Never rent to Tenants who have CARS
This follows on my Blog about how expensive Rents and Utilities have become.
Let's go through the bills that get paid in a basic order for a tenant.
List of Bills for Tenants
Cell Phone: They might turn it off if you don't pay.
Food: Obvious reasons.
Car Loan: They will simply take your car.
Car Insurance: You really shouldn't drive without insurance; the lender can take your car if you don't have insurance, and there are big fines to get it back.
Car Repairs: Typically, you have a payment you need to repair your car.
Utility Bills: Electricity first, heat second; it is hard for them to turn off the gas in the winter.
Child Support: If they have that.
RENT: See how far you as the landlord are down the list!!!!
Average auto insurance in Worcester is $1133/year, so if you make payments, that is basically $100 a month. Add that to the other bills, and you can see how the renter is being squeezed.
The less things the renter has to worry about, the more likely they are to pay your rent!!!
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