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Updated over 8 years ago,
Would appreciate advice deciding between two renters
Hi! I was hoping you could give me advice on deciding between two renters. I'm closing on my first investment property in three weeks. We are trying to rent out our current home and plan to move into the new house. We did owner financing on the new place so we need a rental agreement signed by the end of next week or the deal might fall through. Our current home is an executive type home and is going for a premium rental price. Only two people have shown interest in the past week (I was going to list it with an agency on Tuesday due to holiday) and both are in similar circumstances. They are both extended family units with three adult renters and several children/grandchildren. Two of the three adults pass the credit check and one does not (divorce in both cases). The main party responsible for the bills (3x income compared to rent) has good credit. The other adult has excellent credit but only has 2 times the income. The third adult in each case (one a brother, the other a sister) has poor credit and 1/2 the income. My dilemma is this: one group looked at the house Monday and called me back yesterday to see it again today. In the meantime the other group called me Wednesday, I took a bunch of pictures and they said they'd take it sight unseen, they are moving here from Michigan and will arrive Monday or Tuesday. They had already arranged for temporary housing before they saw my ad and were planning on traveling. I offered them the opportunity to pay deposit online and sign agreement but they said they'd do it when they get here. The group moving here also wants to pay first and deposit only. The group wanting to sign lease tomorrow will pay first,last and security deposit. Do I have to wait until Wednesday to lease to them? Thank you for your help.
Robi