Which rental applicant would you choose? UPDATE, post 21 with decision!

[Lisa loves Pooh]

#1 is okay income, blemished credit history due to economy that caused business to tank. Applicant disclosed medical issues (I did NOT ask anything close to that--they were being honest about their past troubles.). Clean rental history and credit since then for 2-3 years. Lives close to me and is losing their present rental because that owner allowed it to go to foreclosure. They want to stay in neighborhood and want a 2 year lease with possible extension to 3rd year with interest to buy if we ever sell after that. No guarantees though beyond 2 year lease.

Applicant #2. Excellent employment (pending income verification). Most likely makes more than other applicant (based on careers they told us). Spotless rental history for past 5 years and we have been told excellent credit that is to be verified. Engaged and getting married. Signing lease for Only 1 year as they are keeping options open.

I should note that the "for rent" sign went up at 3pm and both applicants saw the home today and understand that due to us having our prior tenant drop that the property goes to whom ever signs first. I have 3 other nibbles behind these awaiting notification of an unsigned lease since 2 are in.

We have offered a low price on the home and given the quick interest--my husband, shocked that a $20 sign worked, thinks that we should have no problem re-renting next summer (with or without realtor assistance).

We wanted to toss it out there to see others thought.

We are looking at pure numbers/history...

Lower income/credit history issue that is explainable bit longer term commitment

higher income/untarnished history 1 yr commitment?

 

[terri01p]

 

[ClarabelleCowFan]

Number 1 only because of the longer lease. Think of the expenses you will have to incur between renters - repairs, cleaning, painting, etc...

We just went through this with our home in MD and chose a young couple with great rental history over others mainly because they wanted a 2 year lease.

 

[portocall]

I would have chosen number 1 since they were very upfront with you about their past problems, are looking for a rental due to no fault of their own, and the fact that it is a longer lease. The longer lease being the primary reason as a pp said.

 

[bumbershoot]

#1 b/c they were open and up front, and their rental history is good. People like that NEED good landlords, and I'm sure you'll be just that!

 

[ClarabelleCowFan]

Also wanted to add that #1 will most likely be a long term renter because of their credit history so they need to make sure to stay on good terms with the landlords and make sure to pay their rent on time.

#2 will most likely be a shorter term renter because of the higher income - they will be more likely to buy a house and not be renters for long.

As a landlord I would want a long term renter that pays the rent and is honest with me about his credit. Income amount doesn't matter to me as long as it is sufficient to pay the rent, utilities, etc...

 

[SandrA9810]

Number 1, as long as the previous landlords give good reviews. Since they're leaving the last place due to a forclosure, I might take that landlord's opinion with a grain of salt, especially if all the other places give a thumbs up.

The longer they're willing to want to be there, the better upkeep they'll probably provide. With a shorter lease, of "ohh we're only here for a year", they might not take as much care as number 1.

 

[Lisa loves Pooh]

Number 1, as long as the previous landlords give good reviews. Since they're leaving the last place due to a forclosure, I might take that landlord's opinion with a grain of salt, especially if all the other places give a thumbs up.

The longer they're willing to want to be there, the better upkeep they'll probably provide. With a shorter lease, of "ohh we're only here for a year", they might not take as much care as number 1.

I am not sure I can track him down. He bailed on them. Property Management has switched hands as the mortgage was sold a few times. They have a 90 day eviction and the lienholder will reimburse moving expenses for them.

Just not sure how to validate history in this case. I think we are aware of the owner. Used to live down the street and had purchased several homes in our small neighborhood. If it is who I think it might be---I'd have to take what he says with a grain of salt even if it were the truth. Kind of a shame for the tenant though. They are concerned and want us to provide them a statement that we aren't in or facing a foreclosure.

 

[bumbershoot]

There's no rental history on #1 before the bad landlord?

You've already verified #2's rental history?

I would still go with #1 unless they have no rental history beyond the creepy guy (unless they have ONLY lived at the bad owner's place). I know that DH and I, together and separate, moved heaven and earth to keep our rental history clean no matter what else happened. It's actually the reason we moved in together before we got married, b/c a roommate of mine convinced me to move to a bigger apartment, and then a month or so later realized she couldn't afford it and LEFT. I had no one else, everyone else was married, so I asked then-fiance to move in, even though we didn't want to be roomies at that point. But that's how far I went to preserve my rental history, so that I could make sure landlords knew I consider shelter to be the #1 priority and that they will ALWAYS be paid!

 

[sparklynails23]

I'd pick whichever doesn't smoke and have pets. Other than that, I would pick #2.

 

[golfgal]

I wouldn't be swayed by the length of lease. That is only good as long as they have a job and the money to pay rent. We have always done a month to month lease because if there is an issue on EITHER side, we can kick them out. We have had the same renters for 4 years so it hasn't been an issue.

I would take the young couple. Chances are they are into making a home and being married and will probably take better care of your house. There is also the chance that if they love your house and neighborhood they may want to buy your house in a year or two.

 

[Luvchefmic]

I am not sure I can track him down. He bailed on them. Property Management has switched hands as the mortgage was sold a few times. They have a 90 day eviction and the lienholder will reimburse moving expenses for them.

Just not sure how to validate history in this case. I think we are aware of the owner. Used to live down the street and had purchased several homes in our small neighborhood. If it is who I think it might be---I'd have to take what he says with a grain of salt even if it were the truth. Kind of a shame for the tenant though. They are concerned and want us to provide them a statement that we aren't in or facing a foreclosure.

I voted 1 they are upfront with you and have had hard times through no fault of their own, sounds like they will have an audible sigh of relief to have a roof over their heads that won't be pulled away from them

 

[golfgal]

I voted 1 they are upfront with you and have had hard times through no fault of their own, sounds like they will have an audible sigh of relief to have a roof over their heads that won't be pulled away from them

While what he may be saying is true, I wouldn't take his financial hardships at face value. We had people call on our rental that were moving out because the "owner was going to sell" to find out during our research that they were being kicked out because they trashed the place. I am always leery of people that start making a lot of excuses.

 

[NHdisneylover]

I vote #2. Applicant one has shown they are only stable when job/health are going well. This would indicate to me they have no savings to fall back on to pay rent in the event of a short term job loss, etc.

Couple number 2 has probably kept great credit partly by being prepared for emergencies and living below their means so they can save (going by them making more but looking for the same rent level as family #1).

 

[klj27]

My gut says without a doubt number 2.

 

[Lisa loves Pooh]

While what he may be saying is true, I wouldn't take his financial hardships at face value. We had people call on our rental that were moving out because the "owner was going to sell" to find out during our research that they were being kicked out because they trashed the place. I am always leery of people that start making a lot of excuses.

Actually--I can validate all of that. They even invited me over yo borrow their printer. ( Not that I would choose to do that--but basically I could see the place if needed.)

As for the rental history--they lived here since their own foreclosure 2.5 years
ago. (Provided that is honest and accurate information.)


I am not trying to sway the vote. It is about as divided as I am. I was just trying to get an idea for others thoughts. The pros and cons that have been provided line up with concerns we have.

There is no certainty of possible purchase from either party. Market conditions would have to improve drastically and applicant #1 would have to clear the hurdle of their blemish to even begin attempting to buy a home. We won't consider owner financing just in general. Partly because if we sell, we would want it completely separated from us.

Interesting thoughts. We shall see how it goes today.

 

[golfgal]

Actually--I can validate all of that. They even invited me over yo borrow their printer. ( Not that I would choose to do that--but basically I could see the place if needed.)

As for the rental history--they lived here since their own foreclosure 2.5 years
ago. (Provided that is honest and accurate information.)


I am not trying to sway the vote. It is about as divided as I am. I was just trying to get an idea for others thoughts. The pros and cons that have been provided line up with concerns we have.

There is no certainty of possible purchase from either party. Market conditions would have to improve drastically and applicant #1 would have to clear the hurdle of their blemish to even begin attempting to buy a home. We won't consider owner financing just in general. Partly because if we sell, we would want it completely separated from us.

Interesting thoughts. We shall see how it goes today.

Even validated, I would still be leery of someone with a past history of financial problems when you have someone else with no history of financial problems. Not that you can guarantee either way but the chances of it happening again to #1 are greater than #2. Again, by signing a 2 year lease YOU are also locked into that lease...

 

[wdwfan16]

I voted number 1 because number 2 claims to be a good risk but it had not been verified.

I would double check that number 1's house is going into foreclosure.

 

[SandrA9810]

Even with financial problems of credit cards and such, having a roof was number one priority. And rent was never paid late, except for one month when we found out our room-mate ditched 5 days before rent. We sent a certified letter to her telling her she was obligated for the next months rent for lack of 2 week notification, to her parent's house. Her mother was ticked that she moved out without notifying her or us. So the mom sent us a check for the portion of the rent, electric, and half the late payment fee. Only once in 7yrs of renting was it late. No matter how awful the apartment was, or how unlivable it really was.

If you got this many bites on a property in one day, I don't think it would be that hard to find new tenants if couple number 1 doesn't work out.

I would be weary if they started feeding you a sob story of how hard it is now with the foreclosure, and the past with their own. And being overly thankful. It's one thing to be open and honest about it, it's another to use it as a sob story. Plus aren't banks supposed to allow a tenant to finish out their lease if the landlord flops on the property?? Or maybe that was a state thing back in Florida.

Are there any other applicants that look promising???

 

[dakcp2001]

Absolutely #2. A bird in the hand is better than 2 in the bush. People with bad credit and bad tentant history tend to be really good at making up excuses. Once they are in, with a 2-3 year lease, you will have one heck of a time getting them out if their story turns out to be untrue. And BTW the landlord will tell you they are the best tenant ever it it gets them out of his apartment and into yours faster. He would just want them OUT. SO you need to check back before the current landlord and do a thorough check on previous landlords/