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You don't know the source of funds you are seeing in the bank account; you are assuming it is from the income of a legitimate business of some sort. But what if it was from an inheritance? That's just a "one shot" type of thing. What if it was from a settlement on an insurance claim involving personal injury? Again, a "one shot". I wanted to create something that would help them stay afloat and actually forge ahead. In this vein, I created a "marykay" without the inventory type of business. We helped a lot of homeowners find a suitable home sharer to help them pay the bills. Yes, there is some liability for us but we thoroughly screen everyone. Businesses like mine have thrived in college towns forever and I'd venture that they run a higher risk than I do. We stay in pretty good touch with both homeowner and renter and offer an AlwaysHome warranty so it there is a problem, we will either come back and work it out or replace the renter at no charge to the owner. Quite a few investors have been sending us properties that would either never stay rented for them or never cashflowed and we've turned them around with the model It's not the easiest thing to do Nike Air Max Zero For Women
i used to have a tenant putting his brother name too. But, he was upfront, telling me that he just foreclose his house. So, has bad credit. His brother is willing to be guarantor. In that case, I need 2 month security deposit. But, later, he changed his mind and didn't sign lease with me.
Self employed? You gotta see their tax returns for this one! At least two years worth. I would ask for three. Income must be verifiable. What's in the bank account means nothing other Air Max Zero White Yellow
if they balk at the 3xrent for move in than you know they do not have any money just stay a way!
IMO, in your case, false statement is a big NO. Tenant can have bad credit. At least need to be honest. If your market is good, take other renters. But, if your market is slow, then, you can ask for 2 month security deposit. Consider the brother a personal reference, not a landlord reference.
than they have sufficient funds to cover move in costs, including that security deposit.
Unless they can prove they were paying rent to him on a regular basis at that amount I would pass. The thing is it is more likely that if they don't have the number the same the rent is fabricated in some way. There are honest mistakes, not sure my husband would correctly answer a rental amount on our properties. The tenant however should be able to prove payment was made. You can ask for tax returns ext. for documenting income but the disconnect between the amounts sounds not quite right. Money in the bank as far as you know it has been there one month and could be gone next month.
You have to develop a spidey sense with some of this and ask the right questions. What type of business and how long doing it? Self employed can mean a lot of things to different people. Renting from a relative is just a personal reference really. Landlord references are usually worthless except in the rare cases that they Air Max 1 Se let Air Max 1 Ultra Moire Black
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.
and we've been doing it for years now.
Second: if you really want to give these people a try, run a credit check on each adult member! This will help you sort out with names make sure they are not fake! Also make sure you check for valid picture IDs too!
Why put faith in the amount of money in the bank account? Could be gone tomorrow! You should be more concerned with income history (stability and sufficient income to afford to rent from you) and payment history (does their credit report and report from previous legitimate landlords demonstrate they pay their bills and rent on time?) and income/debt ratio (not overextended) and of course their legal history too. Weakness in any of these categories? Get a hefty security deposit to cover your risk.
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Another would you rent to this person scenario
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?
finally if credit is lousy but they did not lie about their name and address than I would ask for: first month rent deposit (same amount as rent) and last month rent on 12 months lease!
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you know the tenant is a loser.
The interesting thing is that I swore off real estate investing (like most of us) in 2009 but realized that with our turn key approach the shared housing model, we have the perfect recipe for getting back into investing. On the management side, the reward isn't that great and management is a headache for us as well as most everyone else who does it. We do it as a necessary evil for the investment side where the returns are enormous for us and our JV partners. Happy Investing!
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