All Forum Posts by: Account Closed

@Sylvia B. Great point.

@Colleen F. @Val Csontos Great feedback. They did provide a W-4 statement for their business. And they have a total of four accounts on their report which are current. However, it's the regular rent payments that I can't verify.

As always I turn to this forum with a scenario. Potential renters with 100k in the bank. Self Employed and appears last rental location was owned by a brother. On the rental application they put the first name of the brother but used a last name that was the applicants middle name. Found this out by doing a check on the owner of the property. I called the landlord (brother) who stated they tenants rented a basement and paid 1500 a month, but the potential tenants wrote on the application they pay 1200.

On the bank statement they provided, which was one month, I could not verify any rent payments being made. So my question is would you rent to this individual, even with that amount in cash?

@Account Closed Thanks for the quick response. The idea of the box sounds good and would shield the address from being tied to the business even after the tenant leaves. However, with this type of business, I question the amount of subcontractors that could be stopping by constantly to pick up supplies, drop of paperwork, etc.

Thought I would get some thoughts on this matter. I received an application for a rental property and quickly noticed that the applicant was self employed. A quick Google search revealed that he was using his previous rental address as the address for the business, a pressure wash business. One can only assume that allowing him to move into this rental, he will register it as the new address for his business. I wanted to get some thoughts from the landlords out here on how they handle their rental addresses being registered as a business address and the liabilities/issues they have faced.

@Rick Baggenstoss I definitely plan to look further into the finances. She is currently living in another high rent area, so I've already put an email together asking for more information.

@Bill Gulley I agree with you, but as mentioned you almost have to take into account that she will need to support her fiance and when you add utilities, cost of food, costs for maintaining those pets, gas, car insurance, etc., it does add up very quickly.

@Nicole A. @Michael Seeker - I want to thank all of you for such great input. This is why I enjoy the Biggerpockets forum so much with its active community. I have to say I agree with everyone that even at $3000 of income, the income to rent ratio makes it very tough especially for the DC area and a student with minor, not major student loans. Also thanks for pointing out that she will need to support her fiance when he moves in for an undetermined length of time while he looks for job. Based on the feedback, unless my verification comes back where additional stable income can be verified, this will have to be a pass as suggested by many of you.

I always turn to this forum for advice, so here we go once more. With a two-level 1115 sqft very upgraded rental there has not been much success in finding quality candidates, of course the property is going on only a month on the market. However, one candidate, a newly college grad with credit scores above 750 applied. She's engaged and her fiance lives in another state and will be joining her. He will be unemployed while he looks for a job. She, herself is also unemployed but stated she receives oil royalties. The application listed her income as $3000 a month. The property is listed at $1600 a month. She brings with her a cat, dog and a bird. I'd love to get peoples input on whether they would take a chance on her or bypass and continue looking.

I find it amazing that two people have mentioned that having ss appliances likely leads to the renters taking better care of the appliances. I'll be curious to find out if that is indeed the case. @Account Closed I did advise getting a home warranty such as AHS or any other reliable service.

@Chris Adams Excellent point. This was a question from a client of mine that actually I did state for a rental of 2k plus the positive is that if a ss is stolen or any other appliance for that matter, the sec deposit should well cover that. I personally like @George Paiva said prefer black appliances in my unit.