Easily Replace Currency in the Rental Application

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How to Replace Currency in the Rental Application

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In this video, Matt Leighton discusses seven common mistakes to avoid when applying for rental properties, focusing on condos, townhouses, and houses owned by private owners. The first mistake highlighted is negotiating rental terms before submitting an application. Leighton emphasizes that prospective tenants often inquire about rent flexibility without having seen the property or showing their commitment to apply. He suggests that negotiation should occur after submitting the application, encouraging viewers to establish a serious intent before discussing rental terms. The video serves as a guide for applicants to improve their chances of securing rental properties.

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Is it normal for landlords to ask for bank statements?

Landlords may not advertise or rent condemned property. Landlords must disclose housing code violations they have been notified of but have not corrected. They must also reveal structural defects, a lack of hot or cold running water, serious plumbing, or electrical problems, and other hazards.

What does a bank statement show?

A bank statement is a document from the bank that covers a specific time period, usually a month, that shows all the activity on your account for a time period. The activity shown on your bank statement includes information such as processed deductions and deposits, your average daily balance, and any interest earned.

What can I black out on my bank statement for an apartment?

You cannot reasonable black out certain identifying information, such as your name, address, and deposits. You can, and should, black out your account number. You can also black out other transactions that are irrelevant to determining your income, which is all the landlord is supposed to be checking for.

Why do landlords want to see bank statements?

Change in job location or wanting to be closer to friends or family, need more, or less, space, want an apartment with more amenities, you can afford to move to a nicer place.

Why do landlords ask for bank balance?

By asking for your bank details, the landlord is able to confirm that you actually hold an account and that your monthly income, less your expenditures, is enough to cover the rent. Another reason for Landlords to want to know your account number is for security in the eventuality that you may fail to pay the rent.

Is it safe to share bank statement with landlord?

Generally yes, it is safe to share your bank statements with your landlord. However you should always be aware of rental scams and those posing as landlords or property managers to get your banking information.

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Replace Currency in the Rental Application