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Updated almost 8 years ago,
Greetings and beginner question
Hello BPs. I'm really new to BP and real estate investment. I just bought my first rental property after doing a lot of reading and research. While I'm still not 100% sure we have made the right move in terms of numbers, I'm pretty confident we are in the right track based on what we have taken into consideration Vs what we've been reading.
Now back to my question, our first rental is been on the market for a little over 2 weeks and after reducing the price a little we got a better response from potential renters. The problem is that they are coming with a few "buts". The first has a low credit history (in the 600 neighborhood) the second had a previous eviction and the third had a bankruptcy. We do have a real estate agent assisting us in finding renters and with the showings, however, I'm not really sure we should have a first "bad start"
Should we minimize the risk of the "buts" by requesting a higher upfront deposit (e.g.: 3 rents in advance)? Any other/different recommendation?
Thanks in advance,
Carlos Appezatto