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LOL sounds like my last rental go around. I have not had anyone send me hate mail or hate text. I screen over the phone a lot now. It really cuts down on the unqualified applicants. And, although even the ones that lie and then meet with me (I know some think if they meet with me I will change my mind) tend to come clean when they finally realize I will run their checks. I use Transunion and its ALL on them to pay, complete the inline questionnaire and turn in a filled out application. Most don't bother to turn in anything. I just write down denied due to insufficient information and no application in my renter application book.
I don't care what job people have as long as they can meet my requirements.
Are these people doing these entry level jobs because they can't find jobs in their field or are they independently rich philanthropists? I dont know ANYONE who has a college degree and chooses to work at a coffee shop or Mickey Dee. OP has his qualifiers for tenants. I do too. I'm not going to rent to anyone who can't meet my requirements. I don't much care what they do for a job. But people working at coffee shops or fast food probably can't pay the rent which means they wouldn't qualify.. The person holding a degree doesn't mean anything when it comes to qualifying. A degree on a wall doesn't mean rent is paid
I would never ever PAY to apply unless the requirements were explicit and I knew I met them. But as one who pays rent on time and has no credit score, I have no illusion of being able to meet requirements I consider unreasonable.
Here in Portland, there are still a lot of underemployed college graduates hovering around minimum wage, and they're getting older, and thus unlikely to advance in the workplace.
And many of these people do pay the rent on time because they live frugally. Over the past 10 years I have paid 43 to 73 percent of my income on rent and always on time.
It would be wise to listen to a child molester with multiple civil judgments against them, a 480 credit score, making minimum wage at a BBQ joint, when I make 154K a year from my job, well over 200K with the rentals, not counting unrealized capital gains (closer to 350K combined), with a college degree???: rolleyes:
Listen, just because your whatever has a college degree means nothing. I know many people with a college degree working low end jobs in their 50's. The point you seem to miss is I'm a financially successful person...not just another person with a degree. I doubt you understand no matter how much I explain it to you, lol.
You're right, I should learn to listen, starting with your brilliant advice....
Edited to add: My reptuation comments are blowing up from this post. That's how "funny" your "advice" to listen is...
I suspect you are one of the very people this post is about....
So hard work doesn't lead to financial success?
Would YOU be financially successful if you paid the same proportion of your income for rent as do your tenants?
I would never ever PAY to apply unless the requirements were explicit and I knew I met them. But as one who pays rent on time and has no credit score, I have no illusion of being able to meet requirements I consider unreasonable.
Here in Portland, there are still a lot of underemployed college graduates hovering around minimum wage, and they're getting older, and thus unlikely to advance in the workplace.
And many of these people do pay the rent on time because they live frugally. Over the past 10 years I have paid 43 to 73 percent of my income on rent and always on time.
And I fully disclose my requirements. In fact I have no problem telling people if they cannot meet the requirements please do not waste your money applying.
Quote:
Originally Posted by freemkt
So hard work doesn't lead to financial success?
Would YOU be financially successful if you paid the same proportion of your income for rent as do your tenants?
I would simply because I can live like a pauper to get to a better level in life. In fact I HAVE done just that. We didn't buy new cars, go on lavish vacations, and lived well within our means simp,y to get yo a point in life where I didn't have to. And we got there. I have no regrets in what we did to get there, I never lied cheated or screwed anyone over. And yes now we live a little bit easier than some others.
Ok so these people have paid for rentals, cash flowing AND they choose to work at a coffee shop or fast food? Seriously? Why?
Not sure if it's directed at me but I don't choose who contacts me to see a rental I advertise. I have to treat everyone equally. People apply. I know nothing about them when they initially contact me. I don't call them idiots, stupid or anything. I don't care enough to form a personal opinion of their mental capacity. All I form is a decision on wether or not they can meet requirements. There are a few times when I SMH after hanging up and I actually feel I lost a few brain cells from that conversation. But whatever I move on and that's the end of it.
I had a guy one time who wanted to move out here and wanted me to let him stay in a rental for free. "I mean nobody is living there". I thought it was a joke. But the guy was serious.
Tac-Sea is right. Some people that apply CANNOT fill out a application correctly and in some cases legible. Plenty of times where I denied a aplication simply because I couldn't decipher the finger spasms of the applicant. When you can't write a phone number to the point I can decipher it I'm not going to play Sherlock Holmes to get the info
Was NOT directed at you But feel free to read my 1st post. ALL the answers but 1 are in there. He finished college & waiting for the changes that take place in DC when New Presidents get elected. He wants to work in Gov but I don't know what where & Hows of the job. I Do know he went to Russia as an exchange student for a year. I am thinking it has something to do with that & his other studies. As for affording his Condo He Paid CASH for it! Some trust from his gparents. How he paid for 1/2 of his edu & Russian trip. My gf & her dh paid the other 1/2. Coffee Shop is as he says a great way to meet people that can hopefully get his foot in the door. I hope so hes a nice kid.
I actually do know a woman who has a Masters degree and who works in higher education who waits tables 1-2 nights a week. She says she enjoys meeting all of the different people and having something to do (recent empty nester and divorcee, kind of at the same time). She says the cash tips keep her from withdrawing any cash from the bank during the week for day-to-day things, and the meager paychecks are just a "little extra" to add to her savings.
When I was working in restaurants several years ago, I also worked with a woman in her 70s who worked about 15-20 hours a week. She said "us girls kept her young," and she said she spent her tips at yard sales. She was quite eccentric, but being from the area, I know her family background...she certainly didn't need it.
I'm certainly not saying that's the case for many, but some really do work "crap" jobs "just because." I, on the other hand, would never go back to waiting tables again if I didn't have to (on a side note, if I did ever find myself in a situation in which I HAD to get a "crap" job, it would be waiting tables and not something with a teeny hourly wage). However, I guess I can see why some people would.
The above-mentioned people won't be filling out any rental applications anytime soon, though. And if they did, I doubt they would even think of their "additional income" enough to even think about adding it lol.
Was NOT directed at you But feel free to read my 1st post. ALL the answers but 1 are in there. He finished college & waiting for the changes that take place in DC when New Presidents get elected. He wants to work in Gov but I don't know what where & Hows of the job. I Do know he went to Russia as an exchange student for a year. I am thinking it has something to do with that & his other studies. As for affording his Condo He Paid CASH for it! Some trust from his gparents. How he paid for 1/2 of his edu & Russian trip. My gf & her dh paid the other 1/2. Coffee Shop is as he says a great way to meet people that can hopefully get his foot in the door. I hope so hes a nice kid.
OK. I'm not sure how the new president is going to help in that regard. Unless the president himself or herself is doing the interview. What of the wrong one gets elected? Is he going to stay as a server until the right one gets elected. And no he didn't pay cash for it. His grandparents and parents did.
Quote:
Originally Posted by lkmax
I actually do know a woman who has a Masters degree and who works in higher education who waits tables 1-2 nights a week. She says she enjoys meeting all of the different people and having something to do (recent empty nester and divorcee, kind of at the same time). She says the cash tips keep her from withdrawing any cash from the bank during the week for day-to-day things, and the meager paychecks are just a "little extra" to add to her savings.
When I was working in restaurants several years ago, I also worked with a woman in her 70s who worked about 15-20 hours a week. She said "us girls kept her young," and she said she spent her tips at yard sales. She was quite eccentric, but being from the area, I know her family background...she certainly didn't need it.
I'm certainly not saying that's the case for many, but some really do work "crap" jobs "just because." I, on the other hand, would never go back to waiting tables again if I didn't have to (on a side note, if I did ever find myself in a situation in which I HAD to get a "crap" job, it would be waiting tables and not something with a teeny hourly wage). However, I guess I can see why some people would.
The above-mentioned people won't be filling out any rental applications anytime soon, though. And if they did, I doubt they would even think of their "additional income" enough to even think about adding it lol.
You're describing people who choose to have a extra job on top of their main income provider job. That's different. K1 is talking about somene who (at first sounded ) like they chose to do a lesser menial type job rather than the job they trained and went to school for as a personal choice and they bought the house cash which is bs. Sorry but you're not buying houses cash on your own working at Starbucks as a barista. But now they got the house paid for by other than their own money which explains a few things somewhat.
Who cares? You dont think even low income landlords or middle class landlords dont deal with the same things! Youre not special. Deal with it or dont be a landlord.
I've heard these stories for years. I used to share a cube with an engineer who owned 6 rental houses. I'd hear one side of the conversations. That experience kept me out of rental house investing. I could not deal with those people.
I asked him why didn't these renters just buy a place? The rent was as high as a house payment.
He said that they couldn't save a down payment; they frequently lost jobs and they had many problems in their lives.
If you choose to be a landlord and rent to low income people you need to develop social skills to deal with them. Remember, they are not like you. Their life experiences are different.
A typical day listing one of my rentals, I will get people who email the same listing several times a day not realizing it. I also get the people who missed the fact that I don't allow dogs, and even when I talk to them they have no pets, but when they show up for the tour they tell me they have 6 pit bulls as "service dogs". My favorite has to be the guy who threatened me from his work email because I don't allow dogs. He was quick to call and apologize when I sent the owner of his company the emails and offered to take it public...
Then of course there is the guy who was a child molester and repeatedly lied about not having a criminal record but when I run him, he not only has that but many civil judgments against him from past landlords, absolute lowest credit imaginable, and wants his application fee back because "he has the receipt". No wonder you work at a BBQ joint and have to live with room mates bud.
Don't even get me started with the people who have bankruptcies and I give them a chance, and they flake on the appointment for a tour. When I call them 20 minutes into the appointment, they are like, "Oh, I forgot, what's the address again, I'm leaving now..." and when I tell them I'm not waiting and they lost their chance, they send me an insult filled text message or three calling ME a jackass, as if it's going to change my mind...
I especially like it when people try to argue with me and tell me how I should do things. OK, when you have a few million in real estate and a six figure salary from your job and a college degree, I will take advice from you...But when you are working at McDonalds and are renting with room mates, have bad credit and no money, I'm not really convinced that you're the person I should be taking advice from...
But wait a minute, being a landlord isn't really as easy as those real estate experts claim on TV? I'm returning my Carlton Sheets DVD's today!
Everyone loves talking about the wonderful elderly woman that pays her rent 2 weeks early, has been a tenant for 15 years and bakes cookies for the landlord around the holidays.......Glad you posted your real world experience! Good luck.
I've heard these stories for years. I used to share a cube with an engineer who owned 6 rental houses. I'd hear one side of the conversations. That experience kept me out of rental house investing. I could not deal with those people.
If you choose to be a landlord and rent to low income people you need to develop social skills to deal with them. Remember, they are not like you. Their life experiences are different.
I don't have the "rental mindset." I can't see the windfall from it if you need to finance the project and in high insurance/tax areas the "profit" can be pocket change. I have a buddy that built a brand new 10 unit apartment building (all 2/2's) in a nice area. He loves to tell me how great it is. Property taxes on the building is over 20K a year, insurance has to be 15K and now that it is 15 years old stuff is starting to break.
I would go crazy getting calls about broken appliances, broken AC units, etc......X 10 units!
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And if they did, I doubt they would even think of their "additional income" enough to even think about adding it lol.
