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I am trying to understand the risk here. If they dont pay rent, I can always evict them. I know tha's a hassle as well but it is possible to remove them within a month.
If they file for bankruptcy before I evict them, Will I not be able to evict them?
What about if I ask them for more deposit like 2 months ?
I forget what state you are in. What are the laws regarding how much you can collect for a deposit? Then, if you are in the middle of an eviction trying to get them out, can you use the deposit money for their rent? Probably not. You won't be able to touch the deposit money until they vacate. Be sure your lease and/or laws will allow you to use the deposit towards unpaid rent after they vacate.
Bankruptcies can delay/stop evictions depending on the state:
If they file bankruptcy, there is what's called an automatic stay. The laws have changed to make it easier for a LL to get someone out if they file bankruptcy, but it looks like, from my research, there is still a delay and you as a LL will probably have to appear before the bankruptcy trustee or get a lawyer to sort things out and get them out.
I'd like to ask you this question. Why are these tenants NOT a risk in your opinion? Why are you willing to possibly lose at least a month's rent, in the event you will have to evict them? I don't understand your willingness to take the risk.
You've had lots of good advice from people who have years of experience screening tenants. Take it or leave it. If you go with these tenants, I hope you prove us all wrong.
Woops, apparently we're all typing at the same time.
As far as the Equifax report, call them up and ask them to explain the report. My hunch is the zero balance means the creditor wrote off the debt. That doesn't mean they actually paid it off.
I am OP. What documents do you as a LL ask for from a self employed person? How do I know someone self-employed actually makes what she says he/she does.
I am OP. What documents do you as a LL ask for from a self employed person? How do I know someone self-employed actually makes what she says he/she does.
Thanks
Self employed people still have to file tax returns ...
I am OP. What documents do you as a LL ask for from a self employed person? How do I know someone self-employed actually makes what she says he/she does.
Thanks
You've already been told what to ask for...business tax return, account payables, and account receivables...you want to see the money flow...these will show you how financially strong her business is or isn't
Personally I can't see why you're wasting so much time and energy on these people...just say no alredy and move on to a more qualified tenant.
What does this have to do with the deposit limit allowed by your state?
I really think this is something you need to hire a PM for.....at least until you get your bearings about being a landlord and at least learn the laws of your state.
What does this have to do with the deposit limit allowed by your state?
I really think this is something you need to hire a PM for.....at least until you get your bearings about being a landlord and at least learn the laws of your state.
The problem with that is that his own agent is pushing bad tenants on him.
OP, if you can wait for a better tenant, you should. If not, you should minimize your risk with these tenants, if you feel you must rent to them. For me, that would be as fat a deposit as I could get away with, and a month-to-month agreement only.
These guys are not going to get accepted everywhere they go. You are in the power position with these tenants. You tell them what you will put up with, take it or leave it. Let them go trolling for another landlord who will accept their credit and their terms. They'll accept what you offer them.
The mere fact that they are still dealing with you shows they don't have any other options.
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