Comments on: Finding and Selecting a Tenant

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Sun, 18 Oct 2009 07:56:18 +0000

[...] Finding and Selecting a Tenant [Four Pillars] Mr. Cheap shares his thoughts on an essential conception of existence a landlord. [...]

By: Mr. Cheap

Mr. Cheap — Mon, 12 Oct 2009 19:35:11 +0000

ASDF: I agree there isn’t a “right” way to rent out. Good for you for coming up with a way to get top dollar (and it sounds like you don’t have to accept sub-par tenants to get it either).

I 100% agree with NOT making it “first come, first served” (that’s a ridiculous strategy for finding a good tenant).

By: ASDF

ASDF — Mon, 12 Oct 2009 11:26:47 +0000

I’ve been a landlord for 5 years now, and here’s my strategy: my rents are usually higher than comparables around the neighbourhood. I do have to do more viewings, but I book them 10 minutes apart and keep people moving during 2 timeslots a week. Usually takes 3 weeks to get a few applications and then I decide to take the best one (its never first come, first served). Usually my tenants are from out of town.

Compared to my neighbour, I get tenants who are young professionals, pay more in rent, but do leave after a year or two. For my neighbour, renting the units quickly is more important so his rents are lower but his tenants usually stay for 2-3 years.

I’ve basically decided there is no “right” way of renting out a place
Each landlord will have their preference or strategy that fits their personality. Now there are wrong ways to be a landlord… but those ppl aren’t landlords for very long.

By: My Blog » Tuesday 10 Links: MonaVie Scam, Estate Docs, Free Disney, & More

Tue, 06 Oct 2009 16:39:16 +0000

[...] Finding and Selecting a Tenant [Four Pillars] Mr. Cheap shares his thoughts on an important part of being a landlord. [...]

By: Tuesday 10 Links: MonaVie Scam, Estate Docs, Free Disney, & More » My Money Blog

Tue, 06 Oct 2009 08:39:03 +0000

[...] Finding and Selecting a Tenant [Four Pillars] Mr. Cheap shares his thoughts on an important part of being a landlord. [...]

By: Mr. Cheap

Mr. Cheap — Thu, 01 Oct 2009 22:37:40 +0000

embxewtiywopeht: I can understand that you wouldn’t like to not be able to rent a place based on your credit history. Surely you understand that if a landlord had to choose between two otherwise identical applicants, one with a spotless credit report and one with a “truly ugly” credit report, it makes sense that they’d rent to the tenant with the spotless credit.

It’s wonderful that you’ve made paying the rent a high priority in your life. As a landlord you’re taking a big risk whenever you hand the keys over to a tenant. They might trash the place, pay late, or not pay at all (while the landlord has to keep paying all the ongoing expenses and repair bills). Doing everything you can to avoid potential problems is important (sadly, even if it means making blanket assumptions).

By: embxewtiywopeht

embxewtiywopeht — Thu, 01 Oct 2009 17:18:05 +0000

I think landlords need to approach credit reports in this economy carefully. I have NEVER been late on my rent and NEVER not paid my rent in many many years. I’ve also never broken a lease. My credit report is a truly ugly thing at the moment, however. I pay my rent FIRST. Always. It has nothing to do with anything else as far as I am concerned. So don’t make the blanket assumption that if folks are delinquent on this thing they’ll be delinquent on the other thing (ie rent).

By: Mr. Cheap

Mr. Cheap — Wed, 30 Sep 2009 17:35:02 +0000

Woot! (as the kids say)

By: Four Pillars

Four Pillars — Wed, 30 Sep 2009 17:24:35 +0000

FYI – This post was mentioned by WiseBread in their “Top 5 articles of the week”. Congrats.

http://www.wisebread.com/best-of-personal-finance-whats-more-dangerous

By: Mr. Cheap

Mr. Cheap — Wed, 30 Sep 2009 16:01:45 +0000

Stephanie: Well, Mike certainly makes a good point (Mike’s the boss, so I think *ALL* his points are good), but I guess it’s just two different approaches. Mike doesn’t think there’s any benefit from telling them (and as you list, there are a number of potential drawbacks). My feeling is if you told them this on day 1, probably they aren’t going to care much (a year looks like a long time away), they’re probably aware the apartment is renting cheap, and it avoids any problems when you raise their rent the next year (you gave them a years notice).

I don’t think one approach is absolutely better than the other, whichever people are more comfortable with.