Property rented to prior convicts
I stumbled onto a property that seems to rent to convicts. Rents are about 90th percentile for the area/similar properties. I can see the theoretical benefits of this business plan. Higher rents because the tenants have limited options and less likely to move. However what's the reality? Anyone have an experience with this?
I would have a property manager.
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The reality is that the days when a landlord could have a blanket policy of refusing to rent to convicted felons is just about at an end. Recent rulings - now supported by HUD - find that a blanket policy is discriminatory because it often targets more minorities than not; there's also the problem with what crimes are "acceptable" - and those that are not. Many landlords will rent to someone with a felony DUI but will not for other offenses. And, a law firm in Florida has started a series of lawsuits targeting landlords/PM with these policies and have won substantial awards. Consider these points:
https://rentalhousingjournal.com/7-issues-and-answers-about-renting-to-felons/
My recommendation would be to do your due diligence. How long was the conviction? Was the time served/fees paid? Do they have a job, education, some kind of plan? Probation officer? And, where is the rent coming from? Consider the crime, get the prospective tenants side of the story, and have a tight lease that clearly states what is expected. HUD has had success with Section 8 tenants with past convictions. Just do your homework...I'm glad you brought the topic up. It's an important one.