Investor · Hawthorn Woods, IL · Member since 2015 · 13 posts · 0 votes
I have a new property I'm putting on the market to rent. A prospective candidate has come to my property and likes it. She is a woman going through a divorce and will receive alimony. The alimony will be her source of income for rent (No Job). How do I properly get proof of the alimony she will receive AND how do I protect myself from her either not paying or getting her alimony to pay? While she seems like a nice lady, I don't want to be caught in the middle if her X-Husband decides he doesn't want to pay her. What are the proper steps here to cover myself properly?
Scott Everhart She's still in the divorce. How does she know she will get alimony ? That's like renting to somebody that's going to get a job next week isn't it??
One of my concerns here would be even if she had the decree would she have evidence that it is paid. Alimony or child support there is no gaurantee it will be paid. In some states they will garnish but there is still alot of non payment. A paycheck you can usually count on it being paid (I have seen exceptions though). I would deny her on not having a verifiable source of income. If she had a ton of savings or a pension that might be a positive but alimony as a sole income source no.
The other thing is I have had people put a deposit and then say I decided to try to work it out with my spouse. For that reason, I am with those that say steer clear of those starting the divorce process.
I agree that nothing is guaranteed in life , even those that have ah job might loose it this week . A friends father was with a company 23 years and only a few years away from retirement when they let him go because they were shifting their focus and it didn't include him. So , in this case if the lady has no paper work from the court or anything verifiably then no lease for her . Greg S. you now say that you would even turn away someone who is self employed ? that's just wrong ! This country was built with self employeed people. Ive been self employeed most of my adult life and have done very well for myself. But don't worry! I won't be filling out any application to live in one of your houses, I would not want to deal with a person such as yourself. But I still wish you the best.
I have a new property I'm putting on the market to rent. A prospective candidate has come to my property and likes it. She is a woman going through a divorce and will receive alimony. The alimony will be her source of income for rent (No Job). How do I properly get proof of the alimony she will receive AND how do I protect myself from her either not paying or getting her alimony to pay? While she seems like a nice lady, I don't want to be caught in the middle if her X-Husband decides he doesn't want to pay her. What are the proper steps here to cover myself properly?
No, don't accept her. You'll regret it.
A tenant must be a law abiding citizen (no criminal background), willing (credit verification) and able (job income verification only w/ no commission or tip payments included) to pay rent and take care of a home (landlord references) If they pass all these, then whether they are "nice" or not comes into play. Otherwise do not waste your time. If you violate these rules, it will not end well. Trust me.
Having a job means more than income. It means you are a financially responsible individual and in the end what you are looking for is a responsible tenant.
I have a new property I'm putting on the market to rent. A prospective candidate has come to my property and likes it. She is a woman going through a divorce and will receive alimony. The alimony will be her source of income for rent (No Job). How do I properly get proof of the alimony she will receive AND how do I protect myself from her either not paying or getting her alimony to pay? While she seems like a nice lady, I don't want to be caught in the middle if her X-Husband decides he doesn't want to pay her. What are the proper steps here to cover myself properly?
Don't do it.
Life is too short to accept high risk tenants like her.
You have no control over the husband. You did not run his rental application so you don't know the soon to be ex-husband's income.
In our rental criteria, if more than 40% of the income come from unstable sources like alimony, child support, commissions, etc - we reject the tenant even if the total (or I would say "claimed total") income meets the income requirement.
No problem, every landlord has different criteria and having run across too many so called "self employed" it is better for me to reduce my risks by simply say no.
It makes no difference as to how the rest of the world views risk as they do not operate my business. If self employed indivulaes do not make enough money to own their own home they are a risk I do not want to take.
Just do a complete background check and then make sure you make an agreement with the help of your attorney which states that no matter the outcome of her divorce she is liable to pay you the rent, if she agrees then go ahead with it otherwise don't rent her out! Even my friend faced a similar situation, so she consultes a renowned civil attorney based right here in Paris ( Bechara Tarabay, http://fr.linkedin.com/in/bechara-tarabay-550b7929 )and he helped her really well.
Her alimony is legitimate and she can give you a letter from her lawyer that proves her income. It is important to treat her fairly and not discriminate against her simply because her income comes from alimony. I have encountered such a situation and she is the best tenant paying always on time.
I have a new property I'm putting on the market to rent. A prospective candidate has come to my property and likes it. She is a woman going through a divorce and will receive alimony. The alimony will be her source of income for rent (No Job). How do I properly get proof of the alimony she will receive AND how do I protect myself from her either not paying or getting her alimony to pay? While she seems like a nice lady, I don't want to be caught in the middle if her X-Husband decides he doesn't want to pay her. What are the proper steps here to cover myself properly?
Her alimony is legitimate and she can give you a letter from her lawyer that proves her income. It is important to treat her fairly and not discriminate against her simply because her income comes from alimony. I have encountered such a situation and she is the best tenant paying always on time.
so what do you do when and if the EX stops paying, This is a pass