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Re: Why rent to people with bad credit?
by Garry
on May 23, 2017 @22:12
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I've been a LL for 37 years, currently own 20 SFHs, 10 of which are totally paid for, and others close to it. 3/4 of my places are in low income areas. When I first became a LL, I could only afford to buy in those low income areas. I currently have 4 tenants that have been with me from 11 to 20 years, and another 4 Ts that have been with me 5-10 years. Yes, over the years, I have evicted about 40 people for nonpayment of rent, so I probably take on a lot bigger risk when renting to low income people, than you do, when you rent to middle income people. I already assume that most of the people applying at my properties, already have a low credit score. So I only do M2M leases, and deal in cash or money orders for 6 months, till a T proves they can give me a check that won't bounce. In my view, running a persons credit score is overrated. I have NEVER ran a person's credit IN MY LIFE. Don't know how, and don't care to. What I have found out is, there are a lot of good people out there, NO MATTER WHAT income or credit score they have. I just have to work a little harder as a LL to find them. I'm glad you are doing OK in your landlording business, and for the way I got into the LL business, I feel I am doing OK, too.
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