Which tenant is the RIGHT tenant?

Question

How do you pick the right tenant for your rental property?

Chuy Gonzalez · Answer

In my properties in the "hood" the best predictors of a good tenant have been stable job histories, and previous long term rental history. None of my tenants in my area have a credit score over 600, and all of them have SOME missed payment or other ding on their credit report.

Whenever I get people employed at municipalities like city or county workers, they have turned out to be GREAT, stable, long term tenants.

And even though you aren't supposed to say it, or rent based on family status, my married tenants have all been better than my single parents...its just a fact.

Ken Musial · Answer

Credit ratings can be overrated.  If credit is too good, it just means that once they have a down payment for their own place, they are gone.  But just like mentioned above, no prior evictions and 3x the rent are probably the 2 biggest factors.  After that, you have to just try and gauge the tenants and best you can.  Researching court records can really help.

Jason Hendrickson · Answer

"Right tenant" = most qualified applicant.

Justin VanDervort · Answer

Screen as best you can. Remember, people can surprise. The person you discounted because they didn't aesthetically match your idea of a good tenant could have been the best tenant you could have ever asked for.

John Underwood · Answer

Screen as best you can and hope for the best.

The worst on paper can turn out to be the best tenant you ever had and the best on paper could be your worst.

If you screen, check references, verify employment etc you increase your odds of a better tenant but things happen.

Look for reasonable credit (your call)

No evictions in last 7 years

No Criminal (be careful not to discriminate against new laws)

Make 3X the rent

job stability 2 years plus

If any items are not perfect then get a bigger deposit to give you a buffer if they get behind or stop paying.

Start an eviction (after proper notices) as soon as possible after a tenant misses a payment.

Which tenant is the RIGHT tenant?

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