All Forum Posts by: Lee E.

@Anthony Wick we state they have to "pass with a clean background check", but I'm seeing now that I need more specifics on that.  We do post our requirements - we tell them over the phone when we pre-screen, and we have it on our application.  I agree with your assessments, and will deny.

@Michael Ablan similar requirements - credit score at 550, monthly income 3x rent, "clean" background check, and positive references from landlords for past 5 years.  This particular applicant owned a home, so did not have prior landlord references.  I'm going to add a requirement for length of employment.

Thanks everyone for chiming in - I'm going to deny this applicant, up our requirements, and add a clause for length of employment.  Great thoughts.

I have an applicant who had a theft by deception charge 3 months ago.  The charge is held for court, meaning there hasn't been a trial yet, so there isn't a conviction at this time.

My understanding of my state's (Pennsylvania) and federal law says that I can't deny housing based purely on a criminal record, except I think for drug charges.  On the flip side, I understand that I have a legal (and moral) responsibility to provide a safe environment for health and property for other tenants, and that I could be held legally liable if I knowingly rent to someone with a theft conviction and that tenant steals from another tenant.

He hasn't been convicted (yet), but I'm not sure if that means I can, or can't, rent to them based on that.

The applicant passes my minimum credit score (which is low already at 550) and income requirement.  He's only been at his current job for 9 days, though that's not formally a requirement.

Would you rent to this applicant?  Or deny them?

I used Mint.com awhile back (probably three years ago), when it was still in a growing phase.

I liked it. Since data is downloaded automatically from your bank account (and other accounts - credit cards, traditional investments, etc) and categorized automatically, its great at automating most of personal finance. All debt information was laid out really really well, Income vs Expenses was clearly viewed, and if I recall, they even had a tool to auto create a budget for you based on past expenditures. It was quite user friendly. I don't recall a lot of in-depth analysis, but it covered the basics well.

I stopped using it because, at that time, they still were creating relationships with creditors to allow them account access. A few of the entities that I had accounts or debts with weren't on the list, so Mint.com couldn't download my information from them. And if Mint couldn't grab ALL of my accounts and information, then I had little use for it.

I've heard, though, that they've come a long, long way in this regard. I've considered giving them another shot recently, but I've fallen too much in love with my Excel budget.

Good luck.

A personal favorite of mine, Albert Einstein's well-known quote:

Great spirits have always encountered violent opposition from mediocre minds.

I think we can glean a few points here:

(1) definitely, as already mentioned, market to the folks next door. Toback made some great points. Try like hell to make this work. In fact, if it doesn't, I'd even go find some larger city/state/county-level organization that works with people with mental/physical disabilities and use the neighboring property negative as a positive to sell your property.

(2) Your due diligence was definitely lacking on this property. If nothing else, lesson learned!

(3) I agree that you have some valid points regarding the zoning infractions - that said, you can already see which side of the morality fence most people are on. But its your choice - if this is the route you take, just be aware that you're going to run up against a lot of backlash, so make sure you go in with your head on tight.

Also - consider locating another property for them! Find another REO elsewhere, rehab it, and sell or rent it to the school for a cost that puts you to break-even. You will pick up more costs in holding your current property, sure, but compare that to the discount you'd have to offer to sell your property and see what the difference is.

I'm another Lee, living in the Avenues up here in Salt Lake...