Residential property investment

[Houses4Rent]

Hi Parkhere

Thanks for your kind words.

Its very simple. An applicant who does not supply what we need (3m statements, 3m payslips, ID) is not going anywhere. We only process applications once they are complete. It gets a bit trickier with self employed people without payslips, but then their accountant has to give us proof of personal ncoem of that applciant.

Of course there are always the wanna be high net worth people who think they are better than others and how dare we ask them for their documents. They are then free to go elsewhere and not rent from us. Either they have something to hide, fear that we report them to SARS or so (not our objective at all) or cannot proof what they claim to earn or both.

As a rule of thumb is an applicant has three times net income (=gross less income tax) of the rent they qualify for only 1 month rent depoost if TPN credit check is positive and statements do not show problems.

I have no idea how Tenrisk and other insurers fare, but they are an insurance only and not a guarantee which is what we do. We pay on the 1st business day no matter when the tenant pays. I believe with Tenrisk you have to wait a few days and then fill out frosm to claim the rent which may be repudiated and/or have an excess. Effectively you never know when you get your rent even if insured. At least that is my understanding. Have you ever claimed? If so how did it work out for you.

So here is the kicker. The guaranetee we offer/use can be taken out nationwide as an add on product using another agent or doing DIY management. But it needs to be done at application stage as the approval and amount of deposit decision is done by the Guarantor. Email me if you are interested.

I hope this helps.