WOULD YOU RENT TO THESE PEOPLE?

[DAVID GAGE]

I HAVE A FRESHLY REMODELED 4BR 2 BATH HOUSE THAT I'M TRYING TO GET RENTED. I'VE SET THE PRICE A LITTLE HIGH BECAUSE OF ALL THE RENOVATIONS I'VE DONE AND PEOPLE SEEM TO BE BALKING AT THE PRICE A LITTLE. I'VE HAD LOTS OF INQUIRIES BUT ONLY HAVE GIVEN OUT A FEW APPLICATIONS. MY QUESTION IS WOULD YOU ACCEPT THESE PEOPLE. THEY ARE A 25 YEAR OLD MALE AND 21 YEAR OLD FEMALE WITH A 6 AND 1 YEAR OLD AND SHES PREGNANT. BOTH OF THEM LOOK CLEAN BUT HAVE TATS AND PIERCINGS EVERYWHERE. HE WAS IN A BAD CAR ACCIDENT 3 YEARS AGO AND HAS BEEN ON FULL DISABILITY SINCE ($2500 A MONTH) AND SHE WORKS A PIZZA JOINT($900 A MONTH) THEY SEEM LIKE A YOUNG COUPLE IN LOVE LOOKING FOR SOMETHING BETTER FOR THEIR FAMILY. I'M JUST NOT SURE THEY FIT INTO THE NEIGHBORHOOD. THE HOUSE IS ACROSS THE STREET FROM THE LOCAL POLICE STATION WHICH THEY ARE AWARE OF SO I WOULD THINK THAT IF THEY WERE INTO ANYTHING ILLEGAL THAT THEY WOULDN'T LIKE BEING SO CLOSE TO THE COPS.
BOTH HAVE BAD CREDIT FROM THE CAR CRASH BUT SEEM TO BE FINALLY GETTING ON THEIR FEET. I KNOW YOU CAN'T JUDGE A BOOK BY ITS COVER AND THE $2500 GUARANTEED MONTHLY INCOME REALLY MAKES THEM A COMPELLING CHOICE. WHAT WOULD YOU GUYS DO?

[Jon Klaus]

I can understand wanting to get a really good tenant after you just invested in a remodel. However, charging an above market rent isn't a good way to attract a great tenant. I would drop the rent to slightly below market to attract a good number of applicants and pick the best one. I'd also charge a higher than market security deposit. Someone willl be happy to pay a larger security deposit to get a like new home for a good rental rate. Someone who probably is not living paycheck to paycheck.