Minimum Tennant Qualifications

[Joe Norman]

Hey all, I've got a duplex in Perry Hall, MD (just outside of Baltimore) that I'm getting ready to rent out.  I am considering managing it myself and I figure I need to set minimum standards for who I will rent to (in terms of credit score, verifiable income, etc.).  Do you all have any hard guidelines you follow?  I'm new to land lording and i want to make sure I start off on the right foot. Thanks in advance for any advice on the subject!

[Matt Clark]

@Joe Norman, welcome to the business!  Quick and concise:

Class A property = minimum credit score of 650; previous landlord reference w/ no payments >30 days overdue

Class B = 625 score; reference w/ no more than 1 payment >30 days overdue

Class C = 600 score; reference with $0 balance due

Must be able to verify monthly income of 3x the monthly rent

No felony convictions

No landlord judgements/evictions

It's important to have written criteria that you follow every time in order to minimize the possibility of an applicant alleging discrimination.

Good luck!