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Re: LL Tip: Affordable Housing vs. Low Income Housing - Landlord Forum thread 214366

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Re: LL Tip: Affordable Housing vs. Low Income Housing by Anna Mouse on December 31, 2010 @13:05

I think it is an important point you are making. Most importantly knowing your market. Who wants to live in your rental and what is the average income of that person. I am new to Landlording but because I know something about marketing and have been in business before I understand the nature of people. I have asked that the rent be no more than 40% of the income and as it turns out both tenants income have exceeded that amount. Also I started out with a much lower rent than the rest of the rentals in the area. There were a few reasons for doing this most of them faulty in that you don't charge someone less money and hope they will take care of things on the property.

Either way starting out with a much lower rent than what the comps were renting allowed us to get our feet wet in the finding a good tenant process. It also allowed us to find people who could easily pay the rent. Again that means the rent amount is easily no more than 40% of their income and less if you add any additional incomes. We have lost potential rental income but overall, and most importantly, the rent is paid and they won't trash our house because it would mess up their future.

People who are actually trying to build a future come at all income levels. Those people who understand the concept of building a future would not live in a place that fits what they want their lifstyle to be. They are not as concerned with immmediate gratification because they understand the gratification will come later.

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