Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago, 04/15/2015
"The FHA and Oregon anti-discrimination law apply to everyone present in the
US, regardless of immigration status" quote from an article by Jo Becker, Education/Outreach Specialist, Fair Housing Council of Oregon in an article titled screening without Social Security Numbers: there Are Options! This is in my April 2015 "Rental Alliance Update A monthly newsletter published by the Rental Housing Alliance Oregon."
It is happening: the trend is toward property owners losing their rights to screen tenants. It is sad. The thinking goes like this: if your prospective tenant has a record or is here illegally or has bad credit they are more likely from a protected class and you can't deny them.
My niche is high credit score tenants. I don't care if they are bartenders (have that) or are of a different sexual orientation (have that) or any other protected class. What comes to light though is there are no minorities among my tenants. Not because of discrimination but by the luck of the draw because I run credit reports and verify employment. Is my business model discriminatory? If I am going to have legal issues then I will liquidate and buy low cost housing. I can't afford to keep a place nice and have tenants that constantly destroy things. It is simple economics. Were talking a market here that returns 3-5% with "creditworthy" tenants. My costs for maintenance/capex is going over $200 per mo long-term with tenants that pay rent and stay average 7 years. What is the expense with high drama tenants?