All Forum Posts by: CJ C.

Thanks all for your thoughts!  Really appreciate the color and it sounds like Applicant A is unanimous.  At first I was a little bit concerned about the foreclosure on Applicant A - but it sounds like not a big deal. Also wasn't sure if income to rent was more important or credit score - but it sounds like in this case, not a big enough difference in the credit score to outweigh the higher income. Luckily, Applicant A was also the first to apply - so no issues from a legal standpoint there. Thanks again!

Wondering which tenant application looks less risky financially?  Neither have rental history as both owned...

Applicant A: Retired Couple

Income to rent from social security & workers comp = 3.7x 

Income less debt payments = 3.3x

Credit score: High 600's

Concerns: Foreclosure several years ago

Applicant B: Recently Separated Mother

Income to rent from job / child support = 3.3x

Income less debt payments = 2.6x

Credit Score: Low 700's

Concerns: Only a few months on the job; slightly lower income to rent but slightly higher credit score

And are there other options like going month to month / a two month deposit / or a co-signer you would consider if you couldn’t get more color - or just pass all together? The leasing agent is taking 3 weeks to qualify a candidate - so I’d probably have to wait another month to fill this slot (or change leasing agents).

Hi All - Just got an application from my leasing agent on a house.  This family has a small (think 800 sq ft) paid off house in the same city and is looking to rent my SFM which is 1400 sq ft. They’ve lived in their current house for almost 2 decades - so no real rental history although no evictions either.  They have enough income (>3x) and it is steady although credit history isn’t great (550) - vast majority is due to medical collections for which they get disability.  Any thoughts on how to check “rental payment history”?  They meet the 3x income to rent but I know BiggerPockets rental guides usually want to see that plus good rental payment history and good credit. Also is medical collections something you would overlook / weight lightly?  

Hi Deanna and Chris - Thanks for the replies!  The property is currently paid through end of November although the tenant will likely move by second week of November to go to his job in another state.  The tenant gave us 60 days notice - and we're through 1/2 of that notice.

I'm somewhat of a newbie (as these are my first vacancies) - but my PM originally told me it would take 2 to 3 weeks to rent and it's been 30 days now and I've only gotten one unqualified tenant which I had to turn down (didn't meet 3x income to rent ratio and had too many recent chargeoffs / collections).  

I've been contacting my PM repeatedly and sending prospective tenants their way - but their excuse is the applicants aren't qualifying.  In terms of setting a protocol - I could tell them it must be rented by the end of November or else - but wondering what my "leverage" is if it doesn't happen?  [Unfortunately, living in SF where investing in real estate is too rich for my blood - I'm an out of state investor in Atlanta].

I have to give them 30 days notice to drop them according to my agreement (which I could start today for end of November) -- but then the property would still remain vacant and being an out of state investor - I'd have to find another PM to take over.  Wondering if that turn time is worth the hassle or if there's anything else I can use to enforce your suggested protocol?

Thank you BiggerPockets community for all your replies and experience! Sounds like I need to stick to my guns and ask for better applicants from my leasing agent.  Maybe also lower the price / incentivize.  Also, if anyone has ideas for a good leasing agent in the Atlanta area - would welcome recommendations!  (I’ve only gotten one unqualified applicant after a month of using this leasing agent which they are pushing me to take - so getting a bit concerned - but I am out of town so would be hard to show myself).

Hi All, Have bought a couple occupied properties and hitting vacancies for the first time as tenants start to move for jobs / life reasons. If the property is priced right for the area - wondering what is a “reasonable” time frame for your property manager to turn and re-rent the property to a (quality) tenant and at what point would you think your property manager is being too slow? Thanks!

My leasing agent thinks the applicant is fine and I’m a little hesitant so would greatly appreciate any thoughts.

The property is a nice 3 bed / 2 bath built in the 2000’s in what is probably a B location around Atlanta and is currently renting for $1,100/mo. My current tenant is very solid with way north of 3x income to rent and fairly clean credit but had to move for a job.  Ideally would like to get it rented before the Holidays kick in.

The new applicant we have has good rental history (no evictions, good landlord reference) but pretty bad credit (more than 5 accounts with charge-offs and collections that have just been reported in last 2 months). Their income to rent is a little over 3x including food stamps, but under excluding.  Metrics are definitely below any tenant I’ve rented to before (and lucky for me, as a result I’ve had no issues with any of my tenants).

What are your thoughts - am I being too picky? Also, how long should something like this take to rent? (It’s been about 1 mo and this is the only applicant that has even passed the leasing agent’s screen).

Has anyone heard of Prager and / or Build US Back in Atlanta? Any thoughts on their management services?