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However, when the market went haywire, there was a HUGE outpouring of Tenants into the rental market who had all kinds of credit issues due to short sales, BKs, Foreclosures and such. These were the homeowners that bought at the top of the market, and then lost their shirts when the bubble burst, and made choices to short sale, deed in lieu, or just walk away from their homes, which left them with horrible credit, but in alot of cases, alot of money (because they stopped paying their mortgage and waited out the lender). However, when you have a market shift that dilutes the tenant pool to such a degree, you have to grow and adjust as fast online loans needed in order to keep up with the market, and your business. If you have installment loans companies who dont use cl verify microbilt never known such a market shift, CONGRATS! You are lucky, and I hope that you never have to adjust.
However, in MANY markets (Phx and Scottsdale were 2 of them), there was a very long period of time where finding a tenant with NO credit issue was harder than one would think.... In 2009, I had a tenant (with good credit) contact me to break their lease. Upon their exit, I started showing and screening Tenants. This was for an upscale townhome in North Scottsdale. However, so many credit issues on these applications. We ended up with a tenant who was just completing the short shale process of her home.
However, her past credit was good, and her income was good. She offered to pay us in advance for 6 months, pay a double Security Deposit, and give us pre-written checks for the second 6 months. In AZ, it is illegal for landlords to accept more than 1. After the lease signing, she drafted a letter to us at her own initiative, with a check for the funds to pay for 6 months of her rent, and 6 individual checks to cover the months that followed.
But in accordance with the laws in the area, we deposited them, and used them as the rent became due. She takes ownership of the property and treats it like her own. She also takes care of items that the HOA sends letters about (they send HOA violation letters to both me, and the property) like a roof tile that fell down, a side gate fence that needed painting, etc.
For larger items, she contacts me right away, and I have it taken care of.
She has even been agreeable to rental rate increases over the years. While she no longer prepays or sends checks, she always pays on time, and usually goes directly to my bank to deposit cash.
She is a great example, NOT to convince landlords that they should start throwing caution to the wind and accept credit issue tenants, but rather to open the eyes of some landlords who jump at the opportunity to voice their opinion about fast online loans a market they may have not yet experienced. So, the maximum sum a California landlord is allowed to accept for move in is a total of 3 months rent. It seems that you cannot collect a certain amount of prepaid rent on month to month leases, however, on long-term lease, for example a one year lease, then that provision does not apply.
So, the maximum sum a California landlord is allowed to accept for move in is a total of 3 months rent. In my experience, it has always been a red flag for a prospective applicant trying to hide something. I have been offered and accepted 1 year payment after initial 1 year lease was up without a problem.
After 6 months or so I have accepted 3-4 months payments at a time without a problem. I did have to return part of a 1 year lease when a tenant was called up to Iraq. Still feel like a newbie, but I have had a TON of tenants over the years. For me credit has been the biggest indicator of tenant quality. Nice guy, but he was a wreck with his finances and a total pain as a tenant... I had a lump sum of cash and decided to offer my landlord 12 months rent in advance to help my budgeting and to see if the discount I got which would be risk free could beat investing the lump sum. It was will you give me a discount if I pay 12 months in advance, not will you overlook your tenant criteria if I pay 12 months in advance. There are perfectly legitimate reasons for offering rent in advance.
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And we got some checks mixed up during the year, depositing the September check for August. The question is, assuming you have more than one applicant do you feel advance payment is a plus. I personally see no benefit to it what so ever considering that legally the money remains the property of the tenant in small dollar loan nonprofit all situations.
If they leave for any reason, voluntary or eviction, the money must be returned. If a tenant offering to pay in advance in some way influences a landlords decision to accept them over another applicant that desperate for a loan with bad credit landlord has displayed very poor judgement. For those fast online loans that did accept did you feel that this took away motivation on both sides?
Risks are on both sides, for example if landlord fails to make repairs (realistic or not) fast online loans at the request of the tenant typically a tenant could deduct from rent or withhold.
My experience is a mixture of agreeing to collect up front and denying people who offered this. There are four factors I consider: I have taken prepaid rent from two tenants and denied two others.
The two I denied was because the source of income was illegal or they were not paying taxes, which made it illegal. The two I took prepaid rent from were legitimate and I had no problems.
I think some landlords immediately reject prepaid rent because it can be a sign of a scam or illegal income. It is easier to just have a firm policy, than it is to look at each situation case-by-case. Some have argued that if a tenant prepays rent that you cannot evict them. Obviously you cannot evict them for lack of rent payment, but you could still evict them for breaking other lease clauses. Of course if you go to evict someone, you must return any prepaid rent for time they will not be in the property.
I also question why some people talk so much about eviction. Even when I have had trouble with tenants not paying, they generally leave when I tell them to. My advice is consider all the factors and make a decision that is best for your business. Sometimes prepaid rent should be taken as a hard-no, but if you are fast online loans able to otherwise qualify the candidate and prepayment is used as additional risk mitigation, I say go for it. I had one tenant that paid a year upfront - a family that just sold their house but wanted to stay in the area so kids would finish school before downsizing.
When they moved out, the house was spotless, so i didnt loose much as far as turnover costs.
One of them is still with me after five years and he pays a full year of rent every year in October.