I actually became a landlord accidentally five years ago when my husband and I purchased our first single-family home. We didn’t want to sell our condo because it didn’t appreciate as much as we’d liked so we decided to take a chance at renting it out. As naive landlords, we didn’t know all the pitfalls and dangers that can come with renting out a home. Of course we made a mistake selecting our first tenant since we didn’t do our due diligence and properly screen our tenant. But through our mistakes, I am now a stronger landlord and am extremely knowledgeable of the entire process from vetting qualified tenants to utilizing our judicial system to garnish wages for non-paying tenants.
Then I met a wonderful single mother of 3… let’s call her Judy. If you ask Judy, she’d say how fortunate she was to have found me, but it’s actually quite the opposite. I was extremely lucky to have met her. Timing was everything. Judy was waiting for approval on a town home she wanted to rent for over a month and just when she thought things were going her way, was denied because the landlord chose another applicant who was “more qualified”. It wasn’t easy for her to find a rental because of her less than stellar credit. When I met Judy, we spoke about her situation and we clicked instantly. I welcomed her with open arms and after 3 1/2 years, she’s been one of my best tenants. Selecting Judy to be my tenant was one of the best decisions I have made in real estate.
After meeting Judy, I decided to help more single moms find safe, nice and affordable places to live. My husband and I invested in more rental properties and quickly found out that there are a quite a bit of moms who struggle finding safe and nice homes. Most are in tears after we speak because they have finally met a landlord who understands their struggles and doesn’t disqualify their suitability as a tenant solely on an Equifax report and other reasons but I won’t say it here.
My tenants appreciate that I took a chance on them and we have formed a wonderful bond because of this. In my eyes, this is what real estate should be about. It’s not about making millions for oneself but helping others. Yes, I have built a nest to support my family, but it gives me greater satisfaction when I can support multiple families. Real estate has afforded me the platform to bring my dreams to fruition in this regard.
Let’s please help more families who are hard working and simply want a decent place for their children to live. I believe every person deserves a chance.
Financial wealth is defined as ‘The unearned income to finance your life mission without having to work.’
Won’t you please join me in helping others? And in return, I will help you obtain financial freedom for many generations to come.
*** UPDATE ***
I went back-and-forth about sharing this, but I think it’s really important for people to know the real-life stories accompanying people rather than simply looking at their on-paper appearance. This was from the tenant mentioned in yesterday’s blog post:
When landlords see that we have a voucher, it’s an automatic NO because there have been horror stories. But we have our own horror stories as well so in my experience no matter what my credit score was it would’ve been a no. When I spoke to you, I had applied so many places that those inquiries KILLED my score but I’m glad to finally be in the 700 club! WHOO HOOO.
It is very tough, but I just couldn’t give up! We want better for our families and don’t want to have to live in the “hood” but sometimes that is our only choice. Here is the thing, Section 8 is one program and vouchers are another. They hear section 8 and think “OMG oh no.” With Section 8 those families are within a certain income standard and are usually to be “placed” in a unit. With the voucher, the holder has a higher income but have some economic disadvantages, but allows the holder the freedom to move where ever the voucher is accepted.
All we want is for people to give us a chance to show that not all people with vouchers are horrible. I think a lot of ppl are uneducated about the process and what it truly entails and that could be the key to changing the stigma on vouchers. It’s about forging relationships as well because not only were you able to help me get into your place, you were able to educate me about buying a home and advising me/helping me find a home. My great experience, wants me to tell everyone about how great my realtor is when they mention that they need a good one. I’d definitely say that is a win-win for everyone!
Thank you for taking a chance on me. It really means a lot!