Shayne Stone, "Your Rock Solid Choice Realtor" (HomeSmart)

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Rainmaker
1,395,819
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Now that's a new one!  Must be some leasing company that they applied with.  "You're approved to spend up to $2,780/m on one of our properties, after review of your credit file."

Jan 07, 2022 04:42 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Who "qualified" them?  

Jan 07, 2022 04:14 PM
Ambassador
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Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Haha, the rental game has always been such a mess.  I have listed a few long-term rentals and helped a few friends find rental properties and I have always hated it.

Jan 08, 2022 04:00 AM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

A property manager (or previous landlord with whom they applied) may have already 'pre-qualified' them when checking credit to qualify them for another property.

Or, perhaps they sold their home, applied for a mortgage but, can't find a home. Now, they have that amount to spend on a rental until they find a home to purchase.

Jan 08, 2022 06:15 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Who let the dogs out? 

Who?

Who? 

Jan 07, 2022 05:44 PM
Rainmaker
2,030,790
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Actually keep in mind that a Property Manager must use the same Economic Method to Qualify Potential Tenant’s . ( to avoid a Fair Housing Violation ) !

Jan 08, 2022 06:04 AM
Rainmaker
1,259,171
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

As an investment property owner for the last 33 years that screens every applicant, I can share this an old and wise practice. I qualify & approve all my applicants' incomes. You treat a lease like a mortgage because IT IS YOUR MORTGAGE payment in most cases they are paying. And therefore you're handing that responsibility over to your tenant so you should qualify and approve their ability to pay it. This would only  be news to a new new landlords or old amateurs- trust me I see and meet train-wreck landlords all the time.

Jan 08, 2022 05:05 AM
Rainmaker
4,277,360
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

That was someone else, this is me! Show me the evidence and I'll run a credit report.

Jan 08, 2022 04:34 AM
Rainmaker
6,687,899
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Verify with a credit report.

Jan 08, 2022 03:40 AM
Ambassador
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Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Interesting......what matters is what is important to the landlord.

Jan 07, 2022 08:51 PM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hmmm, so who is doing the qualifying, on what basis, and what are they getting out of it?

Jan 07, 2022 07:47 PM
Rainmaker
4,147,388
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It makes "sense" to me.  

Jan 07, 2022 07:31 PM
Rainmaker
932,473
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Why would a landlord not "qualify" a prospective tenant? I see nothing new or unusual about a landlord wanting to fee confident that an applicant can afford the lease.

Am I missing something?

Jan 07, 2022 05:23 PM
Rainmaker
1,731,981
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

They put disclaimers in our area in some property mgmt companies. States rent can only be 1/3 of your total income per month. Then there is the credit score minimum wanted by owner/landlord.

I think that the vetting process is going to get more complex based on all the evictions recently. Want one of those deadbeats in your clients unit that hadn't paid rent in a year?

Jan 08, 2022 06:23 AM
Rainmaker
905,187
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Hmmm . . . depends on who qualified them. Anyone should know what they can afford via vetting!

Jan 08, 2022 05:28 AM
Rainmaker
901,862
Peter Mohylsky. Broker -BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

I don’t work with rentals , go figure.  

Jan 08, 2022 05:20 AM
Rainmaker
761,215
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Maybe this is something new. I don't work with rentals so who knows.

Jan 08, 2022 05:03 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Potential tenants tell me lots of things too, I have to choose what to believe.

Jan 07, 2022 08:34 PM
Rainmaker
2,650,104
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The rental market is taking on a new identity with a different dimension. The other day, I asked a retiree who expressed wanting to buy in 2-4 years why buy? You don't need to own anything. She says: I will be paying all that money so someone else can pay their mortgage, I might as well do my own. The rental market is running parallel...neck in neck with mortgages?

Jan 08, 2022 07:07 AM
Rainmaker
3,515,920
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Shayne Stone interesting and good to know.

Jan 07, 2022 05:47 PM
Rainmaker
5,009,794
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I don't do property management, but that sounds strange!  

Jan 08, 2022 07:02 AM
Rainmaker
536,141
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

parked and reading ... alot of good info here!

Jan 08, 2022 03:04 PM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Not one to wade into the rental pool...I leave that to the property management companies. As long as people can pay the rent, it's senseless to qualify them for an up-to, as if they are purchasing a home. (?) Strange...

Jan 08, 2022 01:42 PM
Rainmaker
654,791
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Smart people to get themselves in the best position for success in this highly competitive rental market.

Jan 08, 2022 03:17 PM
Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

The way my company qualifies someone for a lease is to multiply the monthly rent by 40.  That's the lowest annual salary they need to qualify. If they had spoken to an agent like me, that's where they might get that idea.  I'm not into wasting time.

Jan 09, 2022 10:32 AM
Rainer
227,591
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse specialist

Were the tenants from NYC previously?

The vast majority of landlords here require that tenants earn 40x the monthly rent. 

As we say in NYC- renting here is like buying in the rest of the country, and buying here is like no other place in the nation. 

Jan 11, 2022 02:39 PM