Potential Renters with no rental history
Good day fellow BP members!
Starting couple weeks ago I've been marketing my home for rent. (I've got a 3 unit under contract, due to close at the end of the month.. I will be house hacking there)
I'm a first time self managing landlord.
I've got 4 potential tenants who have all passed background checks, credit checks and all other minimum qualifications.
The four potential tenants are 2 couples who each currently live with their parents. None of them have rental history, they've always lived with their parents. They also don't pay rent at their parents homes.
My questions are these:
Do I approach my reference interviews differently?
Are there good questions to ask for tenants who have no rental history?
Any other advice for this situation would be much appreciated.
Thanks in advance for your input!
Most Popular Reply
@Laura Cardenas lack of rental history would not scare me if their credit score and credit history looks good. Look at payment history on car loans or other debt and if they have gone several years without being late, that is a good sign.
I would also look at their income and type of profession. Completing college and securing a professional job requires being responsible, which is the same quality a good tenant paying possesses. If their job history is spotty or they have moved from job to job in low skill professions, that may be a warning sign.
One option if you are concerned is to get parents as a cosigner. I don't personally do cosigners, but others do.