Updated almost 15 years ago on . Most recent reply
Help me choose among these tenants--all bad
Wow, the economy must really suck because for the first time ever, every applicant has major problems. We have 3 applicants all with different problems. Our rent is $1095 and tenant pays all utilities of about $130/mo. Can you help us choose among these? Who would you pick?
Applicant #1--A single mom, unemployed but gets unemployment of $320/week and "says" she does her own notary business for $800-1200/mo. She has had almost every credit line in collections from 2005 to 2010. BUT her mom is co-signing for her and her mom's credit is excellent, her income is stable and makes enough to pay her own mortgage and the rent.
Applicant #2--A single mom, newly divorced. Her credit is not bad (707), she has stable income since 2007 BUT her income is low--only $1800/mo. No car loans. A student loan for $100/mo.
Applicant #3--A 30-yr-old self-employed single guy. His application was very incomplete but he says he will give us his tax returns, bank statement, etc. in person because it's too much to fax. He says he owns 2 bike stores and makes $3600/mo. He currently pays $1900/mo for rent but wants to downsize to save up for a house. Currently has $3500 in the bank. He only wants a 6 month lease (we prefer 1 yr).
Tomorrow I will check with past/current landlords but let's assume they check out o.k.
Who would you pick???
Most Popular Reply
#3 Off Topic Contributor
- Attorney
- Viera, FL
Based on my area, a 6 month lease to get me to moving season where I have better tenants. Plus it seems the person with the 6 month lease has the most assets to attach a judgment to in the event of an eviction. Plus the 6 month lease tenant is reporting twice the income of the other two it appears.