All Forum Posts by: Michael Zack

Someone looking at my apartment said her mom pays her rent. Would you allow this? Run her mom's credit as well, get proof of her income, and have her co-sign?

@Amy Beth Thanks Amy for the insight! I haven't checked her credit yet, this was just the initial email before scheduling a time for her to come look at the place. I was leaning towards doing what you mentioned regarding her being debt free and having a stable income. With her kids moved out and no dependencies, I would think I could accept someone that doesn't quite reach the 3x rent.

@Lynn McGeein Thanks Lynn for the response. The security deposit is 1 month's rent which is already the maximum in Massachusetts. Thoughts on a month to month rather than a 1 year lease? That way it's easier to kick someone out in the event they don't pay the rent. I've been going back and forth between month to month vs. a year lease.

I recently listed my 2 bedroom + office apartment unit on Zillow and Cozy. My wife and I live upstairs so we'd like to get the best possible tenant downstairs. A woman responded to my pre-screening email very quickly but her monthly gross income is 5k which wouldn't quite meet the 3x rent (rent is 2,200/month). She's a divorced business woman with no pets and doesn't smoke and no kids. Sounds like the ideal tenant except for the 2.3x the rent income. Would there be a circumstance where I could accept her? What if she happens to have 500k stashed in the bank?

I have a unit for rent that is 1375 sq ft "3" bedrooms 1 bathroom. The third bedroom is quite small (wide enough for a full bed and small night table), but does have a closet and built in desk. The room is more for a kid. Im advertising as a 3 bed but having trouble getting a tenant. Would you advertise as a 2 bedroom and shave a few hundred off the rent? This would result in cash flow close to 0.

Can anyone provide some feedback regarding a Section 8 inspection and what is involved? Do they test for lead paint and require deleading prior to occupancy? 

I'm meeting with the prospective tenant tonight to discuss his credit report and debt to income ratio. If I do decide to go with him as a tenant, thoughts on a month-to-month lease agreement rather than a 12 month lease? The only thing that worries me about that is a tenant moving out during the winter months and me being stuck with a vacancy until the spring.

Mike Hurney How would I even be able to confirm his claims from the credit report? I do see a lot of missed payments and delinquencies, but I can't confirm that they're a result of the divorce or his wife.

Patrick M. I like those 2 qualities as well! I just need to make sure that his debt isn't going to overpower his 150k income so much that he can't pay the rent.

I just had someone apply for a rental unit that I own. He is a Boston Firefighter and also owns his own landscaping business. He more than meets the 3x rent requirement for income and I got a good vibe when I showed him the apartment as someone that I wouldn't mind living below me (We're house hacking). However, his credit score is TERRIBLE (528). He emailed me to let me know that his credit is so bad because he's going through a divorce, had to cover a mortgage at a house that he wasn't living in (which has since been sold), and the mortgage took priority over other bills. He also said that his wife opened accounts in his name that he is still being affected by and has averaged 150K/yr income the past 7 years. So, which is more important, the fact that his credit has been ruined from a terrible marriage, or his current income?