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Landlords how do you select among possible tenants all with bad credit? We have several applicants for our home and all have shaky credit, I mean one of them has a 400 which I didn't even know was possible. The highest score we've seen is a 600 but the person they are applying with has a bankruptcy.
If they have bad credit and you can't get anyone better than you could consider increasing the security deposit to lower your risk, including last month rent of course but we always charge that unless tenants have high credit scores.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Unlike corporate property managers, as an individual owner one can use other criteria besides the credit score. There's no reason you can't ask someone with a good income and low debt payments to explain their low credit score, and use your gut in making a decision. Perhaps a major illness, layoff in the recession, or other bad luck fell upon them and now they have things all under control. If you are unsure and will worry about it, then just leave it vacant and wait for a better qualified tenant.
Landlords how do you select among possible tenants all with bad credit? We have several applicants for our home and all have shaky credit, I mean one of them has a 400 which I didn't even know was possible. The highest score we've seen is a 600 but the person they are applying with has a bankruptcy.
Take the guy with a bankruptcy and 600 score. He has no creditors he owes money to. Just make sure his pay is at least 3x rent. And take a higher security deposit. And do a month to month with a guaranteed no rent raise for 12 months in writing to ease his mind on rent going up.
For me I would wait till a better tenant came along but say that's the best I could get that's what I would do.
If they have good references from former landlords, there ya go. I mean, if they paid their rent and utilities first and ended up with bad credit because they had to let other stuff go to meet those priorities that should hold weight with you
If they have good references from former landlords, there ya go. I mean, if they paid their rent and utilities first and ended up with bad credit because they had to let other stuff go to meet those priorities that should hold weight with you
Matter how bad a tenant is a landlord my not tell the truth just to get rid of them.
If they have good references from former landlords, there ya go. I mean, if they paid their rent and utilities first and ended up with bad credit because they had to let other stuff go to meet those priorities that should hold weight with you
I've never called a past LL or references. I do call their work but I look up the business number and call the receptionist. Then I ask for HR and the supervisor/boss. Most people I get are surprisingly truthful. Once in a while I get a bad vibe. I listen to my spidey senses. When I don't I usually end up paying money
If they have good references from former landlords, there ya go. I mean, if they paid their rent and utilities first and ended up with bad credit because they had to let other stuff go to meet those priorities that should hold weight with you
No landlord is going to give a bad reference to current bad tenant...they want the tenant gone and will give glowing reviews to make that happen.
I you can't find a tenant that meets your minimum requirement, keep the unit vacate until someone decent comes along.
What kind of area is this unit in that it's attracting such undesirable tenants?
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