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Exactly. And if your tenant is having issues, don’t you think future applicants will too? Would they even pass the criteria set by most landlords? I doubt it.
It’s makes sense to work with good tenants to keep good tenants.
This was one of the things that was told to our clients. They needed to understand that right now in our area, that even if they evicted a tenant who had lost their job, there was unlikely to be much of a pool that could take that tenants place.
LL's who don't have reserves for each property set aside for unexpected events are bad businessmen.
Renters that do not have a 6-month emergency reserve plan are bad renters.
This illustrates the need to have solid renter selection criteria. Tenants that barely qualify with a 3.5X income, or have poor credit, will have problems. Tenants with jobs, not careers, will have issues.
Renters that do not have a 6-month emergency reserve plan are bad renters.
This illustrates the need to have solid renter selection criteria. Tenants that barely qualify with a 3.5X income, or have poor credit, will have problems. Tenants with jobs, not careers, will have issues.
Well its good to hear you did everything right your entire life
Renters that do not have a 6-month emergency reserve plan are bad renters.
This illustrates the need to have solid renter selection criteria. Tenants that barely qualify with a 3.5X income, or have poor credit, will have problems. Tenants with jobs, not careers, will have issues.
That pretty much sums up my situation as well. I can't for the life of me understand all this fear of tenants not paying. Heck, I probably can ask all tenants to pay up the balance of their lease and most will probably whip out their card, write a check on the spot or go upstairs to get the cash from their safe. It doesn't hurt that many rents are paid via a management company or agents, so monthly billing is more a courtesy and to adhere to regulations on advance rent payments.
Renters that do not have a 6-month emergency reserve plan are bad renters.
This illustrates the need to have solid renter selection criteria. Tenants that barely qualify with a 3.5X income, or have poor credit, will have problems. Tenants with jobs, not careers, will have issues.
That may be true, but a LL who is serious about being in business will have resources and the options that come with. If a LL wants to boot someone who finds themselves in an unforeseen crisis they certainly can. It'd be better business to extend some credit to a proven tenant than lose them over a temporary hardship.
No, I'm not going to let the rent slide, but I will work with anyone who is honest and says they are having difficulty. I decided not to charge any late fees during this time. i also will let them make payments for the fours weeks. But in the end the rent needs to be paid by the end of the month.
Renters that do not have a 6-month emergency reserve plan are bad renters.
This illustrates the need to have solid renter selection criteria. Tenants that barely qualify with a 3.5X income, or have poor credit, will have problems. Tenants with jobs, not careers, will have issues.
Multi billion dollar companies also do not seem to have 6 month emergency reserve, lol.
At that, the income does not mean jack regarding reserves. People, middle class, can rack up severe debts and have zero in savings, despite having ten times the required income.
Multi billion dollar companies also do not seem to have 6 month emergency reserve, lol.
At that, the income does not mean jack regarding reserves. People, middle class, can rack up severe debts and have zero in savings, despite having ten times the required income.
Im still amazed at the some people of the people on this site who feels the need to say what someone should have like life never gets in the way
Im still amazed at the some people of the people on this site who feels the need to say what someone should have like life never gets in the way
Life gets in the way....ok sure. But there are plenty of people who fly by the seat of their pants and have no regard to the future.
I ave my emergency fund set up to take care of downturns. I work with tenants who have money, steady jobs and great income. But that’s why I tend to only go in a lease with tenants who are going to weather a downturn also. For example I just signed a lease with a tenant. Lease is for a year. Tenant makes great money.
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