Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago,

User Stats

52
Posts
25
Votes
Mike B.
  • Homeowner
  • Leander, TX
25
Votes |
52
Posts

Newbie Question - Tenant Screening

Mike B.
  • Homeowner
  • Leander, TX
Posted

So first time landlord here again. We had trouble finding good tenants earlier in the winter, so we pulled our listing off Zillow for a few weeks and then relisted our property yesterday with a 3% lower rent. I'm so amazed that how much bigger the response has been with just a small rent reduction and little warmer weather. Since last night we have 3 good candidates. I'm tempted to go with Candidate 3

Candidate 1 - Husband and wife relocated to Austin last year due to a promotion. Combined income about 50% above my minimum requirements. Asking for an 18-month lease. Meets all requirements

Candidate 2 - Unmarried couple. Both meet all requirements independently of one another, so combined income is at least 100% over the minimum. The primary applicant works for a large tech company. The secondary applicant owns a small business. 

Candidate 3 - A married couple with a baby. Started a successful pest control business. They have been in business for two years and are driving 3 hours a day from San Antonio to Austin. They want to relocate to be closer to their main business. His salary is 20% below my requirements, but he owns the business and his salary is set by himself. He wants to keep the salary low to reinvest in the main business. The business seems legit. Also, their home in San Antonio will become a rental when they move, so in theory, his income will be within my requirements prior to their move-in date. He has large cash reserves and is willing to prepay rent. His wife does not work. They have basically no debt with good credit. Also, they are willing to be a bit flexible with their move-in date, which is a big benefit to us. We are building a new home and if there are any delays, having the flexibility could prove useful. 

I didn't expect candidate #3 and am not sure how to proceed. Prepayment of rent sure does sound good to me. If I go with Candidate #3 I could actually pay off the rental house's mortgage, so my risk would be super low. 

What to do? 

Loading replies...