In this episode, I am going to share with you absolute worst applicant I have dealt with while trying to lease my rental property. Needless to say, I will not be choosing this person, but I thought it was interesting enough to share here on the podcast and show you what you could encounter as a buy-and-hold investor.
I am currently in the process of leasing my rental property. I am starting to ramp up the buy-and-hold portion of my business. I have shown several people my available property, and have collected a few rental applications. There have been a variety of people and personalities that have come through to look at the house, but one family really stood out as being very unique. They essentially did almost everything that they could do wrong during the walk-through and the application process.
I have not yet leased the house, so I’m actually still somewhat engaged with this particular applicant. I have not yet told them that they will not be leasing the house, because some of these developments happened only hours ago.
I am now going to share with you the six things that they have done critically wrong so far.
- They came 30 minutes early.
- They said they are moving because their current landlord is an a**hole.
- They told me that they have three large breed dogs after they showed up for the appointment.
- They resisted filling out my application because they had already filled out a generic application that they felt should work.
- They informed me that the husband is currently unemployed because he is suing his employer.
- They requested to pay the nonrefundable application fee only if they were excepted as tenants.
Most applicants will be much better than this one. I have no doubt that it would be a horrible mistake for me to rent the property to this applicant. You should always use good judgment when choosing a tenant. The application process is invaluable and it should be weighted very heavily in your decision-making. But even a good application that gives you a bad gut feeling should be scrutinized.