Got A Possible Tenant, Need Some Help Please

Comments(7)

• 
  loanwizard23rd February, 2004

  I always go with my gut! When my gut is wrong, I get another feeling in my gut... not as good as the first It is my opinion that if they had perfect credit, they wouldn't need to rent. Therefore, I'd charge the normal security deposit and imprees upon them how much I was bending the rules for them. I have gotten some of my best renters this way... as well as a couple of my worst. My thinking is, if i wait for the perfect renter.... how much money in lost rent will it cost me.
  
  Good Luck,
  Shawn(OH)

• 
  Lufos23rd February, 2004

  I always go with my gut. Sometimes I am right and there are a few times that I have been wrong. The worst bite I ever got was the man with perfect credit, had worked for the same company for ten years.
  
  Well, the sauce finaly got to him after he had been a perfect tenant for one year. On the second year he almost killed his wife, something about pepper sauce going flaumbet at the wrong time. The cops took him away and when he came back he tried to drive his car into the living room. Not satisfied with that he challenged the cops to a dual and took the first shot. His wife and two kids spent the night at my house. My wife suggested the next night that I could leave anytime but they could stay forever.
  
  Well I found the wife and kids another little apartment, fronted the first three months rent. Repaired the house. The Bay window which he had used as a garage was really difficult. Got it all done and I will be damned if he did not want to move in again. Well after two court hearings and the intervention of a phy doctor and an anger management type he finaly went away.
  
  My best tenant had a credit report that would have prevented him being vacinated during a plague outbreak. But he was perfect. Over five years. I love him.
  
  So you should go on your gut, The way you read the person is probably more present time accurate then any statistical information which does not really tell you about the motivation of the person to pay rent, keep the place clean, do minor repairs.
  
  Hope this is helpful. Lucius

• 
  noel223rd February, 2004

  I've gotta agree with the gut theory. In fact, I've yet to pull a credit report on any potential tenant. Yes, a few flubs - but had I listened to my gut on those.....not so flubby t'wood have been.
  
  My best tenant to date is one that I inherited upon purchase of a SFR. I doubt that I would ever have rented to them to begin with. And now they top my list - never paid rent late, never bother me, will probably live there and pay my mortgage forever. Perrrrrrr-fecto.
  
  p.s. - I'd never tell a potential tenant that I won't pull credit. In fact, if they ask if I do pull credit I usually say, "Well, I might" - those are the people I never hear from again.
  
  Guts to you,
  Noel
  [addsig]

• 
  Bruce24th February, 2004

  Hey,
  
  A sure way to lose a would-be-tenant is to DOUBLE the security deposit. Any half decent tenant would walk; the tenant that would accept that kind of deal, I would not want.
  
  Your "gut " is what created your set of rules. Maybe your rules say they can have a few problems but not more than 3 late payments (as an example). If you deviate from that set of rules, you are ASKING FOR TROUBLE.
  
  Not because you might get a bad tenant, but because someone else is going to end up suing you for DISCRIMINATION.

• 
  who_me24th February, 2004

  Thank you all....

• 
  Stockpro9924th February, 2004

  Tennants are like children however, you must train them up as to how they should walk.
  Never accept late payments without a sevice fee, ever, under any circumstances.. Spell this out in the lease agreement and never deviate. IF you let it slip once, then they will do it again. 5 months ago I had a tennant that was 10 days late on the rent, I "politely" served him with a 3 day notice
  and amazingly he came up with the rent and has been early or on time for the last 5 months

• 
  who_me26th February, 2004

  Update:
  
  Valuable lesson learned.....MAKE SURE YOU CHECK EVERYTHING. even if gut is saying something different.
  
  Got the credit report back, and called the previous landlords.
  
  Many late payments on rent / many on bills / many charge off's, and a BK.
  
  But I do have another question, in reading these....
  
  He is renting, but it shows a mortgage of approx 180K in 99. Last payment in 9/03. with an outstanding ballance of 33K.
  
  I don't think he owns this anymore, where/how is this attached to him? Sub-to maybe? sold and couldn't pay off the entire ballance?
  
  any ideas?