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I've never had good success looking at a stiff ratio.
I look at bank statements, and ask applicant to cross out any account numbers and personal transactions.
I just need to know what the average monthly balance is. By comparing to paystubs, you can find out if they're good or lousy at money management.
If they don't want to show me a balance, too bad, their loss. Next.
Need or want?
My net is around $1200 a month and I barely get by without overdrawing. Rent, health insurance, and student loan payment consume more than $900. Am I good or bad at money management?
My net is around $1200 a month and I barely get by without overdrawing. Rent, health insurance, and student loan payment consume more than $900. Am I good or bad at money management?
Notwithstanding some confusion and lack of credibility on your part, you recently claimed that you receive either Medicare or Medicaid.
I've never had good success looking at a stiff ratio.
I look at bank statements, and ask applicant to cross out any account numbers and personal transactions.
I just need to know what the average monthly balance is. By comparing to paystubs, you can find out if they're good or lousy at money management.
If they don't want to show me a balance, too bad, their loss. Next.
I Found this Funny! Bank Statements To see How the handle money! I Never deposited Anything Into a Bank account Until I started renting here. They Only thing I put into the account is enough to cover the Rent a little more! I Am & Always will be Cash & Carry! Even when I purchased my homes they never checked bank statements!
And this is a problem how? Ever heard of Medicare Supplement insurance? It's not free.
Medicare is free IF you paid into the system for enough quarters. The Extras are Not. They come directly out of your monthly SS check You never see it. Section 8 HUD Only counts what the check is that you receive. & Bases your rent on that. You really need to got talk to some one in person at your SS Office.
Landlords, when you're screening applicants for rental, what do you look for in your tenants' income - and do you calculate it on their net or gross? And as for job history, do you prefer/insist that they've worked at least a year?
Not sure what its called BUT when we 1st started Renting My son Worked the HUD office only counted his Take home Pay to calculate our rent .... Of course they counted ALL my SSD check as income Hope it helps!
Medicare is free IF you paid into the system for enough quarters. The Extras are Not. They come directly out of your monthly SS check You never see it. Section 8 HUD Only counts what the check is that you receive. & Bases your rent on that. You really need to got talk to some one in person at your SS Office.
??? ??? ??? Medicare pays 80% of qualifying medical expenses. The recipient is responsible for paying the other 20%. Most Medicare recipients cover this 20% through a Medicare Supplement, or Medigap, insurance policy. Mine costs about $150 per month, and my plan covers the full 20% that Medicare doesn't pay, except for prescriptions, which are covered (with a low co-pay) through a Medicare D plan. Medicare B is covered through a monthly premium around $100 or so.
I do not (yet) have Section 8, so I did not know the rent is based on the net you receive. The waiting list I'm on is for a property with 'project-based Section 8' which means residents get Section 8 assistance as long as they live there.
??? ??? ??? Medicare pays 80% of qualifying medical expenses. The recipient is responsible for paying the other 20%. Most Medicare recipients cover this 20% through a Medicare Supplement, or Medigap, insurance policy. Mine costs about $150 per month, and my plan covers the full 20% that Medicare doesn't pay, except for prescriptions, which are covered (with a low co-pay) through a Medicare D plan. Medicare B is covered through a monthly premium around $100 or so.
I do not (yet) have Section 8, so I did not know the rent is based on the net you receive. The waiting list I'm on is for a property with 'project-based Section 8' which means residents get Section 8 assistance as long as they live there.
You are moving into a HUD apt or as I call them In- House HUD/Section 8 Yes they will consider your Medical expensives. That's the reason this past yr I only paying $76 in rent LOTS of Medical bills from my son that I paid... long story. Why don't your Drs help you with the Student Loan ... Even tho my son not on SSD yet his Drs filled out paper work discharging his Student loans...
Regular LL I don't take all this into consideration. We have people here that moved in Hoping they get their Section 8 Paying Full Rent. I cant even figure out How they even got apts. Income $750 Rent $550 + Electric. total electric apts. That's why I really don't understand why LL on this site seem to be worried about income. It drove me nuts when we moved here & had to pay ALL 1st months rent & Sec Deposit $1100!!! Required by Sec 8. IF we move we have to come up with Deposit & 1st months rent Again on our own...
We don't apply a hardcore ratio, although at one time we did a rough calculation of 30% of gross yearly income. This was back in the 1990's in NY before rents became astronomically high.
We look at and ask for the following:
2 years tax returns
3 months w-2's
3 months bank statements
Gas and utility bills
State or Federal issued ID (i.e., driver's license, passport, etc.)
We also do a total credit history (3 bureau), criminal background check and eviction/L&T Court check (national).
We look at all of the income documents to confirm consistency of income, patterns of spending and priority of how bills are paid. Thus, our analysis isn't just based on a calculated formula although that may help. What's important also is the personal interview. We casually interview conversationally while the apartment is being viewed. Most times people don't even realize they are being interviewed.
We use a combination of all the above as part of the decision making process and have been greatly successful over the past 30 years. Hope this helps.
I'm not a landlord, but my experience trying to acquire housing around here is that landlords don't even want to rent to you if you're not employed. I would call around all the cheapest apartments available, and not only did they want 3x rent, but as soon as they heard me say I was unemployed and on disability I'd even get hung up on. Thought discriminating against disabled was illegal? Obviously not. But anyway, even the cheapest places I don't qualify for because 3x $325/month is $975/month. I only get $733/month. So, I don't actually qualify to even have a roof over my head by society's standards.
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