WHEN WERE YOU GOING TO TELL ME?

This is the second time that a potential tenant who I spent time and attention on doing paperwork, answering questions and making appointments held out vital information relevant to the renting of a property. In one instance it was a bankruptcy and in another, a very poor credit rating that could have never passed a credit check...QUESTION: When were you going to tell me?

I KNOW YOU WANT TO SEE IT

Furthermore, when a potential renter calls a landlord or manager, be prepared to introduce yourself quickly and get your issues or qualifications up front and out in the open first. SEEING the property is the last thing on the list and can be out of the question if you don't qualify.

SPILL THE BEANS

If you have poor credit, pets, no employment, poor employment, disability, bankruptcy, or 6 people you are planing to move into a 2 bedroom home, it needs to be discussed SOONER not later. NEVER LATER

NO EXCEPTIONS TO QUALIFY

Being a professional doesn't excuse you from the process either. Many prominent and career minded and even steadily employed people have to reveal and disclose everything up front. Just saying or thinking that you qualify without testing it is not good business. You may know this but you  have to get the other party that knowledge first hand...

THIS WON'T WORK

I had one lady tell me that qualifying is no problem and she wanted to see the house right now. I said, we are only showing it to qualified people. We argued and I had to say...those are the procedures. If you are not able to comply, thank you and be well. She hung up. She ended up calling me back and apologized. She said it is so frustrating at times. I agreed.

MATH DOESN'T LIE

I had one fellow with a wife and two kids call me over-confident and stating he wants the house and I said sir, please, what is your yearly income? Of course people are shocked when I bring this up and he reluctantly answered.  He said about $40-50K per year. I said that wont do for a place that rents for $1800. He hung up. Do the math because it doesn't lie

FORMULAS HAVE BEEN AROUND

The rule of thumb is 40 times what the rent is that is what you have to make. Other rules like 25% of your gross is the most you should spend on rent is used too. Some go to 30%, but that is pushing it. You see the government takes 20-40% of your yearly pay. Then, your net has to go for necessities of life and existence. Then there are expenses, accounts and medical.

SOME IGNORE MATH

If someone ignores these rules, when something goes wrong, the landlord is the first NOT TO GET PAID. WHY? The tenant simply doesn't have the money on the tight budget they live on. It doesn't hold when tested.

JUST ANY OLD JOB WON'T DO EITHER

If two or three people all want to get together and move-in so that they comply with the income qualifications, landlords will not except fast food or pass through jobs as qualified income sources. So what type of work and how long you have been there is important.

COME SQUIGGLY CLEAN A.S.A.P

The only approach to this is to get it out in the open. It is like applying for a mortgage. They want to know everything and then they check on it thoroughly. There is no GIVE on the subject either. YOU must meet their qualifications or NO LOAN is forthcoming.

TALK DOESN'T WORK...DETAILS DO

People who are reluctant to answer questions should know that it is not only a red flag, a waste of time and is going no where but I remind them that we need to know each other in record time if we are to do business. Rentals wait for no one and for those that qualify you can fly through the system. Those that don't cooperate and instead try to talk through the system hoping for the best....are in for a rude awakening

 

Richie Alan Naggar          Ran Right Realty       Riverside, Ca

Real Estate Broker and AUTHOR of the popular "PEARLS SERIES" of books on LIFE and LOVE

Richie@RanRightRealty.com         Richie@Pearlsforthesoul.com

PEOPLE FIRST...THEN BUSINESS