More Freaky Follies From Friday’s Rental Journal

Colorado Springs, Colorado
General Landlording & Rental Properties
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More Freaky Follies From Friday’s Rental Journal

Jane S.
Flipper/Rehabber · Colorado Springs, CO · Member since 2016 · 502 posts · 167 votes

NEVER remove for rent signs or cancel internet rental ads, until lease is signed, cash paid, and new tenants are in process of moving in!

I had an applicant whose application showed NO debt, NO loans, etc.

The screening showed debt of $165,000.00 (mostly student loans, had 14 of them)

Ex husband’s debt fell on her for some reason, she has 3 ~$1000 payments due monthly and her bank statements show mucho overdrafts. She Didnt bother mentioning this.  Too many accounts in collection, but for some reason, not a horrible credit score (586) go figure.

Turns out she has 5 kids not 3 as shown on her app. The other 2 wont be living with her, at least not next week but who the heck knows????? She also has extended family on east coast who she supports … she is driving to TN, back to OH, back to CO, and I dont have all her docs and shes not returning my calls/texts. She has to be out of current apt Tues morning and there’s nothing i can do unless she’s willing to explain her nasty debt/income numbers … i doubt thats gonna happen, when I ask the tough questions they either change the topic or hang up.

Sounds like a wonderful choice, right? Just what i need in my landlord life  …

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Matt Ziegler
Rental Property Investor · Colorado Springs, CO · Member since 2020 · 433 posts · 284 votes
4y

Jane,

Sorry to hear of your challenges. We make it a practice to pre screen our prospects.

The First message they hear( when calling on a property) states our rental criteria. This weeds out a lot of folks, and let’s us focus on qualified tenants.

Best of luck, 

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  • Matt Ziegler
    Rental Property Investor · Colorado Springs, CO · Member since 2020 · 433 posts · 284 votes
    4y

    Jane,

    Sorry to hear of your challenges. We make it a practice to pre screen our prospects.

    The First message they hear( when calling on a property) states our rental criteria. This weeds out a lot of folks, and let’s us focus on qualified tenants.

    Best of luck, 

    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Jane S.:

    NEVER remove for rent signs or cancel internet rental ads, until lease is signed, cash paid, and new tenants are in process of moving in!

    I had an applicant whose application showed NO debt, NO loans, etc.

    The screening showed debt of $165,000.00 (mostly student loans, had 14 of them)

    Ex husband’s debt fell on her for some reason, she has 3 ~$1000 payments due monthly and her bank statements show mucho overdrafts. She Didnt bother mentioning this.  Too many accounts in collection, but for some reason, not a horrible credit score (586) go figure.

    Turns out she has 5 kids not 3 as shown on her app. The other 2 wont be living with her, at least not next week but who the heck knows????? She also has extended family on east coast who she supports … she is driving to TN, back to OH, back to CO, and I dont have all her docs and shes not returning my calls/texts. She has to be out of current apt Tues morning and there’s nothing i can do unless she’s willing to explain her nasty debt/income numbers … i doubt thats gonna happen, when I ask the tough questions they either change the topic or hang up.

    Sounds like a wonderful choice, right? Just what i need in my landlord life  …

    FYI: 586 is a horrible credit score. Anything under 600 should be scrutinized heavily.

    My policy: once the application is approved, I notify the applicant and give them 24 hours to pay a holding deposit and sign a holding agreement that says they will start paying rent, utilities, etc. on [DATE]. If they fail to comply, the holding deposit is forfeited. If they comply, the holding deposit converts to their security deposit.

    If they fail to pay within 24 hours, I offer it to the next person or put it back on the market.

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    1Reply
  • Tanner Connelly
    Lender · Member since 2022 · 50 posts · 33 votes
    4y

    I would run. Most of our renters are high 700's. It takes time for a quality renter but they are out there!

    1Reply
  • Greg M.
    Rental Property Investor · Los Angeles, CA · Member since 2017 · 2k+ posts · 5k+ votes
    4y

    So she lied about her debt among other things. She has awful credit. She repeatedly overdrafts her bank account. She won't answer your questions. She hangs up on you. And you're still considering her?

    Stop talking to her. Don't contact her. Block her number. Move on and find someone else. 

    1Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    4y

    @Jane S. Your first sentence is absolutely the best practice.  I am upfront with people who want to see it that I accept the best complete application that meets my criteria, not the first complete application (and your prospect doesn't even sound complete).   If prospects say is it rented I say no but I have applications in process if I have received any.  

    I would move on.  Put the ads back up and start showing.  If she calls back let her know she did not complete the required steps in a timely manner.  Then block communication.   I would not bring up any of your points above.    If you reject her for credit you have to do an adverse action letter. You can't reject her for how many kids because she only has to tell you a number that will live with her not how many kids she has. 

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  • Jane S.
    OP
    Flipper/Rehabber · Colorado Springs, CO · Member since 2016 · 502 posts · 167 votes
    4y

    Thank you for your comments but the point was to entertain, not to lay myself open to be blamed for peoples being jerks. I didn't cancel any ads. I reject incomplete apps. But apps are full of lies so the only way to determine their financial situation is to ask the tough questions. They usually hang up when I ask for overdraft explanations. Some refuse to submit bank statements. Don't want me to know how many $100’s they waste on junk.

    No I am NOT considering her! I dont understand how she managed to get LL to allow her to stay after exhusband moved, he was probably paying everything. And he left her with all the unpaids. And that is not my problem to fix nor do I want to get involved. But i do want to get paid. She has 5 kids and not getting a penny of child support. But extensive history of borrowing for education (thats the Feds, y’all). She needs a different flavor of education in order to become a real person, not a hind-t** sucker.

    I should have said she was summarily rejected! I moved on had a couple showings the other day, nobody special. I’m getting to the point where even if they “check the boxes” I can tell they're planning to screw me over and cant wait to start. That’s why I avoid rushing the due diligence period even if they have to go to a hotel. They planned bad, not my fault.

    So if there are any newbies out there please heed these cautions.

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  • Jane S.
    OP
    Flipper/Rehabber · Colorado Springs, CO · Member since 2016 · 502 posts · 167 votes
    4y

    By the way had gal looking to rent with 3 roommates, total 2 men 2 women, she had no answer when I asked whos gonna scrub the toilets? take out the trash? Clean the fridge? She actually offered to call her parents to get the answer noy are there weirdos out there or what.

    I guess her slave parent did all that.

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