Los Angeles, CA · Member since 2013 · 555 posts · 261 votes
I'm wondering whether you landlords have noticed better qualified applicants after you renovate (or if you have a nicer looking dwelling)-- People with higher income, stable jobs, better ability to pay rent. Are the "richer" people attracted to the nicer looking rentals?
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About 2 years ago, I renovated my rental home out of necessity. The vinyl floor tiles were coming unglued, toilets didn't flush well, vanity was barely attached to wall. Front lawn was just dirt and weeds. It was a dump.
I replaced all the vinyl with ceramic tile, new vanities with granite countertops, new toilets, new grass, all for pretty cheap cost.
My house now looks up to date, but not the nicest it can be.
The problem is, I still have the same kind of crap applicants, i.e they're good people, not pigs thankfully, but they eventually have no money to pay rent. They are the paycheck the paycheck type.
I'm always wondering, where are all the people with enough money?
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
13y
It could just be the neighborhood. Many people are more concerned with the neighborhood than the features of the property.
If I were renting, I would rather have an ok house in a nice area with good schools than a really nice house in a neighborhood where I was worried about my cars or kids bikes being stolen.
I don't know what your neighborhood is like, but many people live from check to check. Dave Ramsey says that it is 70%. It's sad, but many Americans want to buy stuff now that they can't afford.
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
13y
Originally posted by Mike Franco:
But again, the issue is that richer people don't even apply to my place. At $2000 rent, my ideal tenant makes $72000 a year. But I have not received a single application from these kinds of people, ever.
Is 3x the monthly rent standard and doable, even in LA? I always here about people in California paying half their incomes for a house payment.
Wholesaler · Brooklandville, MD · Member since 2013 · 149 posts · 29 votes
13y
Brandon Hughes
Thank you Yes you can do want you want but why? Whom are you trying to impress? I'll own up that fast food is killing me. It has come to a point that removing fast food will save me and my growing business. I just have to say no completely. It isnt working out.
Cincinnati, OH · Member since 2013 · 292 posts · 81 votes
13y
I second this. My best tenant is low-income with a trashed credit history. On the other hand, she's had the same job for seven years, she hasn't had any recent credit problems, and no evictions.