Posted by Nancy in NC on July 24, 2007 at 20:33:15:
Take the time to create a “Selection Criteria List” with a point system.
In same job less than one year - no points
In same job over one year less than two years x points
In same job over two years x+ point
etc.
ALWAYS do a credit check with a credit bureau like National Tenant Network look at what and how they pay, look for judgements and collections
NEVER rent to someone who stiffed a previous landlord.
Verify employment, salary, furloughs etc. Do a debt to income ratio. (Part of the selection list)
Be sure to ask the employer if the prospective tenant is a dependable employee. Have the tenant notify the supervisor etc that you will be calling to verify employment.
In my experience if an employer says the person is a good dependable employee they always make a good tenant even if there are some blemishes on the credit report.
I developed my selection criteria list after Jay Taylor, Mr. Landlord spoke at my investment group (TRIG).
It was time well spend. Once you get good procedures in place landlording is much easier.
Does anybody use a specific site to screen tenants for rentals. If so which? Or if someone can tell me how you real estate professionals screen for tenants that would be excellent.
I use www.mrlandlord.com, but FICO score can be the one of the
worst measurements. Check the Archives, as this has been
discussed extensively here & on the MH Forum on the site. I use a
lot of different methods. Tip: if the phone conversation starts,
"Me & my boyfriend. . . " or “My son/brother needs a place to live.
. .” it’s a pass for me.
Spend the time to get the right tenant things will way better with a decent tenant as opposed to a bad one.One tip is talk to the previous landlord they will tell you the truth,the current landlord may lie to get rid of a bad one.If no previous landlord i do not rent to them unless real good reason usually when pressed they are able to find a phone number