All Forum Posts by: Rylan Pyciak

Sorry I grabbed the wrong paragraph from the bill. It's the one outlined below. The question that comes to mind is - how to you obtain income verification but not use it in this manner? We typically use online listing sites (Zillow, Apartments.com, etc) which obtain this information automatically. Additionally, asking for items such as pay stubs to verify employment. 

Is this bill implying that we basically ask the prospective tenant "do you make 2x the rent" and then take their word for it? 

I agree with you Brett - this state sure is making it harder to have any sort of rental set up, especially for those who aren't big corporations / just getting started and have a home or two. 

Link to SB23-184

(d) IF A LANDLORD USES FINANCIAL INFORMATION, INCLUDING
RENTAL HISTORY OR CREDIT HISTORY, AS A CRITERION IN CONSIDERATION OF
A RENTAL APPLICATION FROM ANY PROSPECTIVE TENANT WHO IS SEEKING TO
RENT WITHOUT THE ASSISTANCE OF A HOUSING SUBSIDY, THE LANDLORD
SHALL NOT CONSIDER OR INQUIRE ABOUT THE PROSPECTIVE TENANT'S
AMOUNT OF INCOME, EXCEPT FOR THE PURPOSE OF DETERMINING THAT THE
PROSPECTIVE TENANT'S ANNUAL AMOUNT OF INCOME EQUALS OR EXCEEDS
TWO HUNDRED PERCENT OF THE ANNUAL COST OF RENT. A LANDLORD SHALL
NOT REQUIRE A PROSPECTIVE TENANT TO HAVE AN ANNUAL AMOUNT OF
INCOME THAT EXCEEDS TWO HUNDRED PERCENT OF THE ANNUAL COST OF
RENT.

All,

Curious how SB23-184 impacts screening and verification of income. There is quite a bit to this law, notably: 

(c) IF A LANDLORD USES FINANCIAL INFORMATION, INCLUDING
RENTAL HISTORY OR CREDIT HISTORY, AS A CRITERION IN CONSIDERATION OF
A RENTAL APPLICATION FROM A PROSPECTIVE TENANT WHO IS SEEKING TO
RENT WITH THE ASSISTANCE OF A HOUSING SUBSIDY, THE LANDLORD SHALL
NOT CONSIDER OR INQUIRE ABOUT THE PROSPECTIVE TENANT'S:
(I) AMOUNT OF INCOME, EXCEPT FOR THE PURPOSE OF DETERMINING
THAT THE PROSPECTIVE TENANT'S ANNUAL AMOUNT OF INCOME EQUALS OR
EXCEEDS TWO HUNDRED PERCENT OF THE PORTION OF THE ANNUAL COST OF
RENT THAT IS TO BE PAID BY THE PROSPECTIVE TENANT;

To all landlords - the student loan forbearance is coming to a close. Curious how many are still seeing applicants who have been able to qualify for higher "rents" that may now be impacted as they'll resume paying on those student loans?

Hi all - new here to the forums but have been following and utilizing BiggerPockets for years. I had a quick question for everyone. I currently have one of my rental properties set up as a fixed price rent with utilities included (I know, crazy, but it's still cash flowing $1,000+ at least every month) and I was curious to know (a) what is the ratio of people who include vs exclude utilities and (b) what are some good tools, apps, etc that people use to track monthly cash flow? I'd like to run P&L on the unit monthly and track which months saw more than others. I'm also trying to optimize my time, so staying away from manual entry into spreadsheets would be ideal. Let me know your thoughts!