Renters and landlords

[goodlife36]

I appreciate the responses that I have received. I did reduce my checklist to the following:

1month rent and 1 month plus 100 for security. Most of the three way ads include broker fees.
Completed application
2 most recent paystubs
W2
Government issued ID (driver's insurance)
Background check
Renter's insurance

Most of them want the place but they do not have good credit but good income. Two made it through but one got a bad reference from their former landlord. The other seemed frustrated by my requirements and decided to take it upon herself to modify them. She wanted to give me a check for the first payment after I told her and put in writing checks are not acceptable for the first payment. This girl turned out to be a nasty ....She has a professional occupation and good credit. I guess the red flag is that she has moved twice in two years. I am so glad it did not work.

One couple came by today and loved the place. She filled out the application on the spot and they have a good work and rental history. Their income is good but her credit is not so great. I will not know anything until I receive a completed application but I do not know how to approach it.

[Informed Info]

Originally Posted by campion

lol, why don't I just rent from the county jail? It would be less restrictive.

You should see my lease! It was written by the guy who I bought a property from a few years ago....he's a lawyer.

[Informed Info]

Originally Posted by goodlife36

I am in the process of renting out my property and I have had quite of bit of interest. I have had some close calls but it has not worked out. I would like to know what the prospective tenant expects to provide a landlord to secure a property and vice versa. My requirements are as follow:

1 month rent and 1 month rent plus 100 for security
Income 3x the rent
Application
Background check
Employment letter
2 references including previous landlord
2 recent bank statements
W2
Government ID
Renter's insurance
Separate bank check or money order for first month rent and security
Is this too much? The renter's insurance and the income requirement are non negotiable.

I am so confused. What am I doing wrong?

What type of property (a luxury property? A residential home in nice neighborhood? A townhouse? A Condo?) are you renting and how much are you charging for rent?

Are you charging an application fee and a background check fee?

You're asking 2 months of rent plus $100 for security? Check in to what you're LEGALLY allowed to do. My state allows a maximum of 1.5 months rent to be collected as security.

I would NEVER give a private LL a copy of my W2 or my bank statements. They know and trust you as well as you know and trust them. I recently had a tenant's mother refuse to give me (let him give me) her kid's SS# because she (the mom) had recently had her identity stolen.

Renter's Insurance is a good thing, as long as the liability can be proven to be the renters and not the LLs.

You're renting out a property, not hiring a nanny. All of this won't protect you if your tenant loses his/her job and stops paying the rent. Like homeowners have other bills, so do renters, and the mortgage/rent is usually the first major bill that stops getting paid.


Edited to add: Saw you revised and posted right before I did. Sounds like you reduced your requirements and found a decent tenant! Whether one had to do with the other or not, congrats!

[campion]

Originally Posted by goodlife36

I would not take an out of state person. I live in a townhouse development and most of us are owners and have lived here for quite awhile. I want someone who plans to stay for sometime.

Ah, but how do you know that the applicant doesn't plan on staying? In my case, I was working my way up to my dream job in my dream location. To presume someone doesn't plan on staying just because they're moving from out of state seems unreasonable.

[campion]

Originally Posted by Sawdustmaker

You should see my lease! It was written by the guy who I bought a property from a few years ago....he's a lawyer.

I used to think I was too cynical, until I started reading posts on this board. Between landlords who expect utter perfection and idiot tenants I'm beginning to think I'm a Pollyanna.