Lesser of three evils

[Thomas Chapin]

Any and all advice from the community appreciated.  My family is entering a little lower level rent than we've had in past, a fully rehabbed $65,000 house to rent for $950. We are ready to get a house leased and have 6 applications all with low credit. 1) eviction within past 5 years, now has two good incomes and baby on way. 2) No eviction, good references from landlord remained current on rental history, but has paid late fee to landlord 3 times in a year. Income decent. Tenants 3-6) All section 8 housing vouchers, 2 without jobs, 1 with job and family.

Would you accept any? 

[Account Closed]

Thomas,

Based on those choices, I would take the 1st applicant. They went through an eviction and learned it the hard way. Now both of them are making good wages. I would ask them for 1st month, last month, plus deposit. Tell them if they can't pay in the future, move. Because another eviction on their record and no other landlord would ever rent to them. 

My second choice is the Section 8 family with a job. 

I've done things that most landlords would have never done. I've rented to a single mom with an eviction on her record 4 years ago. She was so down when she approached me because no one would rent to her. I gave her a chance and told her don't screw it up. 9 months into it, she got laid off. She did all she could to hang onto the place including selling her bed set furniture. Long story short, she's been with me for almost 4 years now and re-married to a nice gentleman last year. 

I've lent $10k to one of my tenants to buy a taqueria food truck. He lost his job and lost his house during the mortgage meltdown. He paid me back within 10 months. 

I've rented to a single mom with 4 teenage kids. Others wouldn't rent to her because of her kids while I picked her out from the crowd and rented to her because she's a VA. Have to take care of our veterans. It's been 3.5 years, and she has been wonderful.

I've been so fortunate during this mortgage meltdown so I was willing to take all kinds of chances on other strangers. Fortunately, everything has worked out. My partner calls it good karma.  

If you have been blessed, take a chance on others sometime. Give them hope. It might pay you back 1000 folds down the road. 

Best of luck.