All Forum Posts by: Jane S.

hey Tucker

You have a circus for a life. focus on one or 2 of the things you mentioned and try to reduce the noise volume. Just my 2cents.

Wondering if any of you have worked with a realtor or other professinal who will photograph, market, show, research, do backgrounding, financials, all the way up to signing the lease which is my favorite part of renting because it's when I get paid in cash. :)) They sent me a contract that looks like an agency agreement and is 9 pages long. Their fee is $1500. Honestly I would love to have someone else handle the nutsy wannabe tenants. This co. claims to be able to find many people wanting to see the property and they show it without knowing much about the prospect. Just so fed up with the awful quality of renter population around here. WWYD? Is this scammy?

right they are history

thanks much youre all so helpful

i think they already moved on

anyway i always ask for tax docs from self employed otherwise how to know

thanks much everyone! my super painter did the master and we touched up the minor black marks in the other bedroom. Home depot matched the pain chip exactly.

Showed house to a married couple who actually completed their rental applications quickly, mostly accurately, and have good rental history and working the same jobs for years. They are the first folks to ever accomplish these important actions, in my landlording experience.

The male half of the couple owns an installation biz. He's like a sole prop. but formed an LLC, about 7 years ago. Doesnt show it with the biz name.

The only proof I have of his high earnings ($6900/month in 2022) are four 1099-NEC compensation slips for the IRS which total about $82,000 for 2022. The application he filled out for me requires  2 years of tax returns but he didnt file in 2021 and 2022. He says "he's working on it" and has an accountant. I asked him 3 times WHEN the taxes would be done but no answer and he's a master of passive aggressive behavior. Smoke poured out my ears. He knows he's in trouble with the govt.

He has 3 bank accounts but only listed the low-balance joint account with his wife on his app. He admitted he had 2 accounts for his business when I asked why the balance in his joint account is <$500. He wrote them in to the space I provided under my request to provide info on ALL accounts.

Wife is a teacher earning about $2300/month. I guess she didnt file, either. However she is paying.

They have no credit card debt and either pay from their bank accounts or cash. I can just imagine the comment from RentPrep about their money habits.

I'm starting to feel like a deadbeat magnet, collecting all these financially inept (or lying) applicants who seem to think a deus ex machina (being from outer space) will reach out and fix their financial woes.

Signing a lease with someone self-employed who hasn't filed tax returns for 2 or more years is idiotic, right?

Can one collect SS benefits when one hasn't paid taxes?

okok i get it

thanks

THIS  tenant has payments of $1442 every month--credit cards and vehicles. Total consumer debt $54,000. 2022 tax return shows total income of $52,000 from his company. Wife and 3 kids, no animals.

His father in law is moving in with them and is financially well off. So he'll be on the lease in case something happens with the kids. They're probably one serious illness away from a cash disaster.

But i'm getting calls from folks with several animals, 2-5 kids, etc etc. 

So I'm gonna see how this family performs since "Dad" is gonna take up the slack ...

Thanks for all your good advice.

I WOULD NEVER GO UC ON A PROPERTY WITH SITTING TENANTS!!!!!! UNLESS THEIR LEASES EXPIRED PRIOR TO CLOSING, AND EVEN THEN THEY MIGHT DECIDED NOT TO MOVE OUT!!!!!!!!! WHY DO YOU THINK THE OWNER IS SELLING??? HE'S FED UP WITH THE TENANTS!!!!!!!

This hopeful 35 y.o. tenant paid to run a Rentprep report, the full one, and it turns out he has $84,000 in debt that he didnt mention on his original application. Rentprep said he has balance overlimit on a bankcard account plus bankcard account balances too high in proportion to credit limits, and not enough available credit. However he pays all the bills on time according to the Rentprep report.  I'm waiting to hear from Rentprep to verify the report info. I dont know what they mean by "tradelines"--he has 14 of these. A health club bill is in collection, and many of his accounts have been closed, with 0 balances.

Applicant started a business in Jan. 2022 and his gross on the 2022 tax return was $52K. He doesn't qualify for the rental, wife not working and 3 little kidz, so the father in law is moving in with them, but "Dad" is in the middle of a Calif. divorce and although he has 3 -401K accounts, will be getting SS, and has a pension from PG&E, it's not clear what the judge will rule he has to pay the wife. 

"Dad" didnt list this daughter on his tax return, (listed 3 other daughters), but she listed him on her app as her father and said he's going to be paying half the rent. He can certainly afford it but what if he decides to reconcile and move out????? Leaving the son in law to figure out how to pay the rent and all his debt? With no borrowing power? I've had multi-generational tenant families before with no problem that I know of, but I know the daughter is gonna brag about her new house to those 3 sisters, and how "Dad" is paying and living with them ... 

Should I move on? I'm not good at analyzing all this data. On the other hand I would dearly love to get this one squared away.

I was very specific about which tax forms to submit and had to ask 2 times, after I got help from my CPA about which ones to ask for. Other self-employed tenants have made it very simple to understand their finances, but they were making quite a bit more $$.

As always, thanks so much for your advice!