This has nothing to do with trading, but I need some advice. There is this house which I just CANNOT sell. Just CANNOT!. it is also very hard to rent. Some people called me and asked me to show them the house. They liked it are interested in moving in. it is a guy and a girl. The guy has a credit score of 434 and the girl 501 What should I do?
Don't bother unless you are desperate for the money. Renting out a single home is more trouble than its worth as you turn into a landlord who has to fix everything that goes wrong. Collecting payment is no guarantee either, especially with those credit scores. And if they ever stop paying, it will take months of legal paperwork to kick them out.
not enough info... but, on the surface, it sounds like you should rent (what do you have to lose unless you think there's a chance they trash the place). Give them an option to buy and maybe they'll even take care of the place.
Use zillow.com to pull the chart for your house historical value. Throw around some fibonacci retracements lines and mark double tops and quadruple bottoms. If it looks like you are in retracement of a minute wave 2 of minor wave 4 of a superwave 3, then rent to a guy. But if the slow stochastics is below 70, rent to a girl. Otherwise, don't rent it out because it will be trashed.
My parents had a renter previously that wouldn't pay rent a few months and then trashed the place when they finally left. I would not rent to anyone with that low of credit score. Renting is basically the same thing as loaning money.
YOU have to run your own numbers and figure-out whether it is going to be worth it to you to leave the house standing empty or take the chance on finding a responsible renter. It's going to be a difficult situtation however you look at it. Good luck.
Nooooooo!!!! People with low credit scores will trash the place and not pay on time. There is a reason they have such low scores.
wow thank you all for your help. I didn't think I'd get that much valuable insight on a trading board. I'm starting to think elitetrader is your one stop shop for all the advice you need. I should start posting my relationship ? on here Thanks again
I"ve never had a property trashed, and never had months, weeks or even days of paperwork to evict someone. I use a rental contract, month to month. If they F*(& up, they're gone. Works quite well for me, but your mileage may vary.