Qualify first time renters

[Erik W.]

I manage what I call "Class C" homes defined as "clean, safe, and functional."  These are not fully rehabbed and may be somewhat dated, but for someone on a budget they can be an excellent choice.

I often get a lot of contacts from peoples who are first time renters.  Often young, no credit, no land lord history.  Normally, I require good in one of those areas (credit or LL).  Criminal has to be clean and jobs/income have to be stable (6 months or more at current job, and 1 year minimum at past job) and sufficient (minimum 3x rent income).

Do any of you accept folks with no credit (not bad credit...NO credit) AND no land lord history, and if yes, what do you require to ensure it goes well?  I usually require a co-signer who is rock solid (awesome credit, squeaky clean background, owns local real estate, 6x the monthly rent minimum).  Any other options you have tried that worked out well?

[Steve Vaughan]

Originally posted by @Erik W.:

I manage what I call "Class C" homes defined as "clean, safe, and functional."  These are not fully rehabbed and may be somewhat dated, but for someone on a budget they can be an excellent choice.

I often get a lot of contacts from peoples who are first time renters.  Often young, no credit, no land lord history.  Normally, I require good in one of those areas (credit or LL).  Criminal has to be clean and jobs/income have to be stable (6 months or more at current job, and 1 year minimum at past job) and sufficient (minimum 3x rent income).

Do any of you accept folks with no credit (not bad credit...NO credit) AND no land lord history, and if yes, what do you require to ensure it goes well?  I usually require a co-signer who is rock solid (awesome credit, squeaky clean background, owns local real estate, 6x the monthly rent minimum).  Any other options you have tried that worked out well?

Just briefly, I get a good handle on whether they smoke or not first, how many animals, then if they have good employment. No credit is fine for me. Means they have no debt. Lack of rental history is a little tougher. If I can't get a cosigner for at least 6 months, I'll only do m-m, with a 6 month hold on deposit I keep for voluntarily leaving.   If I ask them to leave, it is refundable.  

So much is from the gut. Did they look you in the eye and shake your hand? Did they give you their full name up front or stay anonymous for too long? Clean? Respectful? Have a long story? Are they 40 yet claim to have never rented before?

If criminal and sex offender checks come back negative, they aren't smoking and throwing up gang signs on FB, the worthy get a chance from me. Knowing they are building rental history is often an asset for you.