Prospective tenant--sign her up or deny?

Question

I have a tenant application for a unit that isn't moving as fast as I'd like--vacant for two months now. She and her teenage son are living with a friend, and have recently left an abusive relationship. She has (very) bad credit and has only been in her job for one month. She's makes more than enough per month to qualify on income alone.

Thumbs up or down?

Wade Sikkink · Answer

If you do decide to rent to her, don't sign a year lease. Put her month to month. That way, if there is a problem its not an evicition, you simply don't renew her lease and boot her out.

Good luck.

Richard Redding · Answer

Agreed, thumbs down.

I'm guessing you're slow to rent due to price. I drop my asking price $50-$100 every 2 weeks. Do the math.... Let's say you're asking $1200/month. You need to look at it as you're losing $300 every week that it's not rented, so just drop the price $100 and get 'er done.

Another tip with tenants you're on the fence about is to ask for a double deposit and/or a co-signer and then gauge their reaction. If that amount of money is difficult to come up with, that probably means they're living paycheck to paycheck... a guarantee there will be some late checks in your future.

Have a realtor list it in the MLS. It'll cost u but you get a better quality of tenants, more tenants to choose from, and it'll be occupied much quicker.

Have the power on and the AC cool and leave the lights on. The property shows much better.

And I apologize if you already know these things, not trying to be preachy. Just unaware of your experience level.

Good luck!

Mike H. · Answer

She's a problem waiting to happen. She may be a good person going through a tough time. But the fact is she has really bad credit and has some more baggage coming with her too.

Credit is bad. Job history is short. And while I know that sometimes people seem to make more than enough to make the payments, there are simply people out there that don't think they should be spending any of that on paying the rent.

If she's really a decent person that needs a break and you're feeling charitable, then consider it with a 2 month deposit OR get her to get a relative to co-sign on the loan. That would be a really telltale sign as to whether she's reliable enough to pay.

If her relative (and make it one with real good credit and something to go after) is willing to co-sign, then you could feel more comfortable. If they can't get a co-signer from one of their relatives, then that likely means their relatives don't think they're going to pay you either and don't want to get stuck with the bill.

Ellis San Jose · Answer

thumbs down

Philip Cutting · Answer

How long does it take to evict someone in Virginia?

These are almost always problems.  The abuser usually follows and damages your property.  If you do accept her, get atleast 2 months rent.  Let her know that any broken glass or damaged property is her responsibility to be fixed and needs to be fixed within 2 weeks or you'll charge her for the repairs.

I wouldn't rent to her.  I have in the past and it usually ends up in damaged property and evictions.  This is a hard problem to fix, after all, if it is both their son, she has had this problem for a long time (13+ years).  It's hard for people to change.

I would rather look at why my property hasn't rented.  Rentals are a commodity.  They don't rent for a reason.  Figuring that out might be more worth while.

You sound like a good guy, good luck!

Phil