How to find the Best Tenants for your Rental Property!

Finding good tenants who will take care of your home, pay consistently, and likely bounce back quickly from hardship are very desirable, especially for new landlords. The best screening criteria to ensure success is to select only those with high credit scores (700+). This greatly reduces your risk and provides significant incentive to make good on their contactual obligation. It is also proven that responsible people take better care of their homes and are less likely to cause problems.

#rentalrealestate #propertymanagement #investinginrealestate #creditscore #personalfinance

Not financial advice.

[salemthorup]

Credit scores can suck for many reasons and those with high credit scores are suck a small portion of the renters out there in most markets. Report rental history to the credit bureaus. There are many people who have been through some kind of hell that prevented them from being able to keep good credit scores, but they'll pay rent before even keeping the lights on. I suppose in a competitive market, this can work great. But many markets aren't that competitive, so I don't think this advice is universally good.

[bettercallsaul]

No. It’s best to screen based on references. References will tell you how well the tenant took care of their previous place. People don’t change.

[TreyM]

ehhjh wrong, my CS is in the low 600’s so yes I paid a little more deposit and 1sr and last and in 3 years have been early on every year payment and only thing that’s needed fixing was the 13 year old ac hit out back. Had nothing to do with me so just pay your bills folks!!!

[hrosenberg]

My recent tenant had a high credit score Credit score. We had to evict them for nonpayment for two months. They trashed the house damaged the furnace heater core, stole the washer and dryer. Please don’t always go by their fico score.

[hlub]

I put that as one of my requirements and barely anyone contacted me. Had to change the requirements to"good credit" instead of "must have a credit score of over 700"... what you think?

[SchuCapital]

Finding good tenants who will take care of your home, pay consistently, and likely bounce back quickly from hardship are very desirable, especially for new landlords. The best screening criteria to ensure success is to select only those with high credit scores (700+). This greatly reduces your risk and provides significant incentive to make good on their contactual obligation. It is also proven that responsible people take better care of their homes and are less likely to cause problems.

[marymeans]

If you got a tenet who is young no matter what the score will be low

[lxdimension]

Sorry it doesnt work like that. Some people may have had top notch credit scores in the past but due to events that were no fault of their own, they lost that and it will take a few years to recover it NO MATTER HOW MUCH THEY GO OUT OF THEIR WAY TO PROTECT IT!! - They do not have a time machine to fast forward 2 years and may urgently need an apartment within 2 months due to being thrown out the last one for renovation works and never expected to need their credit profile to be in such top shape again at such short notice. So dont be so utterly ignorant and snobbish otherwise you will turn down high quality tenants in need due to your over simplified logic! Use your your brain.