Tenant Short on Cash To Move In
In the 12 years being a property manager of my own properties I have meet some great tenants. I have also turned away some potentially great tenants because they simply did not have enough cash to move into my units despite 750 credit scores and ended up taking vacancy for a month. I started asking myself why I was turning away these people simply because they didnt have enough cash to move in at the time. So instead of turning these people away I simply work with them. Lets say my 2 bed rents for $1500 here in West Hartford, CT. I need a total of $18000 in the 12 months they are renting. What I did was make the rent light in the beginning first 3 months, added more in the next 3 months......etc......This way it helped my 750 credit score tenant get the security deposit back from the previous apartment and get comfortable in the unit with my property. Is it somewhat risky, yes....but I'll take a 750 and great person all day and bet on them then taking vacancy. Any other ideas let me know but I found an escalating lease to work great when a great tenant is light no cash to move in.