Potential tenant stories
October 22nd, 2007 by KenricIt’s the potential tenants that talk alot about themselves and their situation that always worry me. Phone calls that start out asking what the security deposit is never end well.
I had a potential tenant come in to look at my 2br 2ba condo a few years ago. He was a young guy, drove a sedan with some cheaper look dubs. He looked at the condo and was talking about how he was a DJ/music producer. He said he needed a 2br because his cousin may come live with him.
Then I asked the big question, how’s your credit? He said it was bad because he co-signed a car loan with his cousin and the car got repossessed. Then he asked if it was ok if he paid half security deposit now and the second half next month. I asked if his cousin with the repo’d car was the same one that was gonna come live with him here. He said yes. I asked where he has living now. He said he was in prison and was getting out next month. Next!
Posted in Real Estate | 4 Comments »
Stumble it!
Also, a person who is serious applies/rents on the spot. I don’t think I’ve ever had someone say, “I’ll think about it” and end up renting.
By knuckleheaded on Oct 22, 2007
If your price is right and the condition and amenities are what the market requires, good tenants will appear. Tenants that approach renting as a business transaction know prices and what they are looking for. They may look at competition if there is any, but they usually decide quickly.
The tenant that comes with security deposit issues, roommate baggage, or a dirty, junky car is not your tenant. If all you get is flakes, you need to reduce your rent until you attract a better class of tenant.
Conversations like the one you had are always very informative. If I am renting (vs the manager), I try to eliminate unqualified people before I show the property and only show it to interested, qualified tenants. I tell people before I show that I can’t make a decision until I have run credit and checked rental references.
Better not to have a tenant for a month than to have a bad tenant…
By Another Investor on Oct 22, 2007
You’re right! And, I discovered that if they ask for an app to take with them to fill out and return later, you’ll never see them again. So, I just got to where I would tell people, “No, the app would need to be filled out here, today.” I just hated to waste the paper!
By Trisha on Oct 25, 2007