After discussing the need to be proactive landlords lastweek, now I'd like to turn to the topic of qualifying tenants. First, let'stalk about credit scores. This is a topic that's a little more complicatednowadays, and requires greater understanding on our part as landlords.

More previous homeowners are coming into the rentalmarketplace than ever before. These are working folks emerging fromforeclosures and short sales due to the recession. A lot of them have banged upcredit. As long as they have income in place, I don't give as much weight tothe credit score because there are just too many people in this position rightnow.

As long as I know their income is 3 times the amount of therent, I'm willing to overlook a low credit score, but I do factor in…

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Over the next couple of posts, I'd like to consider some aspects of proactive management as well as look at the topic of qualifying tenants. These are basic landlord skills, but we can all get lax and not pay enough attention to what we're doing. When we fall into that trap, we pay in other ways, like unwanted turnovers.

Currently the Austin area has a rental vacancy rate of right at 4%. There's a lot of transition going on, particularly in the downtown university areas. Students are leaving from the spring term or staying on for summer. But, even if you're not renting to a student, this is a good time to highlight a couple of things either you or your management should be doing.

About 90 days out from the expiration of the lease, contact your…

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I ran across this article today. It speaks to what we've been discussing over the past several months. Rental rates are increasing because it's difficult for developers, as well as buyers to take out loans. By the way, Right now Austin has about a 4% vacancy rate.

Click Here to Read the Article

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