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Or anyone on 1099 .. assuming all other criteria checks out good. What is your strategy to vet and agree to tenants who don't have a W-2 or have a temp contractual job etc...
What is your strategy to vet and agree to tenants who don't have a W-2
or have a temp contractual job etc...
The #1 issue is CURRENT income. But how it's earned matters too.
Whether 1099 or W2 if they have a history of earning a similar amount by doing roughly
the same sort of work over some reasonable period (ie "being steady") then the specific work
they do really shouldn't matter.
The problem with many renters though (1099 or W2) is not being steady.
Which is yet another reason to keep an eye out for changes in your tenants circumstances
that could indicate they no longer have the income that qualified them to begin with.
As to UBER/Lyft in particular... I'd be suspect of anyone who does it full time.
The #1 issue is CURRENT income. But how it's earned matters too.
Whether 1099 or W2 if they have a history of earning a similar amount by doing roughly
the same sort of work over some reasonable period (ie "being steady") then the specific work
they do really shouldn't matter.
The problem with many renters though (1099 or W2) is not being steady.
Which is yet another reason to keep an eye out for changes in your tenants circumstances
that could indicate they no longer have the income that qualified them to begin with.
As to UBER/Lyft in particular... I'd be suspect of anyone who does it full time.
Should tenants keep an eye out for changes in their landlord's circumstances? Like headed toward foreclosure?
I don't see much difference between a full time Uber driver and a taxi driver.
If he has been driving long enough to establish a solid history of working and earning, then Uber is fine as a sorce of income. The driver should be able to show me lots of paperwork concerning payment from his passengers, which is usually done with credit card or debit card, which leaves a paper trail.
The driver should be able to show me a couple of years of bank statements, showing steady deposits.
Then, there is the rest of the screening, credit report, landlord references, criminal background, and eviction reports.
If it all indicates that he always pays his rent on time, has sufficient steady income, and has not damaged his last two rentals, I would consider renting to him.
What about good rental history and bad credit? How is credit relevant if track record indicates rent is consistently paid on time?
What that tells me is you simply ignore or choose who you pay. And push comes to shove I can easily go in the no pay column.
For me to take you as a tenant you have to pass ALL the criteria I set. Just like everyone else. Otherwise I have to consider everyone with bad credit and paying rent on time. Which is rare as I've never seen that combination. Usually people with bad credit never pay anyone on time
Or anyone on 1099 .. assuming all other criteria checks out good. What is your strategy to vet and agree to tenants who don't have a W-2 or have a temp contractual job etc...
I only have 3 rental houses - and no apartment complexes - and the houses I have are very nice. They are priced accordingly. Therefore, someone will need to prove themselves exemplary to get the house.
I don't really care if somebody is an Uber driver, but there should probably be another stable income coming into the family.
What that tells me is you simply ignore or choose who you pay. And push comes to shove I can easily go in the no pay column.
For me to take you as a tenant you have to pass ALL the criteria I set. Just like everyone else. Otherwise I have to consider everyone with bad credit and paying rent on time. Which is rare as I've never seen that combination. Usually people with bad credit never pay anyone on time
??? ??? ??? ??? ??? ??? Yeah, I had an abrupt and extended hospitalization 15 years ago with zero income, so none of my bills were paid during that time, my open accounts were closed and charged off, and the two largest debts were turned into judgments. (My employer/friend covered my rent during my hospitalization, as I had eBay inventory he was able to convert into cash.) Other than that there is nothing on my credit report.
Once I returned to work, I had two choices. I chose to KEEP INTACT my ability to pay rent timely - something that on a minimum wage income was incompatible with resolving the judgments. You got a problem with that?
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