Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
3 applicants - 2 married, 1 individual.
Applicant 1 - good credit, no income (wife doesnt work) good rental history
Applciant 2 - good income(verified with bank stmts) self employed trucking co, SS # provided comes up invalid, goodrental history
Applicant 3 - good income, just bought house this month in another state (verified) and says he will be back and forth from there. No rental history provided other than this new house.
Contractor · Oxford, MA · Member since 2018 · 807 posts · 745 votes
7y
#1 yes
#2 either had a typo or put in the wrong SS# hoping you wouldn't actually do the background check.
#3 why did they buy a house if they're going to be living in the rental part time? Seems like a friend who is co-signing and lying to help the others get a place they're not qualified for
I would tell #2 that the SS# came up invalid and ask for the right one. If they give it and it all checks out, good. If they give it and it turns out they're not worthy, bye bye. If they give you a new one and it turns up as invalid too, bye bye.
Burnaby, BC · Member since 2017 · 282 posts · 268 votes
7y
It would be helpful to know what the rent is vs their income.
Good credit is the most important thing. Most stories I've heard from other landlords who had many problems with tenants was that they can have fraudulent references/ rental history so unless you can verify through a legitimate PM company it doesnt carry much weight.
Applicant 1 - He is trying really hard to make a good life for his family and probably a reason why wife doesn't work. He's kept everything in good standing and nothing to hide. She may get a job later on, patience is a virtue.
Contractor · Oxford, MA · Member since 2018 · 807 posts · 745 votes
7y
#1 yes
#2 either had a typo or put in the wrong SS# hoping you wouldn't actually do the background check.
#3 why did they buy a house if they're going to be living in the rental part time? Seems like a friend who is co-signing and lying to help the others get a place they're not qualified for
I would tell #2 that the SS# came up invalid and ask for the right one. If they give it and it all checks out, good. If they give it and it turns out they're not worthy, bye bye. If they give you a new one and it turns up as invalid too, bye bye.
Investor · Wellington, KS · Member since 2016 · 256 posts · 188 votes
7y
Do you mean no income at all for #1 or no income for the wife and more than 3 times the rent income for the husband? I would not rent to a tenant with no income at all regardless of credit. Recently had that come up with a potential tenant that wanted to pay first month and deposit from a settlement with the hope of finding a job by the second month.
Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
7y
@Christine Kankowski Unemployment is low so #2 with bank statements could be ok. Get a photocopy of drivers license. #1...I took a couple with one income making 2xrequired income but he lost his job and took one in another city. New tenant after a bit of hassle and now lease is up out of season. #3. If you had a mortgage and a rental payment and had to choose one...
Renters seem to always have sone issue or another. Dual income seems to me to anchor tenants as well as provide financial stability.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
7y
@Christine Kankowski
1: well, you can’t rent to somebody with no income. Did you mean no income for all applicants?
2: Ask for a copy of soc sec card. Was it a simple mistake or transpo on number? Could be a yes.
3: Nope. One of the checks I run is to see if they own a home. Why would they be renting? Foreclosure?