Would you rent to another landlord?

Question

Hi all,

I own a handful of rental properties free and clear in another city.  I'd like to include the extra income in an application to rent a place myself, but I'm wondering if advertising the fact that I'm a landlord myself would make a potential landlord-to-be hesitate to consider me.  I'm now in the Bay Area working for an IT company, and it seems the rental market here is very competitive...so I'd like to put my best foot forward and not scare anyone off.  Anyway, just thought I'd throw it out there to see how you landlords would feel about renting to other landlords....

J. Martin · Answer

@Scott James ,

I'm a landlord in the Bay, and a renter in the Bay, and my landlord didn't have any issue with it. I would also rent to another landlord. Why? They usually have plenty to lose. They hopefully have a good credit score. Cash for a security deposit, and additional savings to cover times when things aren't so good.

I don't think it's bad to put the rental income on there. Just emphasize that because you are landlord yourself, you treat the relationship how you would expect/hope of your tenants by paying on time, not calling the landlord for little stuff, treating the unit and other tenants with respect, etc..

ALSO, have a great "rental package." Application, paystubs, prior year tax returns maybe, personal and prior rental references, bank statements, credit report, etc.. Make a digital package and some paper copies to bring with you. Will show you're prepared and serious, and makes it as easy as possible for the landlords..

Good luck Scott!

Jennifer T. · Answer

I would actually view it as a positive. Someone who rents and owns property is generally going to be more responsible and financially stable than someone who doesn't.  Plus, they are also more likely to take care of a property.

In fact, when I bought my first home and gave my landlady notice, she (half jokingly) told me I should rent the entire hosue out instead of just half of it and stay renting from her, lol.  Of course, a different situation since I had already been a great tenant for many years, but I still chuckle at the memory.

She was actually my inspiration to get into REI, because she has made a good lifestyle out of "Buy and Hold".

Jesse Gonzalez · Answer

I've heard stories about property managers being nightmares for other property managers because they know all the ins and outs and can cause trouble, but I wouldn't trip out.  I think cash is king and if you offer to prepay the rent for a period of months that should make you the most competitive prospective tenant.  I'd put my best foot forward, show the rental income, and just be a cool person to the property owner.  If they get a good vibe off of you then they probably won't even be thinking about you being an issue.  I'm in the Bay Area too and know its very hard to find a place to rent.

Chris K. · Answer

That would be my fear of renting to one but you likely wouldn't find out they were "know it alls" until an issue arose.

Scott James · Answer

Thanks, all - this is really helpful info!

Dawn Anastasi · Answer

I rented in the early days when I was a landlord.  I actually was able to "break" my 12-month lease at the 10-month mark as I found a very qualified tenant who rented from the landlord for 4 years.  I then went on to buy my own house.

Elizabeth Colegrove · Answer

I would have no issue as long as you didn't use that for being a "know it all" pain in the butt. In that case I totally wouldn't want to rent to you. :)

Would you rent to another landlord?

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