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#449030 - 11/23/15 10:52 AM How to spot a bad egg
Captain Mortgage Offline
Member

Registered: 08/30/11
Posts: 169
Loc: Upland, CA
Here are a few of the things that I've seen that will set off a red flag on an application.

On an application that was processed recently the applicant put down the reason for moving was due to a medical illness from a child. I can understand that this is a legitimate reason to downsize, but they answered the question with paragraphs detailing everything that has gone on in their life over the past year. This is typically a red flag when an applicant starts answering questions they are not asked. When processing the application we found out that they made up fake pay check stubs in order to try and inflate the monthly income.


Another red flag is when someone asks to move in right away. I've been in situations where someone has a lease ending, or the owner is trying to sell their current home and they need to be out right away. Again, these are common scenarios. The red flag comes up when the apartment/house is not fully ready to be moved into. Repairs, Cleaning, Carpet, etc. If someone says that they will move into a dirty, damaged house, they are most likely being forced out of their existing place, and will cause you problems.


"I pay my rent cash every month and have receipts to prove it"
The first problem with this is that they are ready to answer the question before you ask it. A lot of people will pay their rent cash every month. Until recently my office had about 20% of the tenant's paying by cash every month. If you are verifying a payment history that is paid by cash make sure to get a few months of bank statements. Most people have direct deposit on their bank accounts meaning that all their income goes through them. If they truly pay by cash there will be a large withdraw (for about the rent amount) somewhere around the first of the month.

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#449049 - 11/24/15 03:30 PM Re: How to spot a bad egg [Re: Captain Mortgage]
jimmyk Offline
Junior Member

Registered: 11/01/15
Posts: 4
Loc: indiana
1) Incomplete applications
2) No references
3) Are rude from word one. If they are obnoxious now, how do you think they will be when they get what they want?
4) People who ask for too many things before they even move in. I had a guy recently demand I knock down a load bearing wall to combine two rooms so he could fit his California king size bed in.
5) Bad credit report. I don't care about medical bills or student loans really, but if you only pay your electric bill every other month, what are the chances you pay your rent on time?

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#449077 - 11/28/15 04:39 AM Re: How to spot a bad egg [Re: Captain Mortgage]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
1. Late to their showing appointment
2. Cannot smoothly complete the application process eg: difficulty sourcing money to pay for the application fee, lost or missing ID, missing check stubs, incomplete applications
3. Flatters you ("beware the charming person cuz charm is their weapon") and wants to be your new best friend
4. Mentions things like they're getting beat up by neighbors for no reason (a check over at Megan's Law website revealed the reason why) or that their parents kicked them out of the trailer parked in the driveway and calls them their "problem child" (True stories!)
5. Calls at 11:30 at night and leaves a message inquiring about the rental and there's children heard screaming and cryinig in the background


Edited by Artiste (11/28/15 04:44 AM)
Edit Reason: forgot one
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#449089 - 11/29/15 07:05 AM Re: How to spot a bad egg [Re: Artiste]
75Corvette Offline
Veteran Member

Registered: 09/16/05
Posts: 1209
Loc: Ohio
All the reasons that you guys posted above are why I chose to never become a landlord...I would go crazy!

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#449265 - 12/07/15 09:36 AM Re: How to spot a bad egg [Re: Captain Mortgage]
Captain Mortgage Offline
Member

Registered: 08/30/11
Posts: 169
Loc: Upland, CA
I just thought of another one. If you call them back, get voicemail, and their voicemail is full. That is a red flag, that they are probably receiving collection calls, and have stopped answering unfamiliar numbers, and checking voice mails.

Or if this is their ringtone/call back tone.

https://youtu.be/u8kXncWXemM

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