Mike Anderson said:
Re ran the for rent ad this weekend. Dropped to 600/mo. Had a showing last night and they want it. Couple in their 50's with a 7yo daughter. Moving out of current rental due to foreclosure (said they paid rent, but landlord didn't pay bank). Guy actually wants to give me 2500 down per year to build up equity so he can buy it in 3 years. Is this normal? I told him it is for sale for 90K and he didn't squabble a bit. I'm shuked here. Should I accept the 2500? Is this some sort of scam? He's not Nigerian or anything. They also have 2 cats and 3 dogs. He agreed to an extra 50/mo rent because of this.
She filled out the rental app but left his info out. She is a csr at Walmart but didn't put any income info on the app. Red flags?
They said they will be able to move in by the 22nd. Waiting for tax refund.
I've got two showings scheduled for today. One lady owns a local diner. The other is a young couple. Guess I'll update later.
Random, I haven't read down farther yet, but my Spidey sense is absolutely freaking out just reading that.
Let me see what else is in here.
Alright, now that I am caught up, you could start a Girls squad with all the red flags in this one.1) Foreclosure, RIIIGHTTTTT
2) Surely they bad mouthed/trashed the last LL
3) Tries to throw big money at you / SMOKESCREEN
4) Wants to "buy", knows the verbiage, he's a pro at suckering LLs who are desperate. He told the last LL that just evicted him the same thing.
5) So they need a tax check to come up with moving costs. Read: Paycheck to paycheck. But they can support the 5 Animals that are going to tear up the house you just dumped thousands into?
6) Quickly agreed to the extra $50. Why? Because they will only have to pay it the first month. Get in the door, never pay again. Will most likely try and write a check for move-in costs.
7) Left his Info out. Have no idea where he works (He doesn't). He has TERRIBLE Credit as he is the one they ran their scams with in the past. Most likely has a Criminal record.
8) Got her info, it will still suck, but it's not as bad as his. Customer Service Rep at Walmart. Sure, $90K for the house, no big deal, I think I have it in my back pocket. Must get Massive Stock Options, because the gal working returns at Walmart doesn't qualify for a $90K loan.
Random, you are dealing with highly skilled deadbeats, with a PhD in screwing over LLs who don't know how to protect themselves. And you KNOW it. Your Spidey Sense went off. Learn to trust it. These people are more skilled than you are at the moment when it comes to renting. Never play with fire, you don't need this life lesson yet.
Sunday is my Wife's day in the Off season. I'll PM my Cell phone number to you. Feel free to use it if you are ever inclined. Sundays and early AMs are off limits.
Cant believe I just rolled out of bed early on a Sunday morning to see if you posted. Ok, I have a little more info regarding that couple. He called yesterday to see if I've made a decision yet. I told him I had not but that I did show the house to two other couples. I asked him why his info was not on the app and he said he thought she put it on. So I got it over the phone. Below is the summary of the three applicants.A) The land contract couple. App info follows:
Couple in their 50's. Current LL is brother in law who is losing the house to foreclosure. Prior LL is a guy I know of that has alot of rentals around town. No reason for leaving given on app. Combined income is 4500/mo. Both say they work full time and have been employed at current jobs 3 and 4 years. She's at WalMart and he's at a local machine shop. No listed loans (CC, car pmts, ect). Smoker(s), no bankruptcy, evictions, never been sued, and no convictions (though I'm sure I spotted some jailhouse tats on his hand). Drives a 96 Jeep Cherokee.
My take:
The guy talked the whole time, complimented the work, said he would never bother us to fix anything as he was a GC for 20 years. They have a 7yo daughter, seemed well behaved, 2 cats and 3 dogs. Offered up a $500 pet deposit and wants to buy the property on land contract if I was so inclined. If anything, this guy "overdidit". I think a credit/criminal history will turn something up on him, but I could be wrong.
My Take: Freaking Run. Certainly check out the background, but I'm telling you.
B) The "Hunkerers". App info:
Couple in their 50's. Currently manage a local camp ground and get free housing, but claim its too much work for not getting paid. Left prior rental to take the campground job. She quit her then job to be at the campground full time, he works at a factory and brings home 1600/mo. Been there 3 years. Have two girls (12,13). Pays 60/wk for a car financed at quick credit and has no other cc/loans. Smokers (showed up smoking), never been evicted, never been sued or convicted "had bankruptcy in 01" (like its an std or something). Reference listed is actually the Realtor that lists a good majority of the foreclosures around here.
My take:
These guys are straight shooters. He didn't try to sell himself, just wants his evenings and weekends back. Both bedrooms in the house are upstairs, but neither of them appeared to do stairs well. Sounded like the upstairs bedrooms would be the girls' and they would "hang a curtain" between the two living rooms to make one their bedroom. "We dont entertain". My feeling on these guys is they just want a place to hunker and smoke and as long as they have a paycheck they will pay rent.
My Take: They don't make enough money to Qualify. At the very least you need
GROSS Income > 3 X Rent
They are a mess anyway.
C) Admittedly my favorites. App info:
Couple in their 20's. 7yo girl and twin 6yo boys. Currently renting a house that has a $700/mo water bill. Agreement with LL is no rent until water is fixed (leak under house or something). This is going on two months. Been there two years. He works at his family's business (buys and sells restaurant equipment) and she is in Beauty College. Both drive Cadillacs and have no loans. Nonsmokers, no bankruptcy, eviction, lawsuits, or criminal history. No pets. Had references with them on a word doc. I recognize a few of the names from school.
My take:
Very clean and personable couple. Did not have the renter "look". Really liked the house and is also going to make one of the downstairs rooms a bedroom. I did not feel like they were going out of their way to impress me, they were just nice respectable people. Father of the lady lives a few streets over. Asked about school district. "Spidey senses" liked these guys.
I would run a solid background check, Criminal, Civil, Credit, Employment, Past LLs, and feel good about renting to them if everything was a go.
D) Truck stop owner lady. She had to cancel yesterday because a freezer went down at he business but she really wants to see it. I'm supposed to call her today.
Can't comment at this point
