[quote=AN][quote=flu][quote=SK in CV][quote=carlsbadworker][quote=flu]Seen plenty of people who make a hell of a lot of money, but have shot credit, because they have a spending problem.[/quote]
On the other hand, if people have good credit and good income, they will probably be qualified for loans. Why would they rent from you since rent is higher than PITI in many cases?[/quote]
Because it’s not so in all cases?[/quote]
A lot of reasons.
1. They might not have worked long enough to accumulated savings
2. They might be waiting on a green card before they make a commitment
3. They might not have found what they are looking for yet in terms of housing
4. They might be here on loan from a company
5. They might want their kids to go to a good school district without having to pay the premium for the home purchase
6. They might feel that buying a home is a terrible investment and a permanent-renter…
7. They might feel like they can still get 50% off real estate and decide to keep sitting it out…
lots of reasons.[/quote]
People who fit these reasons usually don’t stay too long (2-3 years max). Which mean, you’ll be constantly looking for new tenants. They also might be more demanding on the service side. These people aren’t likely to stay at your place for 10+ years.[/quote]
Tenant in bay area stayed for about 5-6 years. New one will probably state for the same time. It’s not that big a deal, I guess particular since in bay area housing is always in demand. I guess because statistically, tenant pool in bay area tend to be in the tech industry. And a majority of tech workers are reasonably well paid with longer periods of commitment to remain employed for other reasons.
Here, I guess it depends on where. I don’t see a problem with rentals near tech centers, and there is always a flux of higher paid, reasonably responsible workers that need “temporary housing” 2,3,4,5 years.
Also, if rent is slightly below market, it helps…a lot..
In L.A., relatives used a leasing agent that exclusively helped find housing for employees from multinational companies who had employees on loan to the U.S….Employees typically stayed for 5-6 year rotations, and the rent was paid by the company (which was an added bonus. since it guaranteed rent was always paid in full and reasonable rent increases was always accepted. and in the unlikely event the employee damaged the place, you knew there was someone that could afford to pay for it…..)
