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This is just another way for the aristocratic landowners to humiliate us serfs and remind us who's really in charge.
I won't be providing any rental receipts or history of rental payments. -Because I haven't rented anything; there's no history to show. Yet, despite an 800+ plus credit score and being an honest and responsible person, I will be profiled and treated with suspicion.
For the would-be tenant, the process is undignified as it is. One is cross-examined with invasive questions. What is your net worth? (Just the shirt on my back.) What do you do for work? (I'm a serf.) List all of your relatives, friends, ex-girlfriends/boyfriends and your sexual history.
And then after all of this, you learn that there were 50 other applicants and you didn't get the house.
I can see myself saying.......Take this apt and shove it up your A
This is just another way for the aristocratic landowners to humiliate us serfs and remind us who's really in charge.
I won't be providing any rental receipts or history of rental payments. -Because I haven't rented anything; there's no history to show. Yet, despite an 800+ plus credit score and being an honest and responsible person, I will be profiled and treated with suspicion.
For the would-be tenant, the process is undignified as it is. One is cross-examined with invasive questions. What is your net worth? (Just the shirt on my back.) What do you do for work? (I'm a serf.) List all of your relatives, friends, ex-girlfriends/boyfriends and your sexual history.
And then after all of this, you learn that there were 50 other applicants and you didn't get the house.
Hahaha! Try getting a loan. You can have a million dollars in the bank, an 800 credit score and you will still have to provide proof of everything. If you don’t have a job and no source of income but your investments, you won’t qualify because you have no guaranteed income even though there is no guarantee your job will last. Why? They have strict rules they follow before giving away money- even when it’s for a secured asset.
Why do you think any landlord in their right mind would give someone access to their asset worth several hundred thousand dollars for a small security deposit without vetting them? Having a good credit score isn’t a guarantee you will pay your rent or that you don’t live like a pig. Now when we know the government can allow someone to occupy our properties with no legal recourse should they choose not to pay (something that we used to have- protection under the law) you can bet standards will be tightened up.
Credit scores don’t show rent payment history so expecting a tenant to show it before trusting them with your expensive asset is a no brainer. If you have a good payment history why are you afraid to show it? That’s a very bad sign. Any potential tenant, no matter how wealthy they think they are isn’t renting from me if they are uncooperative. All “not willing to show past payment history” does is wave a big red flag. So pass. Plenty of folks who are not ashamed of their payment history to pick from. Most are happy to know how selective we are. It shows we care for our property.
Hahaha! Try getting a loan. You can have a million dollars in the bank, an 800 credit score and you will still have to provide proof of everything. If you don’t have a job and no source of income but your investments, you won’t qualify because you have no guaranteed income even though there is no guarantee your job will last. Why? They have strict rules they follow before giving away money- even when it’s for a secured asset.
Why do you think any landlord in their right mind would give someone access to their asset worth several hundred thousand dollars for a small security deposit without vetting them? Having a good credit score isn’t a guarantee you will pay your rent or that you don’t live like a pig. Now when we know the government can allow someone to occupy our properties with no legal recourse should they choose not to pay (something that we used to have- protection under the law) you can bet standards will be tightened up.
Credit scores don’t show rent payment history so expecting a tenant to show it before trusting them with your expensive asset is a no brainer. If you have a good payment history why are you afraid to show it? That’s a very bad sign. Any potential tenant, no matter how wealthy they think they are isn’t renting from me if they are uncooperative. All “not willing to show past payment history” does is wave a big red flag. So pass. Plenty of folks who are not ashamed of their payment history to pick from. Most are happy to know how selective we are. It shows we care for our property.
Yeah go through all that and move in and see "riff raff" in the hallway lol
I feel bad for the kids in like their early 20s who skipped their loan payments because they had no perspective and thought they'd get away with it. I probably would've if I were paying rent at that age.
I guess I hope that some, but not all landlords turn them down --- which is probably what will happen, because there won't be enough viable renters if everyone who didn't pay (and can't show proof of being laid off due to COVID) is totally excluded.
I feel bad for the kids in like their early 20s who skipped their loan payments because they had no perspective and thought they'd get away with it. I probably would've if I were paying rent at that age.
I guess I hope that some, but not all landlords turn them down --- which is probably what will happen, because there won't be enough viable renters if everyone who didn't pay (and can't show proof of being laid off due to COVID) is totally excluded.
Well, that's on the parents then for not teaching their children to pay their rent/mortgage/car payment NO MATTER WHAT.
I totally understand how everyone got caught blindsided by the covid shutdowns and why many took advantage of the first 90 days of grace on many bills, but once the stimulus and unemployment started, they should've caught up.
So I guess if a parent didn't tell their child to pay their bills, clean out the spare bedroom, they're coming home.
Well, that's on the parents then for not teaching their children to pay their rent/mortgage/car payment NO MATTER WHAT.
I totally understand how everyone got caught blindsided by the covid shutdowns and why many took advantage of the first 90 days of grace on many bills, but once the stimulus and unemployment started, they should've caught up.
So I guess if a parent didn't tell their child to pay their bills, clean out the spare bedroom, they're coming home.
You can teach your kids all you want, but it's ultimately up to them to choose to follow. I know more than a few who knew better but who choose to not pay anyway. It was ridiculous. Yes, these were people who were out of work, but they more than were capable of paying their rents due to the generous unemployment benefits.
Hahaha! Try getting a loan. You can have a million dollars in the bank, an 800 credit score and you will still have to provide proof of everything. If you don’t have a job and no source of income but your investments, you won’t qualify because you have no guaranteed income even though there is no guarantee your job will last. Why? They have strict rules they follow before giving away money- even when it’s for a secured asset.
Why do you think any landlord in their right mind would give someone access to their asset worth several hundred thousand dollars for a small security deposit without vetting them? Having a good credit score isn’t a guarantee you will pay your rent or that you don’t live like a pig. Now when we know the government can allow someone to occupy our properties with no legal recourse should they choose not to pay (something that we used to have- protection under the law) you can bet standards will be tightened up.
Credit scores don’t show rent payment history so expecting a tenant to show it before trusting them with your expensive asset is a no brainer. If you have a good payment history why are you afraid to show it? That’s a very bad sign. Any potential tenant, no matter how wealthy they think they are isn’t renting from me if they are uncooperative. All “not willing to show past payment history” does is wave a big red flag. So pass. Plenty of folks who are not ashamed of their payment history to pick from. Most are happy to know how selective we are. It shows we care for our property.
Many banks do asset based mortgages ….at one time I looked in to it as I was delaying social security but have a multi seven figure portfolio .
Since most banks sell the mortgages the buyers like Fannie Mae , Freddie Mac and others have strict income requirements you need to show them a reliable stream of income…
But there are banks that do asset based mortgages.
Good Credit scores show both an ability to pay and a want to pay so they are very useful in screening tenants …
Many landlords don’t report to credit agencies but most of the larger mgmt companies do since they become members because they pull information frequently so they are allowed to report information as well.
The one thing I do agree with Suzy orman is how you are with your money is a pretty good insight to how you are as a person
Many banks do asset based mortgages ….at one time I looked in to it as I was delaying social security but have a multi seven figure portfolio .
Since most banks sell the mortgages the buyers like Fannie Mae , Freddie Mac and others have strict income requirements you need to show them a reliable stream of income…
But there are banks that do asset based mortgages.
Good Credit scores show both an ability to pay and a want to pay so they are very useful in screening tenants …
Many landlords don’t report to credit agencies but most of the larger mgmt companies do since they become members because they pull information frequently so they are allowed to report information as well.
The one thing I do agree with Suzy orman is how you are with your money is a pretty good insight to how you are as a person
I wouldn’t say MANY.
That being said, it is still very difficult. You can have a 7 figure retirement portfolio but they won’t count it because it’s protected from creditors. So you might have it but they can’t collect on it.
If you hold 7 figures in free and clear real estate they won’t count the rental income unless you can show signed long term leases. Long term tenants who have actually proven themselves reliable don’t count if they are only month to month tenants.
Doesn’t matter if you have a 800+ credit score. But they do give loans to people much less reliable.
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