Quote:
Originally Posted by noodlenoodle
I run credit checks on each & every one of my prospective tenants and have asked for letters of employment in the past. Of course I can discriminate on income, as I can set my rents at an amount I choose, which naturally precludes those that can't make enough to afford it.
Discrimination itself isn't a bad thing. It's unfair & unfounded discrimination that is harmful, but as there's legitimate differences between families & childless tenants there's plenty of room to draw a line that's entirely reasonable & lawful.
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I'm only 6 months into the landlord business but that's long enough for me to be able to agree 100%. It's the owner's property and they should be able to rent to whomever they please.
As far as my tenants go I only care about three things:
- getting paid on time in full
- the property not getting damaged
- no disturbances involving angry neighbours or cops
Beyond that, as long as their lifestyle doesn't affect me negatively I don't care what they do.
When I bought my house I inherited existing tenants on the main floor. First month they were two weeks late to pay me. Turns out rent was half of their monthly income, and the rest had to go towards feeding three mouths. Worked out a way with them to get out of the lease while I could go find a new tenant.
Point of the story is that it was an early lesson for me about the importance of tenant screening. If I even get a whiff that the prospective tenant can't afford the rent then I won't rent out them. When I was interviewing tenants I also paid close attention to the car they showed up in. If the car was in poor condition, that means that they either (a) can't afford basic maintenance or (b) can't be bothered to keep their surroundings in good shape.
I don't mind having parents as tenants. To me it adds a level of security. Since they have kids it adds an incentive for them to pay me on time and keep the place in good condition. Getting evicted when you're single is one thing. Getting evicted with a kid to feed is a lot scarier. Granted I've heard it can take longer for a tenant to be evicted if they have a kid.
Would be interesting to chat more about this if you're able to come to the SSP meetup.