Real Estate Investor · Memphis, TN · Member since 2016 · 940 posts · 695 votes
We are renting a home with a lease option. I will only accept a certain credit score or higher. Can I state in the advertisements for the house that they must have a certain score or higher?
I always put the following in my rental ads to avoid people wasting my time. "Must have 3X monthly rent in pre-tax income and a 650+ credit score" In addition, I have the applicants pay the $30-$40 fee to have me use the following website "https://biggerpockets.mysmartmove.com/" to screen their credit. It takes longer to rent units, but I would rather reduce the headaches of getting someone that will either trash the place or not be able to pay.
That is great that you have a firm credit requirement! Part of pre-screening is weeding out people who are interested that do not qualify, due to credit score, income, etc. This is just like stating in your advertisement "Income requirement 3X the rent" which we see a lot more often, so I don't see why you wouldn't be able to state in your advertisement that you require a specific score!
I always put the following in my rental ads to avoid people wasting my time. "Must have 3X monthly rent in pre-tax income and a 650+ credit score" In addition, I have the applicants pay the $30-$40 fee to have me use the following website "https://biggerpockets.mysmartmove.com/" to screen their credit. It takes longer to rent units, but I would rather reduce the headaches of getting someone that will either trash the place or not be able to pay.