Originally posted by nozar
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Originally posted by nozar
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Originally posted by nozar
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The problem is "if" a tenant decides that they want to turn your $400K home into a meth lab. Or that they run into hard times and you move to evict, so they decide to dump cat urine all into the carpets, maybe punch a hole in every single wall, and cause more damage than any security deposit. It doesn't happen all the time, but once that happens to a landlord, they either get out from the business or get more strict (shy about renting to just anyone).
That's the problem.
I would say that a family is less likely to generally cause major damage issues. Probably why one of my landlords chose my family over potentially others. He learned a lesson since I filed bankruptcy 2 months later!
Let's put it this way. There hasn't been anyone that I haven't rented to in the past. I always took the first qualified applicant. None have trashed my rentals. I only ever given one a five day demand to move (for payment). The likelihood that those renting in the market area where I had property at the rate I charged (in 2006), could only attract people who made upwards of $72,000 a year. The median income in both areas was around $44,000.
A landlord also tends to not have issues with any professional rentals. Military rentals are also pretty reliable, especially when they are in an officer candidate program (just call their commander).
I'm just explaining why some landlords are more shy.
Please understand that I'm not saying that some landlords are too shy or too strict. It's just that I have a few family members and close friends that own rentals. They are happy to get the tenant that pays on time and doesn't damage the property. Even though I haven't, they have had tenants that move in the middle of the night taking all the appliances (everything, stove, fridge, washer/dryer, dishwasher and mounted microwave), punched holes in walls on purpose, squatted, ran illegal operations from the units, and took all the furniture in a furnished unit.
For me, I did everything you wrote (but didn't search their social media). For me it was sufficient because I hadn't been yet burned. For my friends... let's just say they are more careful with screening.
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