Any landlords here, help finding good renters

[scottmandue]

I'm sure with the affluent group we have here some of you are renting out property.

I have two houses on a lot and I rent one out to support my luxurious lifestyle (i.e. to pay the mortgage).

I have been lucky twice, my first renter was a gay legal secretary who was as quite as a mouse and mailed in the rent like clockwork. Second renter was a business owner with a new family that out grew the 950 sq. ft. two bed one bath and also paid rent right on time.

I was talking with a buddy that owns several tenements at the sushi bar last night and he had such wise advice as "don't rent to anyone who looks at the place, says I like it, then pulls out a wad of bills and trys to pay you"

My dad has helped me find the last two renters, so far we have done alright with just interviewing them and asking for a W-2's
My friend suggested running a credit check and ask for references, although they can always give you their friends number and have them lie for them... and I don't know how much a credit check costs.

Any advice?

TIA,

Scott

[Moses]

Look for young couples. Someday they will likely be owners and have respect for property. My wife and I rented for 15 years in several states. We left every apartment/house in better shape then when we moved in.

I don't think I would ever rent to a group of single straight men. Pure lowest common denominator slobs. Caveat; I'm not a landlord and never have been one.

[Superman]

Always do a credit check. There are companies that specialize in providing reports of prospective tenants, which include rental history.

And go with your gut.

[jrdavid68]

Have the potential renter pay for the credit check and credit that money back on the first month's rent if it works out.

[Dantilla]

Originally posted by Moses
Look for young couples.

This is called discrimination. You don't wanna go there.

I use a tennant screening service. Full credit, criminal and rental history. Keep your standards high, and to not bend the rules for anyone! That is called discrimination. You don't wanna go there.

I would rather have an empty apartment than wish it was empty because somebody is trashing the place while not paying. You need to know all you can about somebody before giving them the keys to your building.

[Porsche-O-Phile]

Where are they located? My wife and I are looking for a slightly larger place and don't really want to move too far from the Long Beach area (about mid-way commute for us), etc.

Lemmee know if any of these might work.

[pwd72s]

One of my most joyful days was when I sold a piece of commercial property that happened to have a rental house on it. Never-never-never do I wish to be a landlord again. I just don't have the mental stamina for the headaches.

[Moses]

Originally posted by Dantilla
This is called discrimination. You don't wanna go there.

You want to rent to half a dozen bikers or college freshmen? Knock yourself out. There is a difference between discrimination and being discriminating.

[scottmandue]

Originally posted by Porsche-O-Phile
Where are they located? My wife and I are looking for a slightly larger place and don't really want to move too far from the Long Beach area (about mid-way commute for us), etc.

Lemmee know if any of these might work.

Are you saying you are interested?

It is in a VERY nice quite neighborhood, one block from the ocean and parks, large front yard but no garage however ample of easy street parking, comes with laundry and utilities paid. The last couple paid $1400 a month for three years, I'm uping it to $1600. A lot of money but that seems to be the going rate.

[gr8fl4porsche]

I just stopped being a landlord last night at 4:30 pm!!!!!

Finally sold a 4 family flat that I owned for 15 years. I have been taking applications and showing apartments for the last month. Everyone said they wanted the place but noone came up with the $35 for the credit check - obviously they knew they could not pass the test. One person returned the application minus the fee - I guess they thought the credit check was optional.

Charge a fee for the credit check which is refundable if they take the place and be picky. Chances are if they pay others on time they will pay you on time. Actually I never cared about being paid on time - just paid.

Being a landlord was not all bad, but I sure am glad that its over.

[scottmandue]

This is my hood:

San Pedro

[juanbenae]

i found when renting rooms in my house the most effective way to judge how some will treat your place is look at their car. if the car is a mess, not just in need of a wash but a $hit hole pig sty you prolly outta go another direction.

thing is when you show them the property meet them there and you can actually see the car. i asked most while showing the room if i could see the inside of the car, you can tell by the reaction what you will find. it has worked too.

i went against this judgment one time because the chick was a piece of ace, but her car was a mess. she ended up being a slob, and left dirty undies in the bathroom all the time. so dirty i did not even consider sniffing them. she also ate mcdonalds like 6 nights a week. i told my friends about the micky d's deal and they would not believe me because she had a great figure. they believed me when i took a picture of the garbage can as i took it out to the road with about 15 micky d's bags.

she loved her QP w/ cheese and her soiled undies proved it.

[techweenie]

I am only recently a renter, and bypassed all the places that asked me to pay for a credit check.

I printed out my own report from online and brought a reference letter. Not sure the landlord really read the letter after seeing my credit score... I had the place I wanted on the spot.

All the other places (mostly operating through agencies or property managers) seemed to have too many rules and hoops for me to jump through just to earn the right to give them money. YMMV.

[competentone]

Originally posted by k911sc
i found when renting rooms in my house the most effective way to judge how some will treat your place is look at their car. if the car is a mess, not just in need of a wash but a $hit hole pig sty you prolly outta go another direction.

thing is when you show them the property meet them there and you can actually see the car. i asked most while showing the room if i could see the inside of the car, you can tell by the reaction what you will find. it has worked too.

i went against this judgment one time because the chick was a piece of ace, but her car was a mess. she ended up being a slob, and left dirty undies in the bathroom all the time. so dirty i did not even consider sniffing them. she also ate mcdonalds like 6 nights a week. i told my friends about the micky d's deal and they would not believe me because she had a great figure. they believed me when i took a picture of the garbage can as i took it out to the road with about 15 micky d's bags.

she loved her QP w/ cheese and her soiled undies proved it.

I will agree with the part about checking their car (and won't touch the rest of the post).

I like what a friend of mine who manages a lot of real estate says about credit checks on renters: "The credit check will tell you if they'll pay you on time, but it won't tell you whether or not they are going to trash the place."

[turbo6bar]

I run credit checks. The ones over 500 have been very good.

Income must be three times monthly rent.

No banned dog breeds (pits, rotts, dobermans, etc).

Talk to the prospective renter. Feel them out. Trust your gut. Don't base your decision on hope.

In the current environment, renters have the bargaining power. However, I won't budge on my screening criteria, but I will negotiate terms with those who do pass. Realize mortgage companies now have lower qualifications than landlords. The pendulum will swing eventually.
good luck,
jurgen

[scottmandue]

I would LOVE not to be a landlord but I don't foresee selling anytime soon.

I don't know if this is discriminating but I don't allow dogs because I don't have a fenced in yard.

Anyway thanks for all the help, still not sure what to do about credit checks. I have some acquaintances that may do a credit check for me, like the guy I know from the sushi bar who is a member of a apartment owner association.

[techweenie]

Originally posted by scottmandue
I don't know if this is discriminating but I don't allow dogs because I don't have a fenced in yard.

The rule of thumb in deciding if something is legally prohibited discrimination is whether the person can do something about it. You can't do much about your race, sex or sexual persuasion. Choices like smoking or owning pets or having a low FICO score are a fair basis for selectivity on your part.

[legion]

Originally posted by turbo6bar
I run credit checks. The ones over 500 have been very good.

I thought the lowest credit score you could have is 450.

[WolfeMacleod]

Originally posted by k911sc
i found when renting rooms in my house the most effective way to judge how some will treat your place is look at their car. if the car is a mess, not just in need of a wash but a $hit hole pig sty you prolly outta go another direction. .

I've gotta say, you've hit the nail on the head with that. My wife's car is an utter mess. She's a freaking slob. Not only in her car, but around the house too.
My car, on the other hand, contains nothing except my garage door opener, insurance papers, digital camera, and owner's manual.
I hate cleaning up after her.

[Tobra]

Rule #1 NEVER be a landlord in California. The laws are anti-landlord, pro-tenant.

Rule # 2 Credit check on everyone, no exceptions, they pay for it.

Rule #3 Better to be empty than rented to wrong person, never, ever, rent to someone on any form of public assistance. For them, particularly in California, paying rent is optional, you kicking them out is impossible.

Rule #4 If the remotest glimmer of the thought, "Maybe I should not rent to them" enters your mind, thank them and say good bye.

It is discriminating, not discrimination when an individual does it.