Monday, August 10, 2009

Working Hard for the Money

Mr. Sam worked all weekend on Rental #1 and the results are great.

First, the house looks wonderful with clean, bright, spacious rooms. The yard and landscaping are also looking good (as they should be since we pay a yard service).

Second, we had two good applications submitted this weekend. A good application, in our opinion, is a group (family or roommates or couple) with income that is well in line with the guidelines on housing expenses (30-35% of net income). Both applicant groups are very interested, as they should be since Rental #1 is a great bargain, and both communicated to Mr. Sam that Rental #1 is the best rental property they have seen in their price range (Mr. Sam was happy to hear that after all is hard work).

So today we will be running credit and background checks on both applicants and we hope to make a decision and get a deposit this week. Wish us luck.

1 comment:

frugalcoconut said...

Just curious... do you prefer "groups" because they have more than one breadwinner (so there's always backup in case someone loses their job) and/or because it's more "stable" (where they're likely to treat the place better and/or ultimately stay longer) and/or some other reason(s)? Although obviously it is illegal to discriminate, I am personally more wary of renting to a group because I'm afraid of what might happen if they have a falling out... although I only have a 1/1 condo so it isn't really an issue in my situation. How will the decision be made between the two good applicants? What criteria and method will you use to evaluate? How do you then break it to the applicant that wasn't chosen, and do you let them know that you will be in touch if something doesn't pan out with the applicant you did choose? Do you immediately sign a rental agreement and obtain a deposit etc with the chosen applicant to firm up the commitment?