JD, in general I agree with what you say. But the fact of the matter is that renters are renters for a reason, usually because they can't handle money or take care of business. We have been fortunate enough on occasion to get renters who were renting because they chose to, for the most part you have to take least bad of the worst. That means ALL the applicants have bad credit, making a credit check a waste of time and money. Likewise, most of them have other problems that are not always obvious when you're screening applicants.
We have three properties in middle-class suburbs of Detroit. And we have one in the fine city of Pontiac. The Pontiac house is more aggravation than the other three combined, and we would like to get rid of it, but doing so would entail a big loss. So we press on, hoping the next tenant will be better than the last. The house has a very good cash flow when it's rented, but if you have to evict a tenant it takes a long time to make up the lost cash flow. The pool of prospective tenants in Pontiac includes people who WANT to live there, and people who HAVE to live there. Neither kind are the sort of folks you want as tenants. So we show the house to fifty or sixty prospects, about twenty of whom fill out applications. From there, we get to pick between the convicted felons, deadbeats, welfare moms, and other assorted individuals who want desperately to rent a decent house in an OK neighborhood in one of the poorest and most dangerous cities in America.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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