payment?

Bob H.
  • Rental Property Investor
  • Cedar Park, TX
Posted

What do you think of this rental applicant?

Cons: A bankruptcy "less than a year old" (I'm not sure if that's since filing or since discharge), no recent rental history because he was a homeowner, a new wife from his native country joining him soon with her child, and a poor financial condition reportedly from an ex-wife who ran off with the money.

Pros: A seemingly stable but not particularly lucrative corporate job, apparent sincerity about starting a new life, and willingness to put down $10,000 on a one-year lease for $1,550 a month. After part of that advance is applied to the security deposit, the rest would be used for rent in equal installments, leaving $842 to be paid monthly. That amounts to 28 percent of the applicant's gross income, with no other recurring payments.

Should I give the guy a break or find a more conventional tenant?

Most Popular Reply

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3,601
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4,336
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Marcia Maynard
  • Investor
  • Vancouver, WA
4,336
Votes |
3,601
Posts
Marcia Maynard
  • Investor
  • Vancouver, WA
Replied

Watch the movie "PACIFIC HEIGHTS".... guaranteed to make you think twice about accepting a wad of cash up front and unconventional terms. :-)

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