Posted by Nate(DC) on September 15, 2003 at 16:35:39:
One other thing to consider is that since she is on a fixed income, and will be struggling to afford it from Day One ($700 + utils on a $2000 income with 5 kids), you will NEVER be able to raise the rent as long as she is in there.
NT
Can she afford the rent? - Posted by Sam-MO
Posted by Sam-MO on September 15, 2003 at 10:28:01:
She is disabled, draws about $2K/mo social security, is on medicaid, does not work, has 5 kids (18 months to 14 years old), no other debits. Can she afford $700/mo rent?
Re: Can she afford the rent? - Posted by Brent_IL
Posted by Brent_IL on September 15, 2003 at 12:08:25:
She is on Medicaid, as are the kids, so she has minimal medical expenses. She gets food stamps for six people, probably several hundred dollars a month, so she has minimal food costs. There are low-income energy assistance programs that will pay for a portion of the utility bills for her. Her out-of-pocket utility costs are reduced significantly.
The question is not if she can afford the rent, she can. The question is what the monetary cost of the downside is if she chooses not to pay. Free legal representation is available to her also.
Eventually, you can get her out if necessary, but you’ll have to anticipate a period of no rental income.
I have four children. Five children is a lot of wear and tear. I?d check with all former landlords as a start.
Re: Can she afford the rent? - Posted by Nate(DC)
Posted by Nate(DC) on September 15, 2003 at 10:51:42:
Who pays the utilities?
Re: Can she afford the rent? - Posted by Frank Chin
Posted by Frank Chin on September 15, 2003 at 10:50:21:
Sam:
I could see her doing it with “Section 8”, but not without it.
The problem here is she she doesn’t have financial discipline, and goes into default, imagine trying to convince a judge to evict five children??
Frank Chin
Re: Can she afford the rent? - Posted by Mario
Posted by Mario on September 15, 2003 at 10:44:57:
If she receives child support, maybe. I see it to risky. I am not discriminating.
Just my 2 cents
Re: Can she afford the rent? - Posted by Sam-MO
Posted by Sam-MO on September 15, 2003 at 11:07:42:
She will, est $100-150 avg.
Re: Can she afford the rent? - Posted by Nate(DC)
Posted by Nate(DC) on September 15, 2003 at 13:18:10:
I would say she is “pushing it” as far as affordability. How does she look otherwise? Good prior landlord references? Also, how hard has this unit been to rent?
NT
Re: Can she afford the rent? - Posted by Sam-MO
Posted by Sam-MO on September 15, 2003 at 14:55:14:
I have not checked references yet, or run credit check.
The house is a nice 3br 2ba 1400sqft in good area. I’ve had it on the market 4 weeks & only 3 lookers. At $700/mo it is at the upper end of rentals here. I’m think about lowering the rent, maybe that will bring more lookers. I don’t mind waiting for a good tenant. Thanks.