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Not me , no reason to play detective and try to to find that needle in a hay stack and have to evaluate their willingness to pay and ability to pay or the reasons .
.. we have enough of a tenant base looking it is just on to the next. No reason to even bother being a detective
OP, I was a LL for 8 years, from 2012 (when I bought my current house and made my previous house a rental) to 2020 (when I sold the rental house).
My last tenants were at the house for 4 years. When they gave notice (because they were buying their own house), I decided to get out of the LL business entirely, and I was very very lucky with timing etc. and the rental house sold quickly and for way more net than I had expected.
But that's a bit of a digression ... my point for THIS thread was that I had an applicant in my last "round" (4-1/2 years ago now) that I really liked a lot -- but her credit score was just under 600. And there was simply NO WAY I could take a chance on her, because it was clear that she didn't always pay her bills, and I simply could not afford to pay my own mortgage AND her rent.
So, like others in this thread, I would just say no -- although you haven't yet said WHY her score is so low (and 600 is "fair"? Really? I would consider it very poor credit). You've seen her credit report by now, right? So why is her score only 600?
Well, it would be pretty stupid if your credit is that bad, but I guess your lender would be the loser if you defaulted.
But in any case, being a LL is different, and that's what THIS thread is about. When I was a LL, I had ONE property, and if my 580-credit-score tenant simply stopped paying, I would be out of luck (especially in these COVID times).
And I wish the OP would come back and answer questions that have been asked ...
Id find out where he lived before and why he's moving. Its hard enough evicting in the best of times; but nowadays with the eviction moratoriums, people can move in and just stop paying, and there isnt a thing you can do about it. Tread softly.
In many states it's illegal to accept pre-paid rent. Find out if your state has such a law. I know it's illegal in California and New York
I can’t speak for NY, but it’s certainly not illegal in California to accept prepaid rent.
As for the OP it’s tough, but a lot of good people have no/bad credit for many reasons. I’ve had less than stellar credit when I was younger and I was always able to rent a place because I was honest up front about my situation, had verifiable income, and a perfect rental record. Had I just dropped off the app without introducing myself and telling them my story I doubt I would’ve gotten several places that I did
I got tons of calls from property management companies for my employees over the years and most got their places after I told them they were of good character, and made a lot more than their paychecks show in tips. Most were in still in college, recently graduated, or still in their 20’s. Seeing how most lived off the cash they made with no regards to building credit I’d have to assume their credit was low.
I can’t speak for NY, but it’s certainly not illegal in California to accept prepaid rent.
As for the OP it’s tough, but a lot of good people have no/bad credit for many reasons. I’ve had less than stellar credit when I was younger and I was always able to rent a place because I was honest up front about my situation, had verifiable income, and a perfect rental record. Had I just dropped off the app without introducing myself and telling them my story I doubt I would’ve gotten several places that I did
I got tons of calls from property management companies for my employees over the years and most got their places after I told them they were of good character, and made a lot more than their paychecks show in tips. Most were in still in college, recently graduated, or still in their 20’s. Seeing how most lived off the cash they made with no regards to building credit I’d have to assume their credit was low.
According to California law there are caps on prepaid rent
Prepaid Rent: The landlord is allowed to collect one month’s prepaid rent (first month’s rent) plus two or three months’ security deposit depending if furnished or not
According to California law there are caps on prepaid rent
Prepaid Rent: The landlord is allowed to collect one month’s prepaid rent (first month’s rent) plus two or three months’ security deposit depending if furnished or not
A landlord may require that the tenant pay, regardless of the purpose therefor and in addition to the first month’s rent, a maximum of:
two months’ rent in the case of an unfurnished residential property;
three months’ rent in the case of a furnished residential property. If, however, the term of the lease is six months or longer, the landlord is not prohibited from collecting an advance payment of not less than 6 months rents.
It’s not uncommon for people to prepay 1 year around here.
Here in New York we are now forbidden from getting anything more than first months rent and a month security..it sucks ..tenants use up the security and don’t pay the last month and you got nothing..our governor is a moron
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