Greed

[Real Estate Seller]

I understand where you are coming from. We look at credit reports everyday and we experience people with bad credit and good credit. Over the pass 15 years as a property manager over 4 complex with a total of 1100 units I have seen it all. There is no way to know if a person with good credit or bad credit will trash your unit or not. Remember FICO is a third party that create scores for the bureaus. Most of our tenants are Hispanics and they are the best paying tenants.

[mattman1968]

So...which applicant did you go with Bluemoon? And what was the reasoning? Considering that the title of this thread is "Greed" and your original post was to point out the downfall of accepting advanced rent payments, I'm guessing you choose the first applicant.

[Bluemoon06]

I have not gotten back in because I am enjoying the discussion.  There is no right answer but I took the first family but for other reasons.  The reason I took them is because the first guy had a better job.  Another thing is that problem people are problems because they don't do money very well.  A person that offers to give you more money than you ask for knows they have problems.  When I tell a person with crappy credit I need a double deposit these guys are used to being treated like that and are not offended.  That is a sign of trouble to me.

When I bought this house in December it had a tenenat in it paying $900/month.  My note is right at $700 and this new guy will be paying $1150.  It is a confortable amount for him and I make a decent amount off if it.

[Brandon (NE Indiana)]

Ive had 2 situations like this....the first was the guy trying multiple times to write me a check for deposit and 1st months rent before I even handed him an app. The 2nd was a lady that walk through my place in such a hurry it was like she was looking for the exits then tries handing me $1000 in cash.

Neither got me to sign leases......people like that just feak me out to the point Id rather they not even take apps with them.

[Real Estate Seller]

As time go on there are renters that do things different then most people. We have one that pay us $500 month more then the rent and pay us in cash one year at a time. They wanted no employment check. They been renting from us for 3 years now. I tell everybody don't judge a book by its color.

[justin0419]

Paying extra each month or well in advance in cash with no employment check...
Drug money maybe?  There's a reason to screen people.  I don't want people growing or selling drugs in our houses and have the cops come over and tear up the house to get them out.
LL's should know where the money is coming from...whether that be from the gov't for assistance, a regular job, child support, disability, etc.

[Bluemoon06]

I don't want people growing or selling drugs in our houses and have the cops come over and tear up the house to get them out.

Have you seen that TV show "Dallas SWAT"?  They bust drug houses by hooking up a tank to the front of the house and pulling the whole front porch off of the house.  You know who pays to put that house back together again don't you.

[Real Estate Seller]

I thought that only happen in the movies to get better ratings.

[justin0419]

Have you seen that TV show "Dallas SWAT"?  They bust drug houses by hooking up a tank to the front of the house and pulling the whole front porch off of the house.  You know who pays to put that house back together again don't you.

Yeah, it's the same little REI fairy that pays to fix broken windows and door frames every time some dirtbag breaks into one of our houses.   

[Real Estate Seller]

davewindsor I am glad you brought up the point about renters leaving lines blank on a application. The best one yet is dealing with a so call investor that want to buy a complex from us but he only fill out 15% of the application and I open the door and said have a good day.