What Would You Do? - Landlord Forum thread 347546

What Would You Do? by Joe on August 24, 2016 @11:55

Place has been vacant 2 months.
Have 2 potential tenants

1st Business Owner 2.8x monthly income 800 credit, current rent is 1/2
of the rent I charge

Or

Construction worker high 600 and wife 700. Wants to upgrade bathrooms
And partially finish basement at their cost.

Or keep waiting for another applicant?

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Re: What Would You Do? by Anonymous on August 24, 2016 @12:38	[ Reply ]

#1 for sure... $$$ ALERT I would Never repeat Never let any tenant "work" on the house this can lead only to problems and nightmares. Mechical Liens, things not done to code, they find problems and hold you respondable, work injury,I could go on and on...

Re: What Would You Do? by J (FL) on August 24, 2016 @12:47	[ Reply ]

#1 Would be okay. I would check to see how long this business has been operating. Look at bank statements to see if they have an emergency fund since since their rent will be doubling with you. #2 Pass. Many things could go wrong with this. And these two don't understand the boundary between tenant and landlord, and they never will.

Re: What Would You Do? by Anonymous on August 24, 2016 @13:31	[ Reply ]

Thanks for the reply. Not considering 2 anymore. Asking for double security on 1 and if not will wait for another applicant.

Re: What Would You Do?

Re: What Would You Do? by MrDan (GA) on August 24, 2016 @19:21	[ Reply ]

You really do not have enough information to determine if either one is a valid prospect. The business owner might have a good credit score, but might have a lot of potential business debt that he/she has incurred. Is the prospect licensed or incorporated? If incorporated, then you might find that the prospect might be judgement proof. The construction couple regardless of wanting to upgrade bathroom and basement would need to show steady work in the construction field. If the work is mostly out of the area, then the potential for breaking the lease is increased. You need to base a decision to accept any prospective tenant on more than a credit score and not wanting to redo your place. Asking for an increased security deposit will not necessary protect you and your investment either.

Re: What Would You Do?