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Old 09-16-2016, 06:19 PM
 
8 posts, read 6,347 times
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I was just thinking about this as a possible option, and was wondering if the land lords on here would think this is a bad idea. If a prospective land lord has qualms about renting to me, would it be a better option to offer to put advanced rent into an escrow account, where monthly payments are paid. Of course I would cover any additional fees due to this process. Would this be agreeable to most landlords?
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Old 09-16-2016, 06:42 PM
 
Location: SoCal
14,530 posts, read 20,054,132 times
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As a landlord I have zero interest in the hassle to create, maintain or deal with an escrow account.

Based upon whether you can convince me you are a responsible tenant I would give you a one year lease provided you pay the entire year in advance, and also pay the usual one month security deposit plus cleaning etc. non-refundable deposits.

Actually my ideal tenants are married couples with 1-2 children over 10 years old but less than 20 years old unless 20+ and attending college. (Don't like under 10 because all my rental houses have swimming pools.)

I absolutely do not rent to a group of unrelated roommates. Singles or singles with children are okay but everybody who is planning on living there must be listed on the lease and I have the right to evict persons not listed after X days. All adults must pass credit check and criminal background check.

I guess the one year in advance would partially bypass the credit check but I would still run it ($35/person) and negatives would cancel deal.

If you earned $1M by 22 you should be able to show some kind of business background or employment background. I would assume if you cannot show business, employment or investment income then it was drug sales.
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Old 09-16-2016, 07:00 PM
 
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Noted! Thanks for the advice.

And a credit check on me would just show no credit, so hopefully not a deal breaker.

I guess it's a good thing I have to keep detailed records, I'm high risk to be audited, so if you think that well documented proof of where my income has come from will be enough, hopefully it will be for my potential land lords!




And I don't wanna brag, well I kind of do, since I like to keep the extent of my earnings pretty private and stay out of the public eye (it's my business how much money I have, and I don't want people coming out of the woodwork asking for loans or to spot them for this and that), if all goes well this NFL season, I should surpass the $10mm mark for lifetime profits. Before taxes, of course. :P
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Old 09-16-2016, 07:00 PM
 
28,110 posts, read 63,531,084 times
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My student rental has 4 bedrooms and turnover was a problem before I rented to students... my students all have jobs and support themselves so student in that some are still taking classes.

I had rented to two of them before without issue... the then 18 year old really impressed me... set out to California from Colorado only knowing the older sister of a friend in SF that gave her two weeks on a couch...

Within 48 hours she had a job waiting tables and then a second one for events... tips were good and she had done the same work in Colorado...

She had no credit but did have 6 months of pay stubs...

The SF Bay Area is a difficult market... the one couple has the master and the 3 others have individual rooms and get along and the rent is there like clock work... rent and utilities works out to just under $500 each... which is reasonable for the Bay Area...

I've rented to a few individual students in the past with no cosigner and fully self supporting at age 19... one is now a Medical Doctor and I get the nicest Christmas card each year...
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Old 09-16-2016, 07:12 PM
 
Location: SoCal
14,530 posts, read 20,054,132 times
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Quote:
Originally Posted by GRiM4242 View Post
And a credit check on me would just show no credit, so hopefully not a deal breaker.
Credit checks show more than FICO scores. They show negatives (if any) and I also run a criminal background check. I would not expect a meaningful FICO in this situation but negatives could still show.

You kind of messed up your credit by not getting and using credit cards. I remember just after the dinosaurs died and I turned 18 I got a gas credit card to start building a credit history. You may have good math skills but you lack an understanding of how real world finances work. You start out with a "learner's permit" credit card (gas cards are ridiculously easy to get) and then work up a history from there, moving on to real credit cards and charging as much of your expenses as you can, pay every month balance in full.

Then you would have a credit score.
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Old 09-16-2016, 07:36 PM
 
8 posts, read 6,347 times
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Quote:
Originally Posted by Lovehound View Post
Credit checks show more than FICO scores. They show negatives (if any) and I also run a criminal background check. I would not expect a meaningful FICO in this situation but negatives could still show.

You kind of messed up your credit by not getting and using credit cards. I remember just after the dinosaurs died and I turned 18 I got a gas credit card to start building a credit history. You may have good math skills but you lack an understanding of how real world finances work. You start out with a "learner's permit" credit card (gas cards are ridiculously easy to get) and then work up a history from there, moving on to real credit cards and charging as much of your expenses as you can, pay every month balance in full.

Then you would have a credit score.
I mean, I get how they work, and I know that they show more than just FICO scores, I just haven't ever used any money that I didn't have direct access to. When I meant nothing interesting, I mean no negatives of any sort, nor a criminal history. My credit/background check would be about as blank as anyone's could possibly be at 22.

I also understand how building credit works, it's just always seemed ridiculous to me to have to deal with credit card companies or take out loans when I have enough on hand cash for whatever I want. I get this isn't how the rest of the world operates, but coming from a gambling background, everyone in my"industry" really only uses cash, so I've grown accustom to only using it.
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Old 09-16-2016, 09:16 PM
 
Location: SoCal
14,530 posts, read 20,054,132 times
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Quote:
Originally Posted by GRiM4242 View Post
I also understand how building credit works, it's just always seemed ridiculous to me to have to deal with credit card companies or take out loans when I have enough on hand cash for whatever I want. I get this isn't how the rest of the world operates, but coming from a gambling background, everyone in my"industry" really only uses cash, so I've grown accustom to only using it.
Card counter eh? SRSLY, you said you understand how building credit works, yet you didn't play the game and now you are paying the price.

And no, you don't need to take out any loans. Just get a few credit cards, charge everything you can, pay your balance in full each month. I'll give you a tip I recently read on the Internet: the three best cash reward credit cards are Bank of America, Chase and Capital One. I already had Chase for my business, was using Discover for personal, so I got a B of A Visa 1% rewards card and quit using Discover. Just recently I charged my new air conditioner ($9K) and got $90 back.

You have become used to the pluses of using cash. Now get used to the negatives of using cash. You already understand credit and how to build a good credit score, and now you are crying that you have no credit score. Looks to me like you are good at math and bad at economics.

You made your own bed. Enjoy sleeping in it.
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Old 09-16-2016, 09:54 PM
 
8 posts, read 6,347 times
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Game theory/stats expert

I know, I know, I've actually applied for a couple of cards already and am going to start using them to build credit, it just won't be significant in the timeframe I am looking for. I know I should have done it sooner, I've known building credit for a long time, I've just never gotten around to it. Short-sighted, I know, I know.

And I know I've made my bed and that I'll have to sleep in it, at least until I get the whole building credit thing going. I'll still take the millions in cash over perfect credit though.
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Old 09-16-2016, 10:24 PM
 
Location: SoCal
14,530 posts, read 20,054,132 times
Reputation: 10539
I'm glad my advice helped you. The way you have been making money as soon as you start building a credit history you can join the 800+ club. Again, there is no need for loans, revolving credit should work fine. Eventually you may buy a house, and at the rate you are going you'll be 800+ and living in a beautiful, high-end house.
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Old 09-17-2016, 12:27 PM
 
Location: North Idaho
32,559 posts, read 47,718,582 times
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Quote:
Originally Posted by GRiM4242 View Post
........offer to put advanced rent into an escrow account, where monthly payments are paid. .......
Too much hassle for me. The thing about escrow accounts is that they won't release funds without written permission from the owner of the money. So just because you had money in escrow that doesn't mean I could get my hands on it.

You might be able to get some other landlord to go for it.

Your lack of credit isn't the issue for me, and throwing money at me isn't going to make me change my mind about taking you.

Income has to be from a legal source and internet gambling isn't a legal source. Unless you are going to Las Vegas and playing in person, your income isn't legal, so I am not interested in considering it. Besides, why would you want to live in my area if your income comes from Las Vegas.

Who knows? Maybe landlords in Las Vegas are happy to rent to gamblers.
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