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Old 02-06-2010, 12:39 PM
 
27,075 posts, read 54,279,688 times
Reputation: 21277

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Quote:
Originally Posted by AAVC View Post
Yes, you are correct, I do have a lot to learn in this area.

Hiring an agency would be much better, I agree. However, here's the situation. The mortgage on this house, taxes and insurance are about $1,900/mo. We listed the house for $1500, and got phone calls but did not get much luck. It may be, as someone said, that there are so many houses for rent right now. Lowered the price to $1400 two weeks later, so now we got a lot more phone calls, but still no tenants. The only ones that were interested in moving forward were the couple where she works part time and he is self employed, however, they did not want us to check their credit saying that if we do, we will not want to rent the house to them. We followed their advice and decided not to rent it them (lol). How long does it usually take to find a tenant? Again, this is a special market, with lots of houses for rent and a lot of renters with bad credit, especially in Palmdale. Anyone has any advice? Should we spend some money painting the interior of the house, changing the floors, etc? The house was built in the 80's and is in pretty decent shape, nice and clean, but does not have that "new" feel that a fresh coat of paint of new flooring would give... Spending money now would be hard, especially if the tenants will not take good care of it. So, if we hire an agency that will lower our margin even further. Thank you all for your help!
I don't have much turn-over and when I do, I just go to my waiting list.

The last two vacancies were filled this way and it saves a ton of time shifting through applications and the cost of marketing.

Your unit should be clean with everything in good working order... do not over-improve... it is a mistake new landlords often make. A $75 Moen Faucet with a lifetime guarantee is every bit as functional as a $400 one.

Paint is the single least expensive thing you can do to spruce up a unit... if needed.
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Old 02-06-2010, 02:13 PM
 
1,319 posts, read 3,781,028 times
Reputation: 1130
I manage property for a living, I actually manage property managers.
In the roughly 15 years I've been doing this I've rented 1000's of apartments. It is simple: the lower the credit score the more likely you will have a problem tenant. This is in general true. They will either not pay rent, be chronic late payers, not keep clean apts, break things, complain over things that are not your responsibilty and find numerous ways to cause problems.
IME, 720 is a decent credit score and I think that is being too picky. My bottom is to except nobody below 700. Things to look for is people who change jobs frequently(not good). Someone with a 700 credit score and is at their current job for 5 years is often a good tenant. Someone with an 800 and 5 jobs in the past 10 years can be a bit iffy.
Also, I'll get comments for this, but dont rent to lawyers. And it is legal to discriminate against someone's profession if their profession is not a protected class. There was a case in Calif in the 1990's over that.

Last edited by BennyPhoenix; 02-06-2010 at 02:25 PM..
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Old 02-06-2010, 03:07 PM
 
Location: Lake Conroe, Tx
637 posts, read 2,981,409 times
Reputation: 411
Quote:
Originally Posted by BennyPhoenix View Post
Also, I'll get comments for this, but dont rent to lawyers.


Lol, you won't get any negative comments or feed back from me, I wouldn't want to do it either...
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Old 11-20-2010, 05:19 AM
 
15 posts, read 133,994 times
Reputation: 13
I am the Lease Holder on a Single Family house and I get a roommate. I learned the hard way to always ask them if they are currently on Probation or Parole and do they have a criminal record. I ask them if they have any disabilities I should be aware of. If they say yes I ask if they would mind telling me of them. I actually had one prospect tell me that he was "Crazy". If they do not tell you right off sometimes they will tell you many things also when you tell them that you will be running a check on them when asking for their identification. You can also search people as "inmates" on many local Government Sites and it will tell you if they are currently in the system or if they have been released and many times also what their infractions are. I had one very "nice" neatly dressed man come with his adorable daughter who would be visiting move in to later find out that he was on Parole for DWI, and this only after he was screaming hystericaly in the middle of the night, as he had filled his entire dresser with beer and the weight of it sagged the bottom of the drawers keeping him from opening them!!! Funny now, but it sure wasn't then.
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