I've been a landlord for about 17 years. I rarely, if ever, raise the rent on the property. My (former) real estate agent presented several renters 10 months ago. Some had poor credit ("I just have a foreclosure" and it turns out that they've decimated ever bit of their credit and are still eating out at Scotts) and offered more than market rent and I still turned them down. Others had timing issues.
Our agent presented a guy with one big ding on his credit (a looming foreclosure), along with a few other "questions". When I asked for more clarification (i.e. His stated income was much higher than his paycheck stub represented), she got a verbal confirmation from his "supervisor" and ok'd him in writing before I could ask anything else. I was angry, but took him on as a tenant along with the ensuing risk.
I just poured $5,000 into the place in '08, and the place looks really nice. The property upstairs has not been well cared for, and just rented for $100 less than my property. It's only 10 months into the lease, and my tenant is now applying strong pressure for me to lower his rent or he'll "consider his options". When I reply that the unit upstairs is not in as good of condition, he becomes angry and wants my "final number" for his new lease rate. Thoughts?
Our agent presented a guy with one big ding on his credit (a looming foreclosure), along with a few other "questions". When I asked for more clarification (i.e. His stated income was much higher than his paycheck stub represented), she got a verbal confirmation from his "supervisor" and ok'd him in writing before I could ask anything else. I was angry, but took him on as a tenant along with the ensuing risk.
I just poured $5,000 into the place in '08, and the place looks really nice. The property upstairs has not been well cared for, and just rented for $100 less than my property. It's only 10 months into the lease, and my tenant is now applying strong pressure for me to lower his rent or he'll "consider his options". When I reply that the unit upstairs is not in as good of condition, he becomes angry and wants my "final number" for his new lease rate. Thoughts?