San Diego Housing Market News and Analysis
Nightmare renting to people in a low income area,
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Submitted by ninaprincess on January 8, 2013 - 8:20am
My friend bought a house in Riverside as an investment property. Within 18 months, there were already three tenants. The first tenant stopped paying rent after the second month citing insect infestation that caused her to be sick and had to be evicted. The second tenant broke the lease saying that her ex-boyfriend found her living there and if she doesn't move he would kill her. She left a mountain of trash in the house and two bathrooms that probably weren't cleaned for the entire 6 months she lived there. The third tenant a single father with three kids had housing assistance from the gov't but still missing his $300 monthly payment the last three months and on the verge of losing his housing assistance. He is leaving this month. My friend is looking for new tenant and among the 4 applicants, no one has credit above 500 with numerous collections and credit card debts unpaid. She showed me the credit reports and oh boy, people were living large. New cars, Macy, Victoria Secrets bills in the thousand of dollars.. Their family situations are also so complicated with one girl under 30 yr old that has three kids by three different fathers and now has a new boyfriend that has two kids of his own. Why are people living so irresponsibly?
Tired of the problems, my friend is looking to sell the house and eventhough the price will be higher, the transaction and repair costs would guarantee that she will lose at least $20k. I am so glad I didn't buy an investment property in Riverside b/c we were looking togetther.
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