Registered: 1319631502 Posts: 4
Reply with quote #1
I am becoming a landlord and have a prospective tenant. I have a few questions on the screening process: 1. The tenant appears to regularly get overtime money. Would you count this as a reliably source of income in addition to their base salary? 2. They have a boyfriend who will be living at my unit also. Would you require that he be on the lease as well? 3. How do I check credit on this person? I have a signed consent form with their relevant info. I don't know how to do this though. Paul
Registered: 1169270040 Posts: 3,776
Reply with quote #2
1) If they can show you their tax form from last year showing they continuously rec'vd overtime, count it. If it's continued that long, it's probably going to continue. If not, don't count it. It could end at any time and they may not be able to afford the place.
2) All adults who will live in the unit must be on the lease (even if they are only listed as occupants). You need the info to know who will be living in your unit. Screen him as well to make sure he is employed, has sufficient income, no criminal record, etc. All people in the unit should be qualified as tenants in case they break up and you end up with only one of them in there. 3) You need to contact one of the major credit reporting companies to do this. See other posts on credit checks.
Registered: 1347624641 Posts: 4
Reply with quote #3
There are so many credit rating agencies where you can easily check your credit. All people in the unit should be qualified as tenants in case they break up and you end up with only one of them in there.
Registered: 1350057040 Posts: 4
Reply with quote #4
In our office, we do a credit check on each person aged 18 or older (even if they're still in high school) that would be living at any of our residences. We require that if a couple is not married (including roommates, boyfriends, girlfriends, adult family members living together, etc), they must qualify individually. That way, if there is a split and one person leaves the house, the other will be able to take over the full rent payment without any issue. Also, put them both on the lease agreement: That way, if one leaves, or even if they both stay, you can hold them responsible for rents in case you have to take them to small claims court.
__________________ Tiffany Myers
Real Estate Broker & Property Manager
The Property Emporium, Inc.
808 Hope Mills Rd.
Fayetteville, NC 28304
Registered: 1351807592 Posts: 1
Reply with quote #5
I have a situation to discuss in regards credit checks.
A man and woman filled out an application to rent together can i discuss ones credit with the other person, legally? __________________ Melissa B Curry
Registered: 1169270040 Posts: 3,776
Reply with quote #6
I wouldn't, especially if they are unmarried. Each has their own separate credit which should be discussed with only that person unless they authorize you to speak to the other party. If you deny based on credit and the unoffending party asks why, tell them to speak to the other party about their credit issues. And be sure to send the official denial letter from the credit reporting company wich allows them to get a free credit check to see if they are any errors on their credit report.
Registered: 1352117268 Posts: 1
Reply with quote #7
As per your question the tenant appears to regularly get overtime money. I don’t think that you can not count this as a reliably source of income in addition to their base salary. This could not be the permanent income.
12 month loans
Registered: 1479133218 Posts: 30
Reply with quote #8
Every adult who is going to live in the rental unit should be named as tenants and sign the lease or rental agreement. And you have to run a credit check on both, her and her boyfriend. Meanwhile, I stick to the point that tenant screening should be limited by credit reports only. Background checks should be run as well. Tenant background checks are the best predictor of troublesome tenant behavior. There are many good services that screen tenants. I like Experian. You can request credit and background check using only an applicant's name and email address. Each, criminal and credit report will cost tenant $15. If you don’t want your tenants to pay, you may do criminal and credit report via rental platforms like this one https://rentberry.com/tenant-screening/. The website uses Experian service for tenants verification. But it’s only free if renter apply for your property via this platform.
Registered: 1479381397 Posts: 4
Reply with quote #9
Landlord insurance can be tough job sometimes.