Pick the best from the worst?? or wait till someone better comes along??

5 Replies

We are tying to get someone to move in by the 15th. We have numerous applicants, none of which are knights in shinning armor. Should we rent to one of the applicants or wait and leave the house vacant until the "perfect" tenant comes along?

Suggestions? Comments?

How bad are the non-knights in shining armor? I can deal with less-than-perfect, but not a sex offender with 4 prior evictions.

Do you think they will pay rent and take decent care of the house? I'd rather have an empty house than an occupied house with tenants that don't pay rent and destroy the house. But I also accept The Perfect Tenant might not be coming along anytime soon.

Just took us 8 applications to get our place rented. Having a bad tenant is worse than no tenant. You may try a price reduction to get more applications in so you have a better chance of getting a better more qualified application. It also depends on your rental criteria, if it's as strict as the requirements to get a mortgage you're not going to get anyone.

I will agree that having a bad tenant is worse than no tenant.

Remember that it just takes one.  When I rent out properties, I'm not looking for perfection, I'm looking for someone decent.

I think if you need the cash flow right away, then go with the best of the worst.

However, if you can financially support the vacancies, then I agree with others in that you are better off leaving it vacant and hope to find someone you are comfortable renting out to as opposed to someone who will give you problems all the time.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.