High Risk Tenants vs. Lowering Rent

[Brandon S.]

Just throwing this out there to get some advice/ideas. Here's the situation:

Have a rental property that we priced "somewhat" high. Due to this price, we didn't get many applications. The one application we got has individuals with bad credit so I am a the crossroads of the following option:

1. Do I rent to those individuals with bad credit BUT require a larger deposit?

------ OR -----

2. Lower the rent and put it on the market again and see how it goes?

Just FYI, I am at the point now where the previous tenant had just moved out and I'm at the point now where the positive cash flow I received from them is being erased each day I hold out. Thanks for any help/advice!

[Rolanda Eldridge]

@Brandon S. ..If you price it right, the pool of qualified applicants increase. Bad credit with high deposit doesn't mix..It will end up costing you more long term..Patience required for the best qualified applicant...Good luck!