My tenants are too good?!

[Meredith Mihm]

I think I have a problem I haven't read about... choosing tenants that are too good to last. My last two sets of tenants for our single family (I just found out about the second set today) have BOTH broken their leases to purchase their own homes.  Is it my fault for choosing people who are so responsible and have such great credit? Do you try to rent to people who can't afford to buy, or who have circumstances that make it unlikely? Both sets have approached us with the understanding that they are ultimately responsible, and the first set did pay for a month that it sat empty while we found tenants, but I would like to have someone living there for at least one whole year.  

[David M.]

@Meredith Mihm

To start, that is part of being a landlord.  You will go through a bunch of "short stay" tenants until you get one that stays for multiple years.  At least its a good rental market so you should be able to get another tenant in quickly.  That's good, too, that you can find well qualified tenants.

Yes, I've rented to applicats that aren't "well-qualified."  I don't go strictly off of credit scores, etc.  Lets face it, good people are good people.  Not to start an argument, but just realize that there is the one point of view that the US financial credit system, especially after the '07-'08 crash, basically disenfranchising a whole swath of the population.  You can't get a loan unless you use the financial system and have a sterling credit history.  What about all the people who don't have bank accounts?  Or, those who, perhaps slightly misinformed, don't have credit cards specifically to get into debt issues?    But, now they don't have a credit history.

I don't think you can specifcally "find" somebody who can't afford to buy...  Sometimes it works in your favor.  Nearly two decades ago, a young couple rented from me.  After a few years, we talked and they were conflicted on renewing their lease because they wanted to buy a place and start a family.  They were estatic when I told them I didn't mind doing month-to-month.  Gues what...  I was really happy that these trouble-free tenants who always paid on time stayed another 2.5 years!!  It took them that long to find a property they wanted to buy.

Yes, when I started I had my "down beaten" times when my units kept turning over.  After thinking it through (as above), I realized this is part of landlording/renting.  What I didn't know was I'd get a set of tenants that stay about a dozen years, each.

Hope this helps.  Good luck.