Help,Setting "Qualification Standards" For Prospective Tenants...

[Dane Peterson]

Morning BP, 

Been reading @Brandon Turner book "Managing Rental Properties" because Friday we'll be closing on our very FIRST RENTAL property (very excited to reach this goal of 2016)!

My duplex is in one of the lower income areas of town and for a 2/1 I can conservatively charge around $750+/mo for rent.  One of the Income requirements mentioned throughout the book is a common equation of at least 3x the rent, which leads to my question about creating a set of rental standards that are followed for all properties/tenants during the screening/application process.

Question(s): Am I able to have Requirements AND "exceptions" to the rule in writing... example: during my screening, I were to get an applicant asking to use a voucher or accept a certain housing authority funding, am I able to ignore my 3x the rent requirement?  Does that create some kind of legal/discriminatory issue for applicants that were denied for not meeting the "requirement" that didn't have a voucher...

I ask this as new landlord really on the fence about renting to Sec8 tenants.  I know the pros & cons and this question is just to address creating Standards/Requirements and if deviations are ALWAYS going to put you/me in a possible legal situation.

[Patti Robertson]

In low income neighborhoods I FAR prefer SEC 8 to non-SEC 8.  It's too hard to find a non-SEC 8 tenant who has three times the rent with a reliable job.  SEC 8 tenants tend to want to live there b/c they want to live near their grandparent and extended family. They tend to stay longer than non-SEC 8 tenants.  Call your local SEC 8 office to see if they have a new landlord orientation class.  Our market has one monthly.  It will be worth your time to attend.