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Old 08-22-2017, 10:24 AM
 
Location: az
13,298 posts, read 7,704,790 times
Reputation: 9207

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Quote:
Originally Posted by freemkt View Post
??? ??? ??? ??? So rental history and paying rent on time every month mean nothing to you?
No that a very good indicator but not always easy to verify. If they live in a single family home finding out who owns the property is easy enough But if they are moving from an apartment building it becomes more difficult. If the applicant is a deadhead the person managing the apartment usually wants them out and aren't necessarily going to tell you the truth. They just the renter gone.

Setting a credit score minimum saves everyone a lot of time. If you don't have it don't waste your money on a credit check. Go look someplace else. I don't want to be chasing people down for the rent. I want it automatically deposited into my account on the first of the month. Nothing mailed.

Letting applicants know from the very start that you are a hands-on landlord is both good and bad for renters. Good in that renters know if anything goes wrong I will be right there to address the issue and bad because it means I'm watching. Try and sneak in an extra roommate or pet and out you go.

 
Old 08-22-2017, 10:58 AM
 
1,766 posts, read 1,210,897 times
Reputation: 2904
It's funny how some of you think you will enjoy happy retirement, that everything is going to be just fine, ignore the naysayers and etc. You people are delusional. We all are going to pay for this economic mess we are in today. Your kids and grandkids will be paying for this insanity.
This focus on preventing lower prices in rents, in housing, in everything is crazy, it's absurd, especially if you want economic growth. Sadly, the current administration in tandem with the Fed are deflating the dollar and thus eroding the value of it's citizens assets in order to stimulate growth.
 
Old 08-22-2017, 11:40 AM
 
105,761 posts, read 107,756,464 times
Reputation: 79380
and your ranting and visions of doomsday has what to do with lower credit individuals paying more ?
 
Old 08-22-2017, 11:47 AM
 
Location: North Idaho
32,499 posts, read 47,478,646 times
Reputation: 77770
Quote:
Originally Posted by freemkt View Post
Same applies to those with great credit - once the year is up, or even sooner, you might have to evict them.
Not impossible, but hasn't happened yet. If my tenants with great credit have some sort of financial disaster, they give me notice, apologize, and move out. They know they can't pay the rent so they don't stay.

People with good credit protect their credit score. People with trashed credit do not care. One or two more judgements are not going to damage them any worse then what they already have. It's the ones who already have bad credit who dig in and force the landlord to evict them to get them out. People with good credit strike a deal with the landlord and move out without having any court action.

Back to the topic of the OP, if a person is offered a loan with $500 monthly payment and they can't afford to make the $500 a month payment, they should not take the loan. I don't know why this is so difficult to understand.

The OP was about the $500 a month car loan. Well, there are better ways to get a car than to go to a "buy here pay here" car dealer who is going to write that 28% auto loan. It's financial indifference like taking out a 28% car loan that trashes people's credit. Nobody gets bad credit out of thin air. Bad credit is earned by bad financial decision and financial irresponsibility.

Helpful hint for the low income people here: Just because someone is willing to loan you money that does not mean you can afford it. Check your budget before you borrow money to make sure you can afford the payments (and also that you are borrowing for something you really need and not something frivolous). Shop around a little bit to see who will give you the best loan. You don't have to, for example, finance that used car at the car dealer's lot. A local credit union might give you a much better rate. Better rate means lower monthly payments.

I sometimes wonder if low income people are born with some sort of birth defect where they can't do math.
 
Old 08-22-2017, 11:48 AM
 
30,856 posts, read 36,763,909 times
Reputation: 34394
Quote:
Originally Posted by Loveswater_outdoors View Post
Everyone deserves a second chance. Heard that before? We apply it to most phases of Western life. We don't apply it however to credit scores. Once you made a mistake, you will spend the rest of your life digging out of that hole. My mistakes came at age 18-21 I am still fighting it many years later.
Simply not true. I screwed up in my early 20s. I was able to get a credit card several years later, in my late 20s. My credit score is in the 790s now.
 
Old 08-22-2017, 11:50 AM
 
30,856 posts, read 36,763,909 times
Reputation: 34394
Quote:
Originally Posted by shanv3 View Post
It will be difficult to do so when the President himself perpetrates a scam that he wants all Americans to own homes and lures everyone in it.
Wise people know that taking their cue from politicians of any stripe is not a good idea.
 
Old 08-22-2017, 12:02 PM
 
30,856 posts, read 36,763,909 times
Reputation: 34394
Quote:
Originally Posted by freemkt View Post
So illness and divorce are now bad behavior?
Often, yes. 70% of America's healthcare spending is on treating diseases that are preventable. Same kind of thing with relationships. Some people work on their personal flaws to improve their relationships. Other people don't. Some people pick good partners. Other people don't.
 
Old 08-22-2017, 12:05 PM
 
30,856 posts, read 36,763,909 times
Reputation: 34394
Quote:
Originally Posted by freemkt View Post
The alternative is what?
Move to a cheaper area. That's what non-victims do. It's what I'm planning on doing because I can see that, at some point, there's a reasonable chance I'll be priced out of the rental market where I live. I won't be waiting until I'm living payday to payday to make the move.
 
Old 08-22-2017, 12:11 PM
 
105,761 posts, read 107,756,464 times
Reputation: 79380
Quote:
Originally Posted by freemkt View Post
So illness and divorce are now bad behavior?

given the same situations you will always have those that are better prepared , better situated and do more to over come the events that hurt them .
.
so it is generally the years leading up to the straw that broke the camels back that is filled with bad choices and poor decisions , not the events themselves . the same can be said for the road after
 
Old 08-22-2017, 12:12 PM
 
30,856 posts, read 36,763,909 times
Reputation: 34394
Quote:
Originally Posted by C2BP View Post
It's funny how some of you think you will enjoy happy retirement, that everything is going to be just fine, ignore the naysayers and etc. You people are delusional.
Please don't assume you know the minds of other people when you have no clue.

I'm not delusional. I'm very well aware we have a globalist system that encourages debt slavery. I'm just not taking the bait. I'll be the last holdout. If people were more resolute, had more backbone, our economy wouldn't be so awash in debt. I'm more than aware that the whole house of cards could come down at any time. I've got a Plan B in the back of my mind. But that's beyond the scope of this thread.
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