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Especially if you show up with no job, and want to pre-pay "x" months in advance. That's like a double red-flag. A competent landlord would never accept rent paid in advance, because if things turn bad, and the tenant is a nightmare to the landlord and the neighbors, it becomes a headache to evict within the pre-paid months.
So if property were say $3k a month. And someone offered you $18k cash plus another $3k in security desposit. You would say no?
Think about that. And they have 800 plus credit. No shady stuff. No pets etc. And their bank accounts show they have over $500k liquid cash.
Normally better to put money in money market for potential renters for obviously money markets are not paying anything.
So you would turn down prepaying cash with that renter?
So if property were say $3k a month.
And someone offered you $18k cash
plus another $3k in security desposit.
And they have 800 plus credit.
No shady stuff.
No pets etc.
And their bank accounts show they have over $500k liquid cash.
Moving the goalposts (or shifting the goalposts) is a metaphor meaning to change the
criterion (goal) of a process or competition while still in progress, in such a way that the new
goal offers one side an intentional advantage or disadvantage.
Back to the actual issue: Landlords want plain vanilla white bread tenants.
It's no more complicated than that.
People who have regular jobs. Tenants can change employers and few LL's will care but they're
still looking for applicants to have had the same basic job being done over a longish period of
time with longish terms with each employer. Bouncing around from employer to employer
or worse from job type to type bodes poorly.
People who earn enough at those jobs. The rent obligation (including the common utilities there)
should NEVER exceed 1/3 of the tenants net income. 25% (one week's check per month is ideal).
The LAST thing a LL wants is to set a tenant up for failure.
People without structural debt. No large balances on the CC's, no judgments and even allowing
for car loans and child support payments that these collectively (debt:income) don't exceed X%;
usually another 25-30% of net income.
People who can/will identify who their previous LL's were and how long they were there.
Those addresses will show up on your credit/background reports.
People who haven't been evicted. The assumption is that most people will play by the rules.
And even if you had a falling out with a LL or two (it happens) the situation or severity was modest:
the LL didn't need to file paper to get you out or to make a settlement.
If you can demonstrate these basic characteristics you'll be able to get a rental.
If you can't you'll need to be able to explain why. If that explanation isn't clearly and simply
documented and/or requires more than a 5 minute conversation... you probably won't get a rental.
Moving the goalposts (or shifting the goalposts) is a metaphor meaning to change the
criterion (goal) of a process or competition while still in progress, in such a way that the new
goal offers one side an intentional advantage or disadvantage.
Back to the actual issue: Landlords want plain vanilla white bread tenants.
It's no more complicated than that.
People who have regular jobs. Tenants can change employers and few LL's will care but they're
still looking for applicants to have had the same basic job being done over a longish period of
time with longish terms with each employer. Bouncing around from employer to employer
or worse from job type to type bodes poorly.
People who earn enough at those jobs. The rent obligation (including the common utilities there)
should NEVER exceed 1/3 of the tenants net income. 25% (one week's check per month is ideal).
The LAST thing a LL wants is to set a tenant up for failure.
People without structural debt. No large balances on the CC's, no judgments and even allowing
for car loans and child support payments that these collectively (debt:income) don't exceed X%;
usually another 25-30% of net income.
People who can/will identify who their previous LL's were and how long they were there.
Those addresses will show up on your credit/background reports.
People who haven't been evicted. The assumption is that most people will play by the rules.
And even if you had a falling out with a LL or two (it happens) the situation or severity was modest:
the LL didn't need to file paper to get you out or to make a settlement.
If you can demonstrate these basic characteristics you'll be able to get a rental.
If you can't you'll need to be able to explain why. If that explanation isn't clearly and simply
documented and/or requires more than a 5 minute conversation... you probably won't get a rental.
hth
Once you get into $3-4-5k a month rentals. You are normally dealing with different clients.
Like I said. It's a different type of renters when you get higher in price range.
Of course check out their history (BK, evictions, criminal history, etc). But never make a bucket of list without exceptions.
Ha, well I took someone's advice from another thread. They said "if your daddy is so rich and well connected, then get him to help you", so I did. Just talked to my dad today. He said that 95% of landlords are idiots (as I have discovered), but he also said I'm an idiot too for wasting hundreds of dollars of application fees and getting my credit hit (and my wife's) every time we applied to a house, and that I shouldn't have tried to find a house without his help. I tried to find a house on my own, and tried to do it behind my dad's back, because I'm trying to be more self sufficient and do things on my own. Well, I'm done playing nice with these landlords. My dad has informed me that I will be dumping my agent, using his custom home business's best agent, that I will not be submitting any more application fees or credit checks to landlords/property management unless they are ready to hand me the lease agreement, and that I will essentially get to have my pick of any rental house in the DFW metroplex that's under $4k a month in rent.
I'm personally a little skeptical, as my dad gets overconfident sometimes, but he said this is what's going to happen. The agent that works for him will now be doing everything for me. The agent will be presenting me with a list of rental houses that meet my requirements. All I have to do is tour them and pick one. It doesn't matter how many other people apply to the house, when my new agent talks to them, the house is as good as mine. Apparently any landlord worth my time will know who my dad is and know his custom home company. We will be paying MORE per month than the asking price, and the owner of the house will be gifted $5k for putting me at the top of the list of applicants and dumping everyone else. References on my application will include the mayor of Fort Worth, Tiger Woods (he's a family friend), and a very high up exec in BP and Ebby Halliday. Is my dad really being overconfident, or should this really make it easy for me to get a rental house, even with a credit score of 500 and an eviction (wasn't a forceful eviction - I vacated the house before being forced out) ? Well I guess we will find out next week...
Ha, well I took someone's advice from another thread. They said "if your daddy is so rich and well connected, then get him to help you", so I did. Just talked to my dad today. He said that 95% of landlords are idiots (as I have discovered), but he also said I'm an idiot too for wasting hundreds of dollars of application fees and getting my credit hit (and my wife's) every time we applied to a house, and that I shouldn't have tried to find a house without his help. I tried to find a house on my own, and tried to do it behind my dad's back, because I'm trying to be more self sufficient and do things on my own. Well, I'm done playing nice with these landlords. My dad has informed me that I will be dumping my agent, using his custom home business's best agent, that I will not be submitting any more application fees or credit checks to landlords/property management unless they are ready to hand me the lease agreement, and that I will essentially get to have my pick of any rental house in the DFW metroplex that's under $4k a month in rent.
I'm personally a little skeptical, as my dad gets overconfident sometimes, but he said this is what's going to happen. The agent that works for him will now be doing everything for me. The agent will be presenting me with a list of rental houses that meet my requirements. All I have to do is tour them and pick one. It doesn't matter how many other people apply to the house, when my new agent talks to them, the house is as good as mine. Apparently any landlord worth my time will know who my dad is and know his custom home company. We will be paying MORE per month than the asking price, and the owner of the house will be gifted $5k for putting me at the top of the list of applicants and dumping everyone else. References on my application will include the mayor of Fort Worth, Tiger Woods (he's a family friend), and a very high up exec in BP and Ebby Halliday. Is my dad really being overconfident, or should this really make it easy for me to get a rental house, even with a credit score of 500 and an eviction (wasn't a forceful eviction - I vacated the house before being forced out) ? Well I guess we will find out next week...
I'm going to go out on the limb here, but I'm just guessing your eyes are a dark, deep rich brown.
Ha, well I took someone's advice from another thread. They said "if your daddy is so rich and well connected, then get him to help you", so I did. Just talked to my dad today. He said that 95% of landlords are idiots (as I have discovered), but he also said I'm an idiot too for wasting hundreds of dollars of application fees and getting my credit hit (and my wife's) every time we applied to a house, and that I shouldn't have tried to find a house without his help. I tried to find a house on my own, and tried to do it behind my dad's back, because I'm trying to be more self sufficient and do things on my own. Well, I'm done playing nice with these landlords. My dad has informed me that I will be dumping my agent, using his custom home business's best agent, that I will not be submitting any more application fees or credit checks to landlords/property management unless they are ready to hand me the lease agreement, and that I will essentially get to have my pick of any rental house in the DFW metroplex that's under $4k a month in rent.
I'm personally a little skeptical, as my dad gets overconfident sometimes, but he said this is what's going to happen. The agent that works for him will now be doing everything for me. The agent will be presenting me with a list of rental houses that meet my requirements. All I have to do is tour them and pick one. It doesn't matter how many other people apply to the house, when my new agent talks to them, the house is as good as mine. Apparently any landlord worth my time will know who my dad is and know his custom home company. We will be paying MORE per month than the asking price, and the owner of the house will be gifted $5k for putting me at the top of the list of applicants and dumping everyone else. References on my application will include the mayor of Fort Worth, Tiger Woods (he's a family friend), and a very high up exec in BP and Ebby Halliday. Is my dad really being overconfident, or should this really make it easy for me to get a rental house, even with a credit score of 500 and an eviction (wasn't a forceful eviction - I vacated the house before being forced out) ? Well I guess we will find out next week...
I'd be interested in hearing how this works for you. I own a couple of rental homes, and there's no way to "short-circuit" the rental process with me. Because of fair housing laws, we have written qualification standards that we supply to potential tenants before they apply - the rules are pretty simple, income, stable job history, no felony records, and no evictions in any residents past. Everyone over 18 has to fill out the application, and I have to verify that info before turning over the keys. I won't take any money for a credit check until I've explained the standards to the applicant. There is no "wasted" application fee with me, unless the applicant lies to me. Even Tiger Woods would have to fill out an application & meet the qualifying standards, and I don't know that he would meet those standards, and if his "roomie" had an eviction, he would be denied.
I was able to rent a condo without difficulty in a fairly desirable area without current employment. I provided a clear explanation why I wasn't working with my plan, and I revealed savings/bank records showing that I could cover the year lease from my savings. Also, I have collected letters of recommendation from every landlord I have lived/worked with since college saying I was a good tenant. Credit is perfect. I walked in with copies of all of these items on my 2nd visit to the condo within a few days. Being proactive, organized can have its benefits.
But I think it went through easier because I was renting someone's condo who couldn't sell at this time. I have had some good renting situations in the past 5 years by renting condos. I'm also in a demographic where landlords feel I will take good care of their place (female, approaching middle age).
I think young folks not long out of school with no job are not in the greatest demographic, in the eyes of landlords. Daddy's money can help, but not always.
I find it crazy that I can't find a place to live these days even with my dad cosigning. He's a friggin millionaire, people! Granted, he has bad credit, but he's paid off all his debts - he could have declared bankruptcy but didn't, because he believes in paying off his debts.
So your dad's credit history got trashed at one point? It doesn't matter why or that he paid off all of his debts. It's a red flag. Who is to say he won't lose it all again? He is a risk. Why don't you know that? Why doesn't HE know/understand that? Common sense...
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When I was younger and had no job and was just a student, I rented apartments and even houses and had no problems doing so thanks to my parents co-signing. Have things really changed so much in the past 5 years? I actually have income coming in now as opposed to five years ago, it's just that I'm self employed and have only been doing this for about the past six months. What do I have to do? Offer to pay a security deposit that's three times my yearly rent? Because I could do that if that's what it takes. I have $60k just in my bank and in stocks and bonds alone (not counting my parents' money).
You are SO scripted, but I'll play.
I tend to only rent to students. I don't expect them to have a full time job or excellent credit, let alone much of a credit /rental history. I just want the rent. On time. I don't care who pays for it (the tenant, their mommy, daddy, great -Auntie). You're running with the big dogs now, you are no longer a student. So no, things haven't changed that much in the past 5 years. You're (at closer to 30 than NOT) just a newbie. Did you parents co-sign your leases back when you were a student living off of campus? I don't ask parents to, and prefer parents don't. I don't want to deal with mommy/daddy AND tenant.
One thing you can't do is count your parents money as yours. It's not yours. It means nothing. You will notice this when you try to get a mortgage, your parents dough will mean nothing to the UW. Unless, of course they give you a "one time loan that will never have to be paid back". Which a lot of parents who want to help their kids get their first home do. Your father runs a multi million dollar business (when he ain't selling mommy's jewls to pay bills) and doesn't GET this?
You have to look at what YOU have to offer, not your dad. That's how it works. No one cares about dad and his money. They care about what YOU "got" or "don't got". Another MAJOR issue your FATHER should understand.
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It seems like nobody cares about how much money you have or even how much you make. All anyone cares about is your credit, rental history, and that you're a W2 employee.
Yes. Because past behavior is indicative of future behavior. Being how your father owns his own business and has apparently been screwed to the point of having to sell off mom's jewels to pay the bills, he should be THE FIRST ONE to understand this. He should KNOW he is still considered a risk.
I'm self employed and so is my husband. So are my parents and my siblings. You aren't running in to issues because you are self-employed.
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I have bad credit, and not much to show on my credit, since I own my own house (don't pay mortgage payments on it), never use a credit card, just my debit card.
The only way to establish credit is to get credit and use it. Your father should know this. Get a credit card or two, use them, pay them off every month. Don't accrue interest. Easy. Establish a line of credit. How else are you expecting to do so?
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I pay all my bills on time, but of course that doesn't reflect on my credit. The fact that I have absolutely nothing on my credit report from the last two years should tell people that I've had no new issues with my credit, and that I've been paying everything on time.
What it is saying is that you might not be able to obtain credit.
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Last two times I bought a car, I just flat out bought it - I didn't even bother with leasing it. The whole credit system doesn't make sense for people like me who have lots of money and just pay everything in cash. The whole financial paradigm in our society is based up the borrowers being slaves to the lenders... and those who aren't borrowers like me get screwed over because they don't play that game!
That's the way it works. My parents pay for most everything in cash (cars too!), but they are smart enough to have credit cards to use for the business (in their names) when $150K of inventory is ordered every 2 weeks...oh, and they get air miles too! Common sense, or maybe it's age and wisdom. Oh, wait! My mom loves to shop online...needs a credit card for that!
If you want to establish a credit history, you need to fall in line and do it. It's pure common sense.
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I wish landlords wouldn't lump everyone into a single category. Many many more people in our society are starting to take Dave Ramsey's approach to person finances, which is by far the smartest way to handle your money - but landlords refuse to get with the times and realize that people with 0 credit are some of the smartest people with money. My family makes more money than most of these landlords ever will! It just seems silly.
So, how does your dad play with folks who don't understand HIS business? How things WORK....like you and your dad do with landlords? WTF do you or HE know about being a landlord? Apparently NOTHING.
You REALLY need to stop patting yourself on the back. You're not that much of a fish out of water. My parents are self-employed business owners AND landlords, and multi-millionaires (not my money, and I NEVER acted like it was). My parents live by "if you can't pay for it in cash, you can't afford it"....meaning if you can't pay that credit card bill you used online at Bergdorf Goodman, you shouldn't have bought it. Why are you living like it's 1890 and purposely screwing yourself out of a credit history?
Did I mention they're also landlords, like I am? Not stupid. Can just see a pile of steaming crap from a mile away...
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I own a house in California, not Texas. And the house is technically in my dad's name, but I live there and rent the rooms out.
I got evicted from an apartment before I had the house.
So you are married and live in a house with your wife and rent rooms in the house out? WHY? What is wrong with you? What is wrong with her? Why would you DO that? Creepy and strange from someone whose daddy make $35K per month and son has no job up until he self-employed his arse 6 months ago? Are you working for daddy? Is that how you are self-employed? Where's wifey working? If you are going to use daddy to make your points, use daddy to employ your wife...oh, and you too.
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My dad and I are doing well now, though. Know the Rothschild family? The investment group we are working with work with them. I actually met some of them. Pretty crazy and exciting stuff - business is looking up.
HUH? You're self employed, can't find a place to rent but you are doing well? Daddy has mega-bucks, but you insist on renting? Don't want to ask him to help you while you cite all the $$$, according to you, that he has....you make ZERO sense, grasshopper. ZERO.
What is comes down to is you can't afford to buy or rent anything. Tiger Woods and Obama couldn't help you out. No self-employed landlord cares about who you think you know, may actually know...is the scum bag Tiger Woods, et al, are they going to ante up when you can't pay your rent? Nope. You can know anyone you want to, do the nannies of Angie and Brad get their lousy credit history glossed over when they need to rent an apt?
You are just a big old liar, aren't ya?
Disgruntled tenant? Got yourself evicted and made up this BS story? Yeah. That's what I'm going with.
Where I work, you have to make 2.5 times your rent.
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