- Joined
- Aug 26, 2010
- Messages
- 380
I've heard from US multi family guys that a C Class tenant profile - which will have a lot of welfare tenants at the lower income levels - is a good tenant pool so long as you screen for the tenants that work a small part-time job to top up the welfare, have no violent or property crime records, and have lived in previous apts for at least two years. And of course you need to pay a low going in price and have very hands on tough mgmt.
I can see some real advantages of this group- if treated properly and given decent safe housing they are very unlikely to leave. Disadvantages would be that rental upside and building values are capped at the welfare max, likely higher repair and maintenance, and you're unlikely to be able to reposition beyond the original tenant profile without wholesale change of the area which would take probably 10 yrs or more (although if that happened cha-ching!)
Brent/Chris/Adam/Thomas - anyone with experience in successfully renting to this profile and income group? Any additions or experience on the welfare screening tools?
Thks
I can see some real advantages of this group- if treated properly and given decent safe housing they are very unlikely to leave. Disadvantages would be that rental upside and building values are capped at the welfare max, likely higher repair and maintenance, and you're unlikely to be able to reposition beyond the original tenant profile without wholesale change of the area which would take probably 10 yrs or more (although if that happened cha-ching!)
Brent/Chris/Adam/Thomas - anyone with experience in successfully renting to this profile and income group? Any additions or experience on the welfare screening tools?
Thks