Quote:
Originally Posted by Laura Lynn
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Well, I wouldn't say that. If you've even been arrested for certain things, like solicitation, they can deny your application.
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Again, as someone who works in the industry, I would. Of course, anyone can deny an application for any number of reasons. But here's the thing: They don't
want to denu your application. They want a rent-paying body in that unit. I look at this stuff all day long: Management companies would much rather deal with one good application yielding a $50 application fee and a $1,000/month rent than they would an unending supply of %50 application fees.
There's a lot that goes into the screening decision. Sometimes, particularly at small complexes without on-site management, the owner or syndicator makes the call as to who passes and who doesn't.
A property's value is based on its net operating income. An owner in an 18-unit complex who is trying to sell the property and who has two units vacant
desperately wants those units to be filled and may be willing to let in someone who wouldn't otherwise pass screening in order to present a full property yo his broker.
And an owner who's just spent $1.2 million rehabbing a 25-unit property that currently sits at 28% occupancy will do almost anything to be able to show his lender a rent roll with more units filled.