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On the application I signed it asked how much money I had on me. I didn't mind putting the amount but I just found it odd. What exactly do they need with that info? Does it play into me getting my apartment in any way?
That is the weirdest question I've ever heard of on a rental application. I have no idea why they would need to know how much money you have on hand unless they meant do you have enough money to cover the deposit and rent? Not sure... Did the application fee just happen to be how much money you had on you? lol
why? because as a landlord i prefer not having a tenant living hand to mouth. eventually even the best tenants fall victim to the trifecta from landlord hell. they are job loss-illness-divorce. those three are never on the radar when screening applicants.
at least having savings tells me they have the ability to pay. the willingness may be another issue.
why? because as a landlord i prefer not having a tenant living hand to mouth. eventually even the best tenants fall victim to the trifecta from landlord hell. they are job loss-illness-divorce. those three are never on the radar when screening applicants.
at least having savings tells me they have the ability to pay. the willingness may be another issue.
The confusion where a response is concerned is in the wording. Taken at face value, "how much money do you have on you" means how much you're carrying on your person. Which begs the question would you accept an application from someone walking around with $1K in their wallet but arbitrarily refuse someone with only $10? Are you going to have your little "counterfeit detector" pen at the ready to make sure those bills are real?
With all due respect, it's none of a potential landlord's business how much I have in my wallet - or in my savings or checking accounts. Do your credit checks and follow up on my references to your heart's desire but what's in my wallet is simply none of your business.
what's in your wallet would be a stupid question. heck i have a married man wallet. about 10 bucks ha ha ha.
as far as access to liquid cash without taking loans ,i have a different view .it all depends on how careful a landlord wants to screen and prevent issues down the road.
having recently gone through an eviction of a couple that were tenants who split up i could have saved myself lots of grief from the get go if i knew they had little savings as a back up.
tenants are free not to answer the question just as the landlord is free not to accept them if they don't answer it but i think landlords who fell victim to job loss-illness- or divorces of their tenants play it smarter after. they realize no savings back up is eventually going to bite them in the butt.
as long as tenants make their money issues my money issues i take an interest in their money issues.
I understand your point but remain in disagreement. Someone could have $50K in their account and it could be wiped out quickly due to unforeseen circumstances. People lose their jobs every day; people get sick every day; people get divorced every day. What I have in my wallet or in my bank account on any given day isn't any guarantee for you - and if I fail to keep up with my rent payments then you get rid of me.
It's way too much personal intrusion. No worries - if I ever move to your neck of the woods I'll not answer any such questions and if you turn me down based on that then you'll have lost an awesome tenant!
anything can happen including an unwillingness to pay when times get tough.
but i still stand a chance if things go wrong if they have some resources behind them.
i stand zero chance if they don't.
my investing career has always preferred some chance to zero chance of something.
i have been asking the last decade and never had a prospective tenant not answer it but i can tell you i rejected quite a few for not having any back up money.
i like to see a years rent liquid. it can be invested but easily gotten to.
finding good tenant choices has become like fighting a war and like war innocent people get killed at times and you may very well have been one of them.
Last edited by mathjak107; 09-12-2014 at 08:25 AM..
finding good tenant choices has become like fighting a war and like war innocent people get killed at times and you may very well have been one of them.
On the application I signed it asked how much money I had on me. I didn't mind putting the amount but I just found it odd. What exactly do they need with that info? Does it play into me getting my apartment in any way?
I think it was meant as liquid cash not in your wallet.
anything can happen including an unwillingness to pay when times get tough.
but i still stand a chance if things go wrong if they have some resources behind them.
i stand zero chance if they don't.
my investing career has always preferred some chance to zero chance of something.
i have been asking the last decade and never had a prospective tenant not answer it but i can tell you i rejected quite a few for not having any back up money.
i like to see a years rent liquid. it can be invested but easily gotten to.
finding good tenant choices has become like fighting a war and like war innocent people get killed at times and you may very well have been one of them.
I don't know one single person who has a years worth of rent in savings. This economy is bad and that's a bad way to pick tenants. Not to mention, if I have a years worth of rent in my savings, I'd probably just buy a house.
Based on your criteria and how much we put into savings (plus our current yearly rate), it would take us ~38 months to have enough savings to rent from you. We've never not paid our rent, only been late 3 times (in 3 years) and have never been asked to leave or not offered to renew our lease. As far as I know, we've never had a complaint lodged against us either. Well, I lied, an older lady neighbor we had once complained to the LL about our kid playing with sidewalk chalk on the community sidewalks - in front of our ranch style apartment about 30 feet and small courtyard across from her unit - and we had to stop (we didn't renew our lease there).
My point is, your criteria is very strict and I'd bet anything you are passing up great tenants because of it. Just because someone has a savings doesn't necessarily mean they are responsible or would even use their savings to pay you if something happened.
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