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Example: unmarried couple in their 20's, 3 motorcycles and 2 cars, big dog, she: self-employed, he: 3rd job in 12 months. Together barely make the "rent minimum 30% of income" requirement, her only proof of income is invoices to customers....
Unmarried people = @ one adult per bedroom (regardless of their relationship)
Plus the usual joint and several stuff.
On the J&S... each person must be able to afford at least 2/3's (not just half) of the rent & expenses
completely on their own and otherwise meet all the personal standards.
Have you ever tried a flyer in the gay papers there?
thanks, I will tighten up my wording. The latest couple (rejected) were very upfront about their disappointment over our requirements. I don't want to mislead anyone, but I want to be able to communicate our requirements without boxing myself into a corner. I really like a some of the people who are in the gray area of qualifying. Example: unmarried couple in their 20's, 3 motorcycles and 2 cars, big dog, she: self-employed, he: 3rd job in 12 months. Together barely make the "rent minimum 30% of income" requirement, her only proof of income is invoices to customers.... Presently leasing but have not moved out yet (so don't know if they will even pay last month's rent or in what condition they will leave the place.) Prior lease with her Mom in Georgia (ya, right....) prior to that they allege 3 years of different places (her Georgia, him Indiana). Oh, and he filed for bankruptcy w/i the past 7 years (per application). They actually freaked out when, after looking at the applications I simply refused to even accept their application fees to do the criminal/credit background verifications.....but their claims that they have never been denied a lease before has me wondering about my requirements....
Still, the basic reason my rates are under market is to be able to attract highly desirable tenants with the hopes they will be long term tenants.....
Fair Housing violation, never state this as reason with prospects or anyone else.
Relationship and or Marital status cannot be taken into consideration.
Does no#1 mean you would not rent to one adult and 3 children in a 2 bdr?
The one that would be a killer in my area on many properties is the "Maximum of 2 cars" one. But I suppose that depends on the property you are renting. We have ours worded something like "No more vehicles on the property than there are provided parking spaces", because many of our properties have 3 car garages, and some have RV parking as well. I did a lease with someone last week who had 4 cars, but it made sense for that property. Parking in the driveway is allowed as long as the cars are not unsightly and are being driven regularly. But I could see if it was an apartment building, or if there was no garage, or only a 1 car garage, having more than 2 cars would be a problem.
And your "No more than 2 adults and 2 children" rule might be a Fair housing violation if you are a LL who has to comply with Fair housing rules (not all do, and you don't say how many rentals you have, or whether they are in a building you also live in). Why 2 adults and 2 children but not 3 adults, or 1 adult and 3 children? HUD's guidelines are 5 people max in a 2 bedroom unit, as they figure someone can sleep in the living room. What if the "child" is the adult's biological child, but is over 21? They are technically an adult, would you refuse to rent to them? That one gets me a little bit.
Other than #1, and the things other people already said, I think the rest are very reasonable.
(Edit* looks like virgode beat me to it while I was typing)
I'd actually tighten up the wording about the deposit to state it must be in certified funds. But that's just me.....
As far as the 2 years of employment I'd tend to give a little more latitude, as long as there's somewhat of an assignable cause such as being laid off. Again, just my opinion.....
I would just suggest (you already have good comments on the rest) that you make sure #1 is in accordance with your state laws. Many LL are starting to find out (the hard way) that their state laws may have very specific requirments for application fees, holding deposits, and advance payments.
I would just suggest (you already have good comments on the rest) that you make sure #1 is in accordance with your state laws. Many LL are starting to find out (the hard way) that their state laws may have very specific requirments for application fees, holding deposits, and advance payments.
I will remove the 2-2 adults/kids statement on my requirements! However, admit I will avoid renting to someone with 3 kids in this 2-bedroom house because it is very small......
#8 would probably disqualify me based on my SS income, even though I might have enough cash saved to pay rent upfront for a full year contract. Life is so complicated.
#8 would probably disqualify me based on my SS income, even though I might have enough cash saved to pay rent upfront for a full year contract. Life is so complicated.
That post also made me think that #7 has another problem. Our very best tenants ever have almost all been older, retired people. They have no recent employment history, but we would have been fools to reject them.
*Edit* just looked back and see that sware2cod already mentioned that, sorry
You don't mention checking their credit report, that will tell you if they have problems paying their bills and if they have any judgments against them. You will need their social security numbers and signed permission to check their credit reports.
Quote:
8. Rent that does not exceed 30% of your gross monthly (combined) income
That looks steep to me, but that is a business decision you are entitled to make. As are most of the other criteria you are using, withing the limits of the Fair Housing laws.
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