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Hitting Paydirt?? (by GKARL [PA]) Apr 20, 2021 9:41 AM
       (by Oregon Woodsmoke [ID]) Apr 20, 2021 10:14 AM
       (by Jeffrey [VA]) Apr 20, 2021 10:37 AM
       (by Allym [NJ]) Apr 20, 2021 10:47 AM
       (by GKARL [PA]) Apr 20, 2021 11:00 AM
       (by small potatoes [NY]) Apr 20, 2021 11:01 AM
       (by GKARL [PA]) Apr 20, 2021 11:28 AM
       (by GKARL [PA]) Apr 20, 2021 11:37 AM
       (by Sisco [MO]) Apr 20, 2021 12:20 PM
       (by GKARL [PA]) Apr 20, 2021 12:37 PM
       (by Salernitana [CA]) Apr 20, 2021 2:25 PM
       (by Salernitana [CA]) Apr 28, 2021 12:17 AM

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Hitting Paydirt?? (by GKARL [PA]) Apr 20, 2021 9:41 AM

Yesterday, I pulled all ads from FB and figured that I would no longer post there based on the prospects I was getting. It works well for rooming house tenants, but the problem was that same demographic was applying for the apartment. I was going to pull all ads from Zillow and Zumper also and rerun after a week with new photos and maybe some staging.

On Saturday, a mother, son and aunt looking to relocate from Brooklyn came by, saw the apartment and fell in love with it and said they would be submitting an application. Subsequent to them, everyone was a dud. The duds made me forget about this family particularly when they didn't submit their applications right away as they said they would. Got the applications yesterday and two of them have credit scores of 770 and 791 respectively. I'm still awaiting on the third persons score. The aunt and son are making about $ 50,000 each while mom only made about $ 10,000 last year. Income requirements for this unit is $ 48,000 annually, so no problems there. The aunt has a $ 450,000 mortgage. I'm thinking she may be a landlord, but I'm going to ask about that. Applications were completed thoroughly with all requested data, including proof of rent payments, uploaded to me.

It occurs to me now that I should be marketing this place to NYC and NJ residents looking to relocate. This building is five minutes to a highway that is a major transit point to NJ/NYC. The duds I've been getting are locals.

After a bunch of weeds, I may have gotten some roses just as I was about to give up. Can't count it till the lease is signed and money paid though. I was going to do m2m, but think I'm going to lock these guys into a year lease. They're looking to buy in this area and want to see how they like it.


Hitting Paydirt?? (by Oregon Woodsmoke [ID]) Apr 20, 2021 10:14 AM

If they are looking to buy and just testing the area, then I suggest that you get a year's lease with an early termination fee. Unless you are in one of those areas with absolutely nothing to buy, they are likely to be closing escrow early in the fall.

It sounds like they are way over-qualified and renting the cheapest they can stand to live in while they save money for their purchase. (or else they are looking for a place to dump the mom, who can't qualify for anything all by herself)

I often have my tenants buy and move out. It makes for more vacancies, but they always leave the house move-in ready because they really want that deposit back. For me, that's a good trade-off. --76.178.xxx.xxx

Hitting Paydirt?? (by Jeffrey [VA]) Apr 20, 2021 10:37 AM

GKarl, good luck with your latest prospects. I hope you continue to consider target marketing. I have taught and encouraged landlords for decades that they should focus more of their advertising efforts on target and niche marketing instead of only doing shot-gun advertising to anybody. The more you fine-tune your marketing, the faster you will be able to hit paydirt and fill vacancies with the residents which are most ideal and profitable for your criteria and your properties. --70.161.xxx.xxx

Hitting Paydirt?? (by Allym [NJ]) Apr 20, 2021 10:47 AM

Aunt won't be moving in. She owns a big house somewhere. She is using her identity to get the two an apartment. So whatever son makes will support both and when he moves in with girlfriend, mom will be a problem for you. Just saw something like this where female applies, comes with son who will be living there, but it's really for elderly father now living with sister who "wants him out right now". Great reference for the old dude eh? --108.24.xx.xx

Hitting Paydirt?? (by GKARL [PA]) Apr 20, 2021 11:00 AM

Jeffrey, thanks for those comments. I'm definitely guilty of the shotgun approach which wastes time and increases frustration. That's been my entire problem. Most people figure that they have to generate quantity so they can sort out the quality---the searching for the needle in the haystack approach--- rather than going for quality at the outset. It's clear to me that this has been my mistake here. I've one more unit to rent in this same place and my approach will change now.

Oregon: Definitely a year lease with a ETF. These guys want to buy in this area and need to be here to see the lay of the land. --209.122.xx.xxx

Hitting Paydirt?? (by small potatoes [NY]) Apr 20, 2021 11:01 AM

I agree w/ Allym that combo raises a red flag. You may not care if you get them all on the lease. I always look at the story the credit scores tell. Granted higher scores typically tell a better story.

GKARL is this a B rental? If it's a C then somethings wrong, or they have another motive.

BTW is your area a bedroom community for NYC, or are they working from home? --24.194.xxx.xxx

Hitting Paydirt?? (by GKARL [PA]) Apr 20, 2021 11:28 AM

Small, I think Ally raises a very good point. Aunt has solid employment in Manhattan and the mortgage is to a SFH she apparently owns on Long Island. I don't see her moving here. LI has trains going directly into Manhattan that can get you there in less than a hour. Buses go there from here or you can drive to a NJ train town, but we're talking about a 1.5 hour commute minimum and most likely 2+ with traffic. Why would she move? I don't see it. This is for the son and mother and I'm still waiting on the son's credit report. Too early to celebrate. --209.122.xx.xxx

Hitting Paydirt?? (by GKARL [PA]) Apr 20, 2021 11:37 AM

Small, there are a lot of people who are moving here from NY and NJ. About 20 years ago, I was one of them. There are a lot of commuters. I would consider this a B area. --209.122.xx.xxx

Hitting Paydirt?? (by Sisco [MO]) Apr 20, 2021 12:20 PM

G Karl, tell us about the duds. Were they relocating? Already in your area? --67.43.xxx.xxx

Hitting Paydirt?? (by GKARL [PA]) Apr 20, 2021 12:37 PM

They're relocating, but I strongly suspect it's only Mom and Son. Mom's credit score is 770 but income was only $ 10,000 (she's a bus driver). Son's income looks to be around $ 40,000 but I'm still waiting on his credit report. I strongly suspect the Aunt will stay where she is, but would be a good guarantor on the lease. I'm sure she wouldn't want a judgement ruining her stellar credit. Plot thickens and the jury is still out. I suspect the Aunt is in the picture to strengthen the application but until I get the son's credit back, I'm not sure of what exactly she is strengthening. --209.122.xx.xxx

Hitting Paydirt?? (by Salernitana [CA]) Apr 20, 2021 2:25 PM

GKarl, thank you very much for having shared the post.

How do you feel about the fact that it took a while to receive the applications? Would you consider the delay to be a count against them and Jeffrey's "compliance" score? If the credit report comes back clean, would you please share how you will proceed? Thank you again and to Jeffrey for all of the very good information, especially about targeting an audience and finding a better niche. --107.142.xxx.xx

Hitting Paydirt?? (by Salernitana [CA]) Apr 28, 2021 12:17 AM

My bad, it was “cooperative“ that is an important trait in a prospective tenant. Anyway, I hope that you are able to find a good rooming tenant. --73.93.xx.xx

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