Tenant Selection Strategy

[Joy Page]

What is you strategy for selecting tenants? I've reviewed credit history, background checks, and income sources. Do you accept tenants with evictions? Collections? Do you have a base credit score for acceptance?

[Peter Mckernan]

Quote from @Joy Page:

What is you strategy for selecting tenants? I've reviewed credit history, background checks, and income sources. Do you accept tenants with evictions? Collections? Do you have a base credit score for acceptance?

 We collect most recent bank statements, recent pay stubs, photo IDs, and if they have a credit report we review that piece of info too. They need to have 3XGross income compared to the rent, 3X more in their bank accounts than the security deposit and their first look at their credit score needs to be 700 and above at least (the higher the better). Once they fit that then we run our own credit, checks and all. If that comes back good (no evictions, no issues on their credit, and no criminal history then we are good). We try to limit the pets or have no pets at all, sometimes that is hard, just leased a property and every single applicate (no joke) had at least one pet on it.