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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Advice about tenant
Someone is interested in my condo but I don't think the income is high enough.
Couple with two kids. She is the only one working. He stays home and is in school. (really, you don't even have a part time job?) They are not married.
She makes about $40K..almost.
Rent is $850..utils about $150/mo.
(this is in AZ) she relocated to AZ from San Antonio.
I know things are cheaper there and technically she makes enough to afford the apt but I don't know what other expenses they have. Also, just to feed and clothe a family of four is expensive.
Thoughts?
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Posted 6/1/10 10:15 AM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Advice about tenant
not sure...when I made that I lived alone, no car, no major expenses other then my NYC rent
which was 1 whole paycheck
I would say it's not enough income for a family of 4
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| Posted 6/1/10 11:43 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by Beth
not sure...when I made that I lived alone, no car, no major expenses other then my NYC rent
which was 1 whole paycheck
I would say it's not enough income for a family of 4
that's what I think. The online calcuators say it's ok, but I'm just not ok with it.
I know I come from a different perspective here but I still think that if one emergency happens with them, I won't get my rent.
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| Posted 6/1/10 11:52 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Advice about tenant
I'd take it.
Families tend to be more stable tenants. 40k is a lot after you factor in all of the tax credits you have for kids.
40k in AZ is not 40k in LI.
Guy is unemployed and if times get tough, he could work.
Check both of their credit. If it's good, i'd probably take it (unless you literally have a waiting list of potential tenants).
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| Posted 6/1/10 12:24 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Advice about tenant
If their credit checks out, I would take it.
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| Posted 6/1/10 12:30 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by ave1024
I'd take it.
Families tend to be more stable tenants. 40k is a lot after you factor in all of the tax credits you have for kids.
40k in AZ is not 40k in LI.
Guy is unemployed and if times get tough, he could work.
Check both of their credit. If it's good, i'd probably take it (unless you literally have a waiting list of potential tenants).
The market in AZ is far worse than it is here for employment. He is in school studying to be a real estate agent.
I will check the credit but I'm still pretty iffy. If they have a car payment and insurance that could eat up a large portion of their income.
I have to find out if she gets child support. They are not married.
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| Posted 6/1/10 1:30 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
also, she asked if they had to break the lease what would be the consequences $$ wise. She just relo'd and may have to relo again.
If you put it all together it makes me uneasy.
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| Posted 6/1/10 1:54 PM |
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Re: Advice about tenant
if the credit check is ok i would take it. you never know, maybe a family member is helping them financially. or maybe those kids arent his and she is getting child support as well?
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| Posted 6/1/10 1:54 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by Slightly-Taller
if the credit check is ok i would take it. you never know, maybe a family member is helping them financially. or maybe those kids arent his and she is getting child support as well?
that's what I was thinking. If she has child support that changes things. Provided she actually gets the checks. the kids are not his.
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| Posted 6/1/10 1:55 PM |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: Advice about tenant
He's in school to become a real estate agent?
it's usually a few days of classes..is it different out of NY?
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| Posted 6/1/10 2:13 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by rileysmama
He's in school to become a real estate agent?
it's usually a few days of classes..is it different out of NY?
It actually is. They don't use RE attorneys there. The training is much more intense they act as the attorney and the agent.
Something just doesn't sit well with me.
My last tenant had a good income and good credit and was an azz who destroyed my place. He took a 17% cut in pay from his job and he wasn't able to send me rent on time.
I'm sure that is clouding my judgement a bit.
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| Posted 6/1/10 2:31 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Advice about tenant
If it's not sitting well with you, don't take them.
One thing you don't know... is the amount of assets they have. They could have 50k in the bank and choose to rent. Ya know?
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| Posted 6/1/10 2:53 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by ave1024
If it's not sitting well with you, don't take them.
One thing you don't know... is the amount of assets they have. They could have 50k in the bank and choose to rent. Ya know?
yeah..there are a lot of unknowns.
They seem a bit transient.
I've heard a bunch of stories of folks who have skipped town in the middle of the night and left the landlords high and dry.
I would love to have this place rented already but I'm skittish about who I have in there.
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| Posted 6/1/10 3:11 PM |
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mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
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Re: Advice about tenant
Posted by Blu-ize
Posted by ave1024
If it's not sitting well with you, don't take them.
One thing you don't know... is the amount of assets they have. They could have 50k in the bank and choose to rent. Ya know?
yeah..there are a lot of unknowns.
They seem a bit transient.
I've heard a bunch of stories of folks who have skipped town in the middle of the night and left the landlords high and dry.
I would love to have this place rented already but I'm skittish about who I have in there.
I agree with ave...
but also know that I had a lower income at one point, barely any credit, a car payment, and student loans...and I ALWAYS paid my rent on time.
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| Posted 6/1/10 4:35 PM |
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Domino
Always My Miracle
Member since 9/05 9924 total posts
Name:
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Re: Advice about tenant
I made a lot less than that and had the same rent. Car payment, car insurance, etc. and always paid my rent on time. I wouldnt base my decision on their income, I'd base it on the other factors you seem to be concerned with
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| Posted 6/1/10 5:52 PM |
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BigB
C & J are 10!
Member since 6/05 5914 total posts
Name:
Stacey
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Re: Advice about tenant
If you are weary of them or really anyone, maybe you would consider using a real estate agent to list the apartment. That way they spend the time vetting the tenant!
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| Posted 6/1/10 7:37 PM |
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Dani77
It's FUN to be ONE
Member since 7/09 4363 total posts
Name:
Danicia
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Re: Advice about tenant
Posted by BigB
If you are weary of them or really anyone, maybe you would consider using a real estate agent to list the apartment. That way they spend the time vetting the tenant!
I agree! When DH and I were in the market to rent a house... we went met with many real estate agents... they chose to see if we were OK to the landlords standards. I made a bit more then what you listed, and our rent is much much more...then we had our baby, and I lost my job... we did get back on rent a month ... but we were in contact with our landlord, and paid her back once DH got his 2nd job. She told us that she felt comfortable with us from day one... and we did so much to the house, she can get sooo much more from it once we move out. If youdn't have a good feeling from then, then pass. But don't base it only on their incomce but also just how they are as people in general. HTH
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| Posted 6/2/10 12:10 AM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: Advice about tenant
I would trust your gut. My intuition is pretty strong so if there is uneasiness wait for the right one.
When I graduated college I was making in the low 30s and my rent was 800. For what its worth, I always paid my rent on time, but I was far from having a family and the responsibilities/expenses that comes with that.
GL!
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| Posted 6/2/10 2:08 AM |
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Siren77
LIF Adolescent
Member since 9/09 828 total posts
Name:
Siren77
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Re: Advice about tenant
I would trust your gut. Something doesn't add up.
If you are really "desperate" to get someone, you could always ask for 2 months security deposit. That way if they get up and leave you have some cushion. I also agree with the credit check.
GOOD LUCK!
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| Posted 6/2/10 7:14 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Advice about tenant
Posted by Siren77
If you are really "desperate" to get someone, you could always ask for 2 months security deposit.
Illegal in Arizona to ask for more than 150% of a month's rent.
http://www.supreme.state.az.us/info/brochures/landlord.htm
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| Posted 6/2/10 11:14 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by Katie111806
I would trust your gut. My intuition is pretty strong so if there is uneasiness wait for the right one.
When I graduated college I was making in the low 30s and my rent was 800. For what its worth, I always paid my rent on time, but I was far from having a family and the responsibilities/expenses that comes with that.
GL!
Exactly, there is another adult with a car and 2 kids. Like I said, one emergency it could be that rent is secondary.
My former tenant made $80K and took a 17% pay cut and cried poverty to me.
He was sending money to his brother in law because he lost his job.
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| Posted 6/2/10 3:38 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Posted by mommy2bella
Posted by Blu-ize
Posted by ave1024
If it's not sitting well with you, don't take them.
One thing you don't know... is the amount of assets they have. They could have 50k in the bank and choose to rent. Ya know?
yeah..there are a lot of unknowns.
They seem a bit transient.
I've heard a bunch of stories of folks who have skipped town in the middle of the night and left the landlords high and dry.
I would love to have this place rented already but I'm skittish about who I have in there.
I agree with ave...
but also know that I had a lower income at one point, barely any credit, a car payment, and student loans...and I ALWAYS paid my rent on time.
a unemployed boyfriend and two kids too?
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| Posted 6/2/10 3:39 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Advice about tenant
Yeah, the security deposit is $500..that's the way they do it there.
Well so far they haven't called me back so maybe they realize it would be a stretch.
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| Posted 6/2/10 3:47 PM |
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