All Forum Posts by: Amber Arsenault

Thank you both for the feedback - it has supported us in determining risk for this applicant while considering the area and tenant pool. We plan to utilize automatic payments moving forward. Thank you for the resource @Michael Hayworth!

Also, we have made a risk analysis sheet similar to the one that you mentioned @Nathan Gesner This will be a great tool moving forward as well and was VERY helpful in making our decision. Thank you!!

My husband and I have jumped into the world of real-estate! We have done a lot of reading, found a property where the numbers checked out, and are currently screening potential tenants for the multi-family unit that we have just purchased. Two questions: 

1. We have set qualification standards, but it seems that the majority of people in our area do not meet them. The units have been listed for two weeks, and we have had a lot of interest in our online add. However, when pre-screening, I have had many people hang up on me or choose not to move forward since they know that they do not meet our requirements. Is there a time period after which we should lower these requirements? Currently we require 600 credit score, 3x rent for monthly income, background check, no evictions or unpaid judgments, and positive references.

2. We do have one prospective tenant who has been very communicative and punctual thus far. She just applied and meets MOST of the qualification standards. Her income is not 3x the rent. However, she has a good credit score and references from past landlords. Would it make sense to accept her with certain conditions? Maybe requiring automatic payments or something along these lines? Or are we being too emotional with this decision and ultimately she does not meet the requirements?

Any feedback is appreciated - thank you!!