All Forum Posts by: John Herte

Thank you.

I have a minimum credit score requirement of 650 of all applicants, 2.5x monthly rent in documented income and positive background checks. If they don't have this score do any of you charge a higher Security Deposit (paid up rent)?  I did this for one of my tenants who was out of the country for years and had no credit history.  I charged 1st month rent, 1 month security and 3 additional months of security(paid up rent).  I tried this again and the prospective tenants declined.  

Also, do ask for additional documentation for your decision process?  In the last group of applicants I asked for bank statements and pay stubs.

Any thoughts are welcome.  Trying to figure out a process for our applicants.

My business partner and I have a debate going right now.  Our standards are clearly different with "What is fine".  We just closed on a new duplex.  The one unit didn't need any painting and minimal touching up the white trim and front door.  The other unit will come up this Sunday.  Don't exactly know yet the true condition as it was full of furniture.  I don't wish to paint a 4 bedroom unit myself I was going to get a painter.  I think starting with scratch then we could touch up as needed as we will have the color used.  

Also, What are these categories people are mentioning A+, B+, C...  Are these price points? Luxury vs low cost housing??  We are 15 minutes away from Denver.  

I personally want the unit to show as perfect as a 50 year old unit can.  I still think people want a clean place, not just a place.  Granted I've not rented many places but the couple times I have the walls were all painted fresh.

Following post.  I too am looking into getting my RE license as I own a few properties and would like to expand my knowledge and get into this field instead of my current healthcare career of 30 years.

I have one in the works.  I have four doors, and what I hear from trainings is that it is important to have one so if you ever brought into a claim about fairness, you can show your policy and the steps you take in various situations.  (Rental criteria, getting property ready, handling complaints).