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I can see your user name and this post do not go together, nor do you manage a bunch of rentals. I have over 25 rentals so am used to going on both "paper info" and "gut instinct" and I can tell you gut instinct is way more important than paper info. That said, all 3 of these applicants would be absolutely fine for any of my houses or apartments.
I have several dozen properties as well and I have to disagree with you. The income amounts for number 1 & 2 do not support the monthly rent amount. The lowest I will go is income must be 3.5 times the monthly rent amount and only #3 meets that requirement.
If the income supported the rent amount then I’d agree with you in that any of them would most likely qualify.
Most of my tenants are able to show 4x the monthly rent amount in income and is the reason I don’t have issues with non-payers. Income is a huge determining factor in their ability to pay rent on time.
I have several dozen properties as well and I have to disagree with you. The income amounts for number 1 & 2 do not support the monthly rent amount. The lowest I will go is income must be 3.5 times the monthly rent amount and only #3 meets that requirement.
If the income supported the rent amount then I’d agree with you in that any of them would most likely qualify.
Most of my tenants are able to show 4x the monthly rent amount in income and is the reason I don’t have issues with non-payers. Income is a huge determining factor in their ability to pay rent on time.
My requirement is 3x rent. And all three of them did meet that requirement.
Smart move, that was the best choice for the reasons stated. My immigrant tenants are among my best tenants. They bend over backwards to do things right and not jeopardize their situation. Also more hardworking than many and they value this country more than many native borns who take it for granted.
Did it say anywhere they are immigrants?
Not jeopardize? The poster stated the guy works for cash, so can assume under the table thus no taxes, and no SS#, which can assume in the country illegally since the poster did not say had a tax ID#.
My requirement is 3x rent. And all three of them did meet that requirement.
Applicant #1 income $52,000. $4,333 per month. Rent is $1525. 3 x $1525= $4575 minimum monthly income to meet your requirement. Doesn’t appear to meet your requirement to me.
My minimum is 3.5 x monthly rent. So neither 1 or 2 would have met my standard. Number three was always the best applicant.
Not jeopardize? The poster stated the guy works for cash, so can assume under the table thus no taxes, and no SS#, which can assume in the country illegally since the poster did not say had a tax ID#.
But yea, do things "right", lol
My immigrant tenants don’t have social security numbers either but they have tax ID numbers and pay taxes. In fact I’m in processes of selling one of them the house they rent from me. They couldn’t get a loan if they weren’t reporting income. In some cases I assume one is here legally with a spouse who has overstayed their visa and thus undocumented. So yeah, they don’t want to risk being separated. As such they are model tenants and since federal housing prevents landlords from discriminating based on immigration status you aren’t permitted to ask. You can however verify income, run credit checks etc...and screen like you would anyone else.
Scratch #3. In addition to drawbacks mentioned, couples fight. I could easily be wrong but they don't sound like a probable match. The legal assistant will be threatening you with legal action if you cross her.
#2 is a risk for losing her job and skipping ut but at least she won't likely do any damage to the place as she has no friends or pets.
#1 could be ok or not ok. Is this a nerdy geeky type or a mr. popularity type. The biggest risk is if he is a drinker and throws parties.
Applicant #1 income $52,000. $4,333 per month. Rent is $1525. 3 x $1525= $4575 minimum monthly income to meet your requirement. Doesn’t appear to meet your requirement to me.
My minimum is 3.5 x monthly rent. So neither 1 or 2 would have met my standard. Number three was always the best applicant.
Actually, I post my requirements by income. So for single person I require $4200/month and for 2 people I require $4600/month. I don’t do it purely on household income because then 5 people could qualify on a low income. In the DFW area rents have risen faster than pay so my calculation is 3x (with adjustments for size of household). In CA, many landlords do 2x rent. I don’t believe in having the same requirement and not factoring in how many people have to live on that salary. That’s how rentals become ghettos, IMO.
Honestly, I'd keep looking. There are issues with all of them and not enough info. But, with just the above info, I'd choose in this order:
1) College grad. Least likely to actually smoke or already have a pet. Will probably party, may want to get a roommate or sneak one in, possibly be a slob or not be good about mowing lawns, etc., but probably want to take care of his credit score and won't likely consider it's possible to break a lease.
2) 43 year old female. Yes, she'll probably move soon, but isn't likely to have a pet, if she moves so much. You never know about smoking unless you smell it on her. If you verify her last job was far enough away that she had to move for this new job, that's a good reason to move, at least.
3) Married couple. I don't like that they want to move asap or that you already know they're lying about the smoking. I like her job, but something else is wrong with their situation, if they are having to move asap. I don't care if he doesn't have a SS#, but getting paid in cash means you can't verify his income and that's a real issue.
Lots of other questions and issues, but as far as playing this game goes, those are my picks.
There is no reason to assume he's lying about smoking, OP said the pic looked older. He could have smoked and quit years ago. Regardless if you can't verify his income, the wife makes more than the other two tenants by herself.
Number 1 is an assumption, a baseless one, most college attendees and grads are not partying, far from it actually, only a minority few actually engage in this stereotype.
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Totally agree. Maybe there will be a get together now and then, but once people have to get up for work in the morning things change. If he has a $52K job right out of the gate he's likely not a partier type anyway.
UPDATE: We are processing the application for party #3.
I'm glad. They were my first choice. This was fun!
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