All Forum Posts by: Doug Sah
Doug Sah has started 2 posts and replied 15 times.
Post: Tenant Screening: Too strict?
- Posts 15
- Votes 3
Originally posted by @Kenny Dahill:
@Doug Sah, reach out to your previous landlord to request a testimonial and clarification. Provide them with proof of funds to show you can pay 'X' number of months if you lost your source of income. If you have enough saved up, they might like how liquid you are.
Already sent them bank statements with 900K liquid and offered to pay for full 12 month lease up front. Leasing agent said that they cant do anything to override the screening decision. I'm not sure if i'm just dealing with inexperienced staff or something else
Post: Tenant Screening: Too strict?
- Posts 15
- Votes 3
Originally posted by @John Powell:
What is your Debt To Income Ratio (DTI) monthly required debt payments divided by monthly income. If it is below 40% Why not buy? You could rent rooms out and turn a $4k Expense into a small profit possibly.
I can purchase, i just choose to rent. To buy a 3 bedroom condo in the area i desire to live in would cost around $1.2 mill plus condo fees and I would rather just rent and be mobile. I am looking to purchase investment properties elsewhere though.
Post: Tenant Screening: Too strict?
- Posts 15
- Votes 3
Originally posted by @Aaron K.:
@Doug Sah my guess is there were multiple applicants, and someone with similar qualifications but no NSF history got the unit, not uncommon to take a lower earner with better payment history and or credit.
250 unit building at 15% occupancy currently so i don't think it was another applicant. I'm assuming that they have a zero tolerance on NSF's. Is that industry standard ?
Post: Tenant Screening: Too strict?
- Posts 15
- Votes 3
This is a new building that is at 15% occupancy and plenty of units with the same floorplan hence why i am puzzled
Post: Tenant Screening: Too strict?
- Posts 15
- Votes 3
I currently have no properties but will be building my portfolio of multi unit properties this coming year. As I have been trying to learn about tenant selection I have found myself in a ironic predicament, I applied for a rental unit myself and got declined in the screening process. Below are my details:
Credit: Experied 712, Equifax 733, Transunion 724....47 open tradelines, no late payments on any, no collection, no chargeoffs
Annual Income: $325k W2 Income, $466k Other Income . Proposed apt is $4250 per month
Criminal Record: NO
Sex Offender: NO
Rental History: No evictions, 8 Years paid on time, no charge offs, no balance due, 1 NSF within 12 months, another NSF 24 months ago
I was declined because of the NSF. Here is the thing though, the NSF were completely my fault but on both occasions it was not due to my inability to pay but because of mismanagement on my part while traveling like crazy the last 2 years. On both occasions the rent was paid before the due date as my auto pay is scheduled well before the rent due date. My fault nonetheless but im wondering if this Landlord is being way to strict or if NSF's on an overall profile like mine is a big indicator of an undesirable tenant?