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
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.