Credit Score Guidelines

Tuesday, February 9th, 2010 at 10:50 pm

tenant credit guidelines to rent single family home?

What are some tenant Credit Check guidelines when renting out a house. I am getting ready to put of for rent a single family home for $875.

What should their credit score be?
Their income per month?
Their monthly income compared to bills (medical, Credit Cards, car payments etc) max?

I was asked by a potential tenant what my guidelines were in approving someone as he had some Bad Credit. I wasnt really sure what to say.

My current guidelines are
-gross monthly income must be 3 times amount of rent.
-credit score above 650
-other bills including medical, car payments and credit cards must be less than 75% of cost of rent ($656) in this case

anything else I should consider? Thanks!

Credit score: 550 & UP!

AND HERE'S what you should do:
- Charge each applicant to investigate each person who decides to fill-out an app. Applicants must be 18 r older.
-Money for the credit investigatioon is for the following aspects:
- Getting a legitimate Credit Report from a Credit Reporting agency.
- Verify Income AND employment.
-Check w/ present landlords and agents and previous landlords and agents:
Was rent rceived on-time? How did the tenant care for and leave the property.
-An investigation withj the local district court/Justice of the Peace/Magistrate & the Countyu court house in the county where the applicant is currently residing. Other than minoir traffic violations or citations, you want a clean record.
- YOU should pay a visit to inspect where the applicant is currently living. Insect the outside & inside of that property.

- YOU DO NOT listen to sob stories or down on their luck stories. IF you do, you'll soon find out the tenant will be YOUR boss!.

YOU ARE THE BOSS! If you don't have the intestinal fortitude, get a qualified real estate agent or broker to find the tenant and manage the property for you!

Income should be AT LEAST $3K/month gross - before taxes.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

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