Hey guys. Hope all is well with the BP fam. I have a quick question. I'm just starting to get a lot of applicants for my first investment property and was wondering what credit check service you guys prefer, and if there was anything else I should be looking for during the application process? My property is in a school/campus area so I'm dealing with mostly students. Thanks in advance for your responses.
For a MASSIVE article I wrote on Tenant Screening - definitely check out:
Hope that helps! and don't forget to add a photo to your profile!
Brandon's guide to screening tenants is a great resource that you should definitely check out. Another screening source I've had good luck with is at https://www.tenantbackgroundsearch.com/
With students I'd definitely recommend a co-signing agreement with the student's parents.
Best of luck on your first investment property!
Mathew raises an essential point with student rentals. Students typically have insufficient to no credit history. Always insist on a guarantor (typically Mom or Dad) and run a credit check on the guarantor.
With students you should also:
1) emphasize with them that they (all the roommates) are jointly and severally responsible for the obligations of the lease. So it one of them becomes a Christmas Grad, its up to the remaining tenants to carry the obligations of the lease.
2) be clear that only those who are signatories to the lease live at the property. Yes, you can have guests, but if they stay more than 1-2 weeks, they need to be on the lease.
3) lay our all your "house rules" as Schedule to your lease and have each tenant read and initial the rules in your presence.
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