Updated almost 11 years ago on . Most recent reply
1st Rental Property, need help deciding on a tenant
I just bought my 1st rental property which is a duplex. I have had about 30 viewings now over the coarse of 2 weeks for my 1 bedroom suite. I just received my 1st application. They have lots of positives, nice older couple, their combined income is over 3 x rent, the ladies been employed at same job for 9 years & they have no debt. But there are 3 red flags: 1. They declared bankruptcy in 2012. 2. The guy just started a new job this week after getting laid off from his previous job. 3. They are currently selling their house so I don't know how long that will take because I don't think they can afford both.
I really like the couple so I'm not sure what to do.
Would you guys accept or deny their application?
Any suggestion would be great, thanks!
Most Popular Reply
1 application in 30 showings isn't a very good ratio. The bankruptcy doesn't bother me too much. Starting a new job isn't good. 3x over rent is mandatory.
Selling their house is the biggest issue. Can they come up with 1st month's rent and 1 month rent deposit and set a move-in date? If so, I'd have a conversation with them asking about their situation and make sure they'll be able to make your rent.
Otherwise, I'd do something with your property to improve the 1:30 ratio. Paint, carpet or some other reason it doesn't show well?