High Risk Tenants vs. Lowering Rent
Just throwing this out there to get some advice/ideas. Here's the situation:
Have a rental property that we priced "somewhat" high. Due to this price, we didn't get many applications. The one application we got has individuals with bad credit so I am a the crossroads of the following option:
- Do I rent to those individuals with bad credit BUT require a larger deposit?
------ OR -----
2. Lower the rent and put it on the market again and see how it goes?
Just FYI, I am at the point now where the previous tenant had just moved out and I'm at the point now where the positive cash flow I received from them is being erased each day I hold out. Thanks for any help/advice!