All Forum Posts by: Sharon Miller

Good Morning you all, 

We have a tenant moving in July 10th, and they are getting ready to sign their lease. since we are going to use Zillow online payments  for the first time, I do not think there’s a way to take prorated first month and collect security deposit. Therefor I will ask for Prorated first month payment and the security deposit after lease is signed before they get the keys.  And set up a schedule for the payments starting from the second months till end of Lease with Zillow. Does this sound right? 

These renters are kind of young and new so I feel like I might get some push back when I ask for first month and security deposit before handing out keys.

Thank you for your help

We had our house rented for 4 years for $1400 a month(Pet friendly), tenant moved out on May 5th. We had to Paint the whole house and fix the issues. Since that day, we had received some applications through Zillow but no one serious, we did also increase the rent fee to $1499. We are looking for 650 credit score with income 50K plus a year, we are trying to work with people, nothing set on stone. The house is on very good location but due to Pandemic, traffic is less than before. In addition, there are 4 other houses around our house going for rent by big corporations, and they are also out in the market for more than 30 days. 

We have people with 500 credit score schedule tours and tell us that they are working on their credit, even though we notify everyone about requirements before schedule.

Decreasing rent can increase traffic but little concern it may attract deal seekers and people with lower credit scores. 

Any suggestions? 

My only issue with Zillow is that its harder to collect tenants social security after the application. Some prospect tenants asking me why I need their social if they already did submit an application through zillow. I would like to have social and copy of licence just in case, that is how I do it and it is raising red flags for some people.

I am not sure if I can paste persons email here, however I asked for W2, paystubs, reimbursement letter from company and bank statements. The response was interesting, they are moving and everything is in boxes. They are selling their house and a lot of Money used to sell the house, so it would not reflect their accounts as valid. It would be ok if I asked these same documents from other prospective tenants, “something is fishy here“ . This was not a normal request from a landlord. They have applied to many and have not been asked for any of those items. They can produce paystubs, a redacted bank statement from their
business, although husband income and score are enough on there own. They will not sending  w2 as they are not applying for government assistance, and the letter from his company was as a courtesy to tell you, not required as our income exceeds the amount needed by 4x, this can be furnished as well though. And at last she goes, if what they offer is not sufficient then she can withdraw her application.

Too many excuses that I see, I think this is a no go.

Thank you all great people. I did ask for verification letter and bank statements so I can see income to debt ratio better. 

My apologies, I meant to say $7200 a month income; $86,000 a year income. Around $162,000 of the debt is mortgage, they live in another state and they are moving TN for a year. Rest of the dept is credit cards, and they are making most of their payments on time, score is around 660. The person has been working as a Electrical technician for 16 years. 

If I can have them produce a company letter that shows reimbursement offer for 12 months, is not that good enough? 

WE have a house for rental for $1499 a month, its been out there over a month. We have one applicant with income $7200 a year(Not verified yet) with 660 credit score, though this person is in $260,000 debt. We can't tell exact payments a month that this person is making towards debt, however estimate is about $3600 a month. Also told me that the company will reimburse rent for 12 months. 

I am thinking about asking for Company verification letter about reimbursement. 

Credit score is not bad, just little concerned about debt. Has anyone dealt with a similar situation? Any advice would be appreciated.

 

Hi Josh, @Josh C.

I understand I am newbie, and people have better things to do. If I sell this property, how can I deploy better, would you please explain? 

In any case, thanks for your help. 

Right Lam, I just couldn't figure out if I should use the market value or purchase price. I am coming up with same percentage, but like you said, things can get crazy in here. lol 

My apologies, I am renting this place for $1450 a month and mortgage is fully paid off.