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Call it something else, make it non-refundable, and you can get by with it. I know--an "application fee".
Thats true, there are ways to get around it, calling it a security deposit and charging beyond what state law allows, will get you reported to the Attorney Generals office when a tenant discovers it illegal.
THANKS!! I totally didn't think of doing that. Really, I'll put that in the ad.
I just figured let money cancel out money problems.
But like some folks cautioned -- make sure it is legal in your area.
If I were your potential renter and discerned that was your concern -- we would probably just offer to give you the whole 6 months (or whatever term) upfront. 6 months X $400 = just $2400.
That way it takes away the issue of recovery of the deposit at the end of the lease?
Dunno -- maybe some landlords would give a discount for all paid-in-full up-front from a tenant?
*BTW, a few mistakes don't give you horrible credit, you pretty much have to decide to "steal" money from almost everyone stupid enough to lend it to you and not give a &^%$ about paying it back...ever.
Maybe you could get references (past landlords, etc) for folks with bad credit scores?
My credit's shot to hell for reasons I won't get into here. Trying to get things paid off but it's going to be a multi-year thing.
If you just looked at my credit score and nothing else you'd probably classify me as a loser/thief/bum. But if you talked to my landlords from the past 10 years they'd tell you they've never ever had a problem with me...
Kinky,
A friend gave me a GREAT suggestion.... Require of your renters that they provide you with a copy of their childs report cards....kids with GREAT grades usually come from responsible parents who MAY have fallen on hard times.....it's worked forus.
And what if the applicant doesn't have kids? If you've got bad credit or debt, not having kids shows a lot of responsibility and financial wisdom.
All of the people who raped and pillaged wall street over the past decade had excellent credit scores. And quite obviously they were not trustworthy. You shouldn't be relying totally on a credit score to determine who is qualified and who isn't.
And what if the applicant doesn't have kids? If you've got bad credit or debt, not having kids shows a lot of responsibility and financial wisdom.
All of the people who raped and pillaged wall street over the past decade had excellent credit scores. And quite obviously they were not trustworthy. You shouldn't be relying totally on a credit score to determine who is qualified and who isn't.
Based on my experience, apartment complexes increase income requirements for lower credit scores. They don't just ban you based on a single number. They care more about prior evictions and judgments for damages than how many credit cards you maxed out.
I just figured let money cancel out money problems.
But like some folks cautioned -- make sure it is legal in your area.
If I were your potential renter and discerned that was your concern -- we would probably just offer to give you the whole 6 months (or whatever term) upfront. 6 months X $400 = just $2400.
That way it takes away the issue of recovery of the deposit at the end of the lease?
Dunno -- maybe some landlords would give a discount for all paid-in-full up-front from a tenant?
Don't worry the suggestion is great. When I used to rent, I paid something like $99 as a security deposit for my last place because of my credit. I never thought about doing that myself.
Granted, I think it's crazy to charge so little for security, since renters could do more than $99 worth of damage, but we can leagally charge up to two times the monthly rent for the security deposit in my state, and I usually just charge the same as the rent!
I'll just indicate a "range" for the deposit and let the new batch of prospective tenants know that it's based on credit. Again, thanks so much. That allows me to kind of relax the standards, but also be a little more protected.
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