The Perfect Tenant Applicant

As a part time property manager of my own units, I often find myself struggling to sort through the mess that is the new tenant screening process.  Usually to make the most efficient use of my time, I would host an open house on the rental property so that if any prospects were interested, he or she could by at the scheduled time.  This has saved me a tremendous amount of time as I don’t need to do the “let’s check my schedule” dance.  However what bothers me most is not so much meeting new prospective tenants but rather sorting through incomplete applications and missing documents and verifying that all information is correct; which brings me to the point of the perfect tenant applicant. [Read more…]

What is a good FICO credit score for renting?

The landlord is faced with finding tenants that will pay on time and be a dependable source of investment income for the landlord. One evaluation tool available to the landlord is the FICO score. The FICO score is a calculation from several sorts of credit criteria based on a persons credit report. In order to determine what is a good FICO credit score is for renting the landlord must first understand the basis of the FICO score. Then a determination can be made as to an appropriate score that would be acceptable for a renter. [Read more…]

8 Critical Items You Need on a Rental Application Form

For many landlords the process of finding a new tenant is the most problematic aspect of being a landlord. One facet of the process that can be especially unsettling is the rental application process. The rental application process is an area where many do it yourself landlords fall short. Failing in this area can cause a great deal of headaches for the landlord. Many of the failures in this process can be greatly diminished or eliminated altogether with the proper rental application form. [Read more…]

How to Spot Red Flags in a Tenant Credit Report

With rising eviction rates in many cities the dream of being a landlord can quickly turn into a nightmare. One way to curtail the rising tide of costly and time consuming eviction processes is for the landlord to obtain a credit report for any potential tenant. The tenant credit report provides the landlord with invaluable resources to make the best decision possible in selecting tenants. Interpreting of the available information is critical in the process of leasing any property. [Read more…]