Hi, I keep seeing questions on tenant qualifications. Here is a list, follow it and you shouldn't have any problems vetting your next tenant. I hope others will post their suggests.
1. Only review completed applications. Inform them if they left off any information and move on.
2. Verify residency of the last 1-3 years. Fax or email a verification to residence to the previous landlords. Verify: on time payment history, appropriate notice to vacate, no complaints, no reported incidents of violence, no damage to the unit.
3. Verify employment. Fax or email a verification of employment to current employer, verify length of employment, and amount of pay if the employer will disclose the information, (perspective tenant may have to authorize)
4. Ask for last three months of bank statements and last three paystubs.
5. Income level: depends but, generally 2.8 times the rent in the minimal.
6. Credit report: No collections, bankruptcy needs to be fully discharged, no active bankruptcy, no current late pays.
7. Evictions: No evictions within the last 3 years.
8. Criminal History: No violent offenders, no criminal activity. Someone who has re-established themselves with convictions older than 7 years sometimes are ok. It depends.
9. ID: make a copy of two forms of id: drivers license, state id card, bank card, social security card.
10. Use an online tenant screening service but, still do some of your own double checking.
Thanks Ericka! Good stuff.
Do you consider the tenants debt when reviewing applications?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing