Can a landlord ask a tenant to show proof that he has enough money in the bank to cover at least six month rent? I was burned once where a tenant moved in and then asked to pay the first month rent 15 days late because he was living paycheck to paycheck. That one became a nightmare really quick. So now I want to scan carefully, but not sure if it's legal to ask and whether I just eliminate 95% of my potential tenants by asking. Thanks.

My guess is probably not. You can do a credit check, but doubt you can demand to see financial institution documents. I rented for nine years and never produced that material. I was also a landlord for years and never got that information. I also got burned. I am sure a real estate attorney can answer your question very easily.

Good luck.

Yes, and you can also ask that they pay 6 months in advance.

Johnny Wrote:
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> Can a landlord ask a tenant to show proof that he
> has enough money in the bank to cover at least six
> month rent? I was burned once where a tenant moved
> in and then asked to pay the first month rent 15
> days late because he was living paycheck to
> paycheck. That one became a nightmare really
> quick. So now I want to scan carefully, but not
> sure if it's legal to ask and whether I just
> eliminate 95% of my potential tenants by asking.
> Thanks.

Even if they had $xx money in the bank, nothing keeps them from spending it all tomorrow, and most people would tell you that their bank accounts are none of your business. Confirming employment and running a credit check are the best you can do.

Good credit risks will tell you to go fuck yourself because they can find someplace else to rent without the BS. Lousy credit risks will find a way to get the money in an account to show you, then it will be gone.

Better to require first and last month's rent, plus security deposit. letter them the day they are late and start proceedings to evict.

Excellent advice above. If you want to avoid the hassle entirely, use a property management company to find a tenant and manage the property.

"Hassle" is the wrong word. You should have said "work". In my experience too many landlords think of renting properties as little more than putting an ad on Craigs List and then collecting checks, when it is really a second job. Either you do the work yourself, or you pay someone else to do it. Either way though it should be done right from beginning to end.

I manage over 70 properties. Yes, as a Landlord you can request any financial documents you wish. For anyone leasing a property it is vital to know your tenant has the financials to pay each month. It is the Landlord's right to protect their property.

Or find one who's a hot chick so you can arrange financial alternatives in the even rent is late.

Bill.N. Wrote:
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> "Hassle" is the wrong word. You should have said
> "work". In my experience too many landlords think
> of renting properties as little more than putting
> an ad on Craigs List and then collecting checks,
> when it is really a second job. Either you do the
> work yourself, or you pay someone else to do it.
> Either way though it should be done right from
> beginning to end.

Good points. Personally, I would never use Craigslist to find a tenant - way too many flaky people on that site.

Where do you find your tenants if not craigslist for the do-it-yourself route?

wmd7J Wrote:
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> Confirming employment and
> running a credit check are the best you can do.

How do you confirm employment? Calling up the supervisor or asking for two latest paystubs and a w2?

Johnny Wrote:
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> Where do you find your tenants if not craigslist
> for the do-it-yourself route?

I don't do it myself - I use a property management firm. Back in the old days when people read newspapers, we used to advertise in the Post. And we got the same type of people who respond to Craigslist ads now. Eventually, we got tired of the flakes and started using a property management firm to find tenants. I would never go back. The caliber of tenants is SO much better - mostly stable families, lots of military. You still have to be careful, but a good agent will have an intuitive sense of who to avoid. Personally, based on my experience, I do not like renting to single people in their twenties and lawyers.

No, it's not cheap - generally, one months rent - but if you want the rent paid on time (minus the sob stories) and the house not trashed it is worth it.

Johnny Wrote:
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> Where do you find your tenants if not craigslist
> for the do-it-yourself route?

Militarybyowner

Johnny Wrote:
-------------------------------------------------------
> Can a landlord ask a tenant to show proof that he
> has enough money in the bank to cover at least six
> month rent? I was burned once where a tenant moved
> in and then asked to pay the first month rent 15
> days late because he was living paycheck to
> paycheck. That one became a nightmare really
> quick. So now I want to scan carefully, but not
> sure if it's legal to ask and whether I just
> eliminate 95% of my potential tenants by asking.
> Thanks.

you wouldn't be asking if fx co gov and politically rich weren't ripping you off

welcome to the club of fairfax is not worth a fuck