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Updated over 11 years ago,

User Stats

210
Posts
15
Votes
Arjun K.
  • Real Estate Investor
  • New York, NY
15
Votes |
210
Posts

Would you rent to these people...

Arjun K.
  • Real Estate Investor
  • New York, NY
Posted

I have a property that has been vacant now for 30 days (average is 26), so was considering lowering the rent 5% (~$1,000 over a year) + adding a $1000 fridge, which I am 100% is market (just low end of range). Have a single application at my current ask.

Their problems: two single-mothers each a 8-year old son. Both divorced. One has no credit and the other has terrible credit. I do not know what alimony is. Both have DUIs, and one has a bounced $500 check from 4 years ago.

They offer to bring a co-signer and do a double security deposit. 11 month lease which puts property back on May 2014 schedule if things do work out. They do not have prior eviction history.

I have not spoken to prior landlords, nor do I know what alimony they receive. I do not know who the co-signer they will use is yet, etiher. I have a property manager who is reasonable, but is not the Ferrari of managers (more like an Accord). Property manager said they would start eviction process if they were ever late on rent and would warn tenants ahead of time.

I'm just wrapping my head around it.

What would you folks do? And if you moved forward, what information would you need to see ahead of time?

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