Tenant Qualification: Credit Scores and Due Diligence
Posted by Monte Davis on
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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