Experienced landlords how would you handle a situation in which you had someone wanting to rent an high end propriety from you yet that person doesn't meet your credit requirements. Keep in mind this person may be an entertainer or even an athlete who has recently come into their fortune so they haven't been able to clean up their credit yet. This individual is also willing to pay the full lease amount upon signing the agreement. Do you bend your requirements or do you turn them away and stick to your requirements.
If they have the cash too pay several months ahead of time or a large security deposit then yes I would rent to them.
If it's a person that has a lot of money then you should be able to collect on a judgement.
@James Wise thank you for your insight and you've made a great point. I'm working with an entertainer client we've found the house she wants to rent but the agent on the other side of the deal is being very difficult. I feel like he's not presenting the offer in the right manner. We've offered full price on a 2 year lease all paid upon signing and I feel like the other agent is stalling on purpose. I can't see an individual turning down $30,000 up front for a rental for 2 years especially when they just bought a new house.
I agree. I would not be turning down 30k up front.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.