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Updated over 10 years ago on . Most recent reply

User Stats

28
Posts
8
Votes
Paul Kuegle
  • Winnipeg, MB
8
Votes |
28
Posts

1st Rental Property, need help deciding on a tenant

Paul Kuegle
  • Winnipeg, MB
Posted
I just bought my 1st rental property which is a duplex. I have had about 30 viewings now over the coarse of 2 weeks for my 1 bedroom suite. I just received my 1st application. They have lots of positives, nice older couple, their combined income is over 3 x rent, the ladies been employed at same job for 9 years & they have no debt. But there are 3 red flags: 1. They declared bankruptcy in 2012. 2. The guy just started a new job this week after getting laid off from his previous job. 3. They are currently selling their house so I don't know how long that will take because I don't think they can afford both. I really like the couple so I'm not sure what to do. Would you guys accept or deny their application? Any suggestion would be great, thanks!

Most Popular Reply

User Stats

145
Posts
60
Votes
Raj Gandhi
  • Real Estate Investor
  • Saint Paul, MN
60
Votes |
145
Posts
Raj Gandhi
  • Real Estate Investor
  • Saint Paul, MN
Replied

1 application in 30 showings isn't a very good ratio.  The bankruptcy doesn't bother me too much.  Starting a new job isn't good.  3x over rent is mandatory.

Selling their house is the biggest issue.  Can they come up with 1st month's rent and 1 month rent deposit and set a move-in date?  If so, I'd have a conversation with them asking about their situation and make sure they'll be able to make your rent.

Otherwise, I'd do something with your property to improve the 1:30 ratio.  Paint, carpet or some other reason it doesn't show well?

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