New landlord, first tenant advice

3 Replies

Hello fellow Bigger Pocket members. I've been lurking on this fantastic site but have not really participated up until now. I'm currently in the process of renting out my first SFR. It was my primary residence until I moved to a new house. I'm using a property management company to manage the property. There is someone currently interested in renting. The person is a single dad, has two boys, 11 and 17, two rat terrier dogs, nonsmoker. Owned his previous residence since 2005. Had a bankruptcy in 2014. Currently makes ~4x monthly rent. For those of you more experienced as landlords I was wondering what your gut reaction would be to this applicant. I have this fear of getting a bad tenant, but also fear waiting around for another applicant to come through. Paying two mortgages is getting old. Thanks for any advice given. Jason

The bankruptcy would concern me but what is the background of it? Part of a divorce scenario, or just money mismanagement? 4x rent is a good sign.

That was going to be one of my questions to the management co. on Tues when they are back in the office, do they have any more info on the bankruptcy. Thanks for your reply.

@Jason Wolven

Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.

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