Hi all, I’m a first time landlord and want to understand if other seasoned landlords here ask for their renter’s SSN number and ID before signing the lease. The Zillow background check gave me my renter’s credit, criminal and employment history but it doesn’t reveal the SSN number. I’m thinking that I should ask for the SSN number in case the renter fails to pay on time and in case I need to report them to the credit bureau. I also want to understand if there’s a secure portal of some sort you use where renters can upload these documents? I just feel a little odd asking them submit these sensitive documents to me over email. Any help is appreciated. Thanks. YOE - 7 TC - 225K #mortgage #housing
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No you should not do that. If you do you have to prove to the government that you have a secure room dedicated to storage of your records and there is no point anyway. You don’t need an SSN to evict someone, if it ever came to that. Use a third party like Avail and collect rent that way. Avail, or Apartments.com, or Zillow rental manager will do all the data collection and background checks. Tenant pays them for it which is one way they make money. They will produce lease and get it signed digitally. They will collect rent via ACH deposits. (I use Avail for $5 per month per unit but I believe the others offer Al the services you would need also).
This is some useful information
Thanks. We will be using Zillow to digitally sign the lease and collect rent. We’re already clear on that. So you’re saying you don’t have your renter’s SSN number? You do have their ID though, right?
Use avail. The background check from Zillow is not that good. I ask my tenants and occupants above 18+ years old to submit a full credit and background report and also a copy of DL or passport. Every adult in the home, no exception. You can ask for full name, dob and SSN on the lease too. Advice to you: don’t rent to anyone with credit score below 700. Even if you ask for SSN, chances of recovering the lost rent are slim. Focus in credit scores, past rental history, income ratios (I require 4x rent) and absolutely NO evictions or people that consider the courtroom like their second home.
Thanks. I’ll try out Avail. My renters have 730+ credit scores each. I’ll insert the request to put SSN on their lease. Income ratio is 3X in our case. They’ve been living in an apartment complex for 3+ years and I am in the process of calling the leasing office to verify the info they’ve provided. Not seeing any evictions on the Zillow report - but I’ll run this via Avail as well.
I have several rentals and agree with pretty much everything huh453 said. I also use Zillow for rental applications and PayYourRent.com for rent payments. I do differ in that I use a rental contract written for state by an attorney instead of the generic ones that places like Zillow use. My tenants must provide a social security number when a lease is signed but I have never need it. It could be useful if you ever turned them over to collections but I have never had to evict or chase money from tenants. My advice is do jot take the first tenant that walks in the door just because they want it. Stick with tenants that have dual income, 700+ credit, and no pets and your landlord experience will be much better.
Thanks! We’ve passed on some 11 tenants already. We’re not giving the home to just anyone. The family is single income but both husband and wife have 730+ credit and the total income is 3X the rent. They do have a small dog and we’re ok with that. I like the suggestion of asking for the SSN while signing the lease. I’m thinking I’ll include a section in the lease itself - where I ask for the SSN.
I used Zillow and so far no concerns. Listed for free, screened for free (only applicants pay a fee for applying I guess), and collect rent for free. I have landlord insurance and also home warranty that charges $100 a call which my renters pay. No need for property managers for just 1 rental in a nice neighborhood.
I think so too. We’re local and just have 1 property - so not sure how much value a property manager would bring and we’re in a family friendly nice neighborhood.
If you do not mind me asking, did you get your lease drafted by an attorney? And which home warranty do you use? Also did you do a pre-move in walkthrough where you noted existing damage etc to avoid any issues later about who cause what damage? I practically have no damage on my property tbh. Maybe just a few minor stains on the kitchen counter.
Agree with the others saying to ask for SSN. If you do not ask for SSN then it is easy for tenants to fabricate pay stubs and you will have no way to validate their accuracy since you will not be able to get TWN data for the tenant without their SSN.
Don't worry about reporting to credit bureaus... Just be quick with the eviction
Yeah I mean to be honest, there’s not much for us to gain by reporting them.
Don't be a cheapo Get a property management
Not seeing them bringing any significant value. Just because someone chooses not to use a service that brings no value - doesn’t mean they’re a cheapo. We were in talks with a property mgmt company when we started out. We realized we were more invested in finding a renter than they were. They were largely full of BS. My question is whether SSN is required or not. Not whether I need a property mgmt company or not. If you have nothing useful to contribute, keep your trap shut and spread your Amazon toxicity elsewhere. Thanks.
I had property managers before. Big failure. They have no skin in the game so they won’t care about the property as much as the owner would. They won’t enforce the rules either.
Don't get a property manager. They're useless. Get a group of contractors you trust and deal with your tenants yourself. You'll get a lot more leeway. A property manager is just gonna create a you vs them situation, usually on purpose. As for SSN, get it if you need it. some states require you to put the deposit into a bank account for the tenant, in which case you'll need an ssn. As others have said, you're most likely not getting back rent. In 8 years of doing this, I haven't pursued anyone. The closest I got was during the eviction moratoriums when a couple tenants realized they didn't have to pay rent any more and nothing could be done about it
Thanks! Yes, I do have a bunch of good licensed contractors and handymen who are prompt and efficient with repairs. And I’ve cultivated good relationships with them. Plus my home is a new construction and likely not to require much maintenance.
No. Just use Zillow
Thank you banana 🍌
I would highly recommend using a property management company for your first rental. There are lots of laws to comply with e.g. ensuring that all deposits are kept in an escrow account, making sure there is a pre possession walk through with all existing damages and conditions recorded and initialized by both parties etc.
Third party services take care of the scary part and also don’t take all your profits like property managers. Use a property manager if you’re out of town or have tons of property but for one place you’re better off managing yourself.
Security deposits do not need to be kept in an escrow account in California. Neither are they interest generating. Pre-possession walk through is already on our to-do list. I have friends who have used property management companies. Not even a single one has a good opinion of the value these property mgmt companies bring to the table - especially if they have only one rental.