All Forum Posts by: Tricia O'Brien

@Theresa Harris

Would you list the 18 and 19 year old as occupants on the lease?  Would you list the 14 year old as an occupant as well?

Hello! I'd like to know your opinions about if  unemployed young adults (ages 18 and 19) should always be required to sign a new lease with their parent? Or do you sometimes let the parent sign and list the adult children as occupants? I have an applicant who is a 38 year old single Mom with 3 kids - ages 14, 18, and 19.  The 18- and 19-year-old have no income currently.  Her gross income is 3.1x the rent.  

She knows the adult children have to do the background check and credit check and is okay with that.  

I've had applicants in the past like this where the Mom objected to me requiring that the adult kid had to sign the lease. 

Just wanted to know people's opinion about this in case I get pushback.  

It's a class C single family home in a class D neighborhood. 

I know it's in the landlord's best interest to have all adults sign as tenants.  But I'm wondering if that should be a deal breaker if they don't want to do that?

Thanks in advance! 

It depends on what type of property it is.  Is it a place renting for $2100/month? Or someplace renting for $750/month

Hello !  I am using Zillow Rental manger to find/screen tenants.  One seemingly well qualified applicant did not post his actual last pay stub, but instead posted something that said he had gone through another service. It is called "Automated Income Verification by Finicity / Mastercard."  The pop-up window says that tenant applicant's data is pulled directly from their bank statements and pulls the "monthly average of regular direct deposits amounts for up to 2 years".  In his case it was pulled from March 2023 to the present.

I am a little bit leery about accepting this because I'm not familiar with it.  Has anyone accepted this service  as proof of income?

How did that work out for you? 

I did call his employer and they said he makes $24/hour and has been working there consistently since Jan 2023.  

So based on the employer's statement he should be making gross income of $3840/month. This is similar to what Finicity / Mastercard says he makes of $3722/month net over the past 6 months.  

Would you still insist on seeing an actual recent paystub? 

He is an electrician who is currently working a remote job and living in a hotel, so I'm thinking I might ask the HR person to send me a copy of his most recent paystub.  He is working 10-hour days and probably doesn't have easy access to a computer and printer.   The phone # I called for the office manager/ human resources manager I believe was someone's cell phone so a little concerning there.  

Thanks in advance!  

 Hello Fellow BP Folks! 

I have an unusual applicant that I am considering, and I would like the input of other investors / landlords.  This is for a 3 bedroom single family rental home ... C home in a D neighborhood in Indiana.

He has an old domestic violence conviction (2012). He has a current domestic violence case (felony domestic battery) that is pending, and it has been working its way through the court system since Nov 2021.   I don't believe he was taken to jail on this current case.  These have been a few court dates since Nov 2021, and he has attended these with a public defender.

I want to know if folks have rented to applicants like this, and did you have any problems...such as acts of violence against any realtor/PM or handymen that you sent out to the property? Any other problems?

The reason I have given his application a second look is that he has relatively high income (5.5x the rent), a skilled blue-collar job (machinist), and he said he is willing to pay a double security deposit due to his credit score being less than 600 if he were approved.  He has been at his current job for 3.5 months. 

The house has been advertised on Zillow now for about 20 days. The minimum qualifications listed are:  Income 3.5x the rent; credit score at least 600; no evictions. 

I've gotten about 9-10 applications.  Some are incomplete.   Only 2 of the applications meet the credit score requirements, and both of these families don't want to move until around Dec 1.  

I'm an out of state landlord and have a realtor that does tasks for me on an "a la carte" basis and I use local handymen.

I have not approved or declined his application yet...   I've not yet called his landlord references or employer references yet.  I am in the middle of processing it.  

But I'm a little freaked out by his criminal record.  

What would you do?  

Would you give him a denial based on his credit score of 526 (Experian) 

Or would you continue to process his application? 

He wants to rent the house with his current girlfriend.  I don't yet have an application yet on her, but he says she could do an application as well.  

Thanks in advance for your input!  

@Ian L.

Yes I got the vacancy coverage.  Is the vacancy endorsement $45 per month flat rate with State Farm? One weird thing about the vacancy coverage is it excludes some things... like if your kitchen appliances and window air conditioning units are stolen during the vacancy it does not cover those. Is that true with most vacancy coverage policies

@Richard F.

Great chart! So can you tell me if I'm interpreting this correctly?  In the credit score range of 640-659, 1 in 24.1 people ( so about 4%) will go past due or stop paying on a bill that is tracked by Equifax or TransUnion (like credit card, car payment, student loan, etc) in the next 24 months. But with the credit score 580-599, 1 in 9.3 people ( so about 11% ) will go delinquent and go past due or stop paying on a bill tracked by the credit reporting agency.   Right? Thanks in advance! 

How do you know if the contractors are ripping you off?  If the management team never goes to the properties in person, how do you know if the contractors are ripping you off or stealing materials or doing poor quality work when it is vacant?   

@Matthew Morrow

What do you mean by "Local contractors connected to the MX"? Who do you use for local people to manage / supervise the local contractors if they are working on a vacant property? Thanks in advance! 

Hello Everyone!  Do you spend the extra money to buy a  "vacant policy " on your rentals if it is vacant more than 30 days between tenants? Have you ever had a fire claim or theft claim or other insurance claim on your rental home when it was vacant?  I have a rental single-family home in Indiana where the insurance is only active for 30 days after it becomes vacant.  Then I am supposed to notify my insurance agent that it is vacant, and they switch it to a "vacant home" policy at a higher rate. This is to cover you if it is going to be vacant for 2-3 months or longer in between tenants.  The rate on the dwelling part of the policy goes up 23% during the vacant period compared to what it was when occupied.  Is it worth it?  

It is a C home in a D neighborhood.  I have all the exterior lights on, one interior light on, and someone available to mow the lawn every 2 weeks. I'm trying to have a realtor or handyman go there at least once a week to do work or check up on the place.  

Thanks in advance!