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Prospective Tenants, Texas? - Landlord Forum thread 327600

Prospective Tenants, Texas? by Anonymous on November 19, 2014 @09:26

                              
I have an application for my SFH that I am processing for an un-married couple. Credit scores are ok, more or less, and their income appears to be sufficient enough that each could afford the rent if one left. They appear to be job hoppers though I am told this is normal in today’s employment environment.

My problem is that the man has a public record Chapter 7 BK (bankruptcy) on his credit report. This was six years ago and his credit report (current 680 FICO Empirica) has been mostly cleaned up, but not all. His total debt is low versus the other applicant, of course some of it was written off apparently.

Besides the BK there are two problems though. He failed to answer yes or no to the application question about BKs. Instead he made a comment to the side about what caused the BK which is not relevant. I had to find out about the BK from his credit report.

Secondly, my written rental policy does not allow anyone with a BK on their record to be approved. Of course I can override that with good cause.

On the positive side they are both young, have some professional credentials, professional careers, interviewed well, showed up on time, and followed my procedures up until his application was filled out. I have yet to check with prior landlords or verify employment, but I do have some written tenant provided proof of employment and income. I have copies of their social security cards and drivers license.

I have four possible choices:
1. Deny him and her based on information he withheld on his application.
2. Approve conditionally requiring extra funds such as last months rent in addition to first month and SD funds up front.
3. Use a MTM lease instead of 12 months.
4. Ignore the issues and handle them normally.

Renting in December is very tough. These are the best candidates I have right now. What do you think?
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Re: Prospective Tenants, Texas? by Katiekate (New York) on November 19, 2014 @09:48 [ Reply ]
You start by saying they both have credit scores that are OK. Then you state he has a score of 680....that is pretty far from OK.

You has skipped out on his obligations. That is how you get such a poor score. He doesn't follow your application procedure. You have a strong indication of what you can expect from him if he were your tenant.

I would turn them down based on incomplete application and poor credit score.
Re: Prospective Tenants, Texas? by Anonymous (Texas) on November 19, 2014 @10:37 [ Reply ]
after seven years he can refile BK again. It take how long to evict a BK in your county? I am trying to evict a BK for three years already, and he is still there. I will have to file BK myself next because of his BK
Re: Prospective Tenants, Texas? by Garry (Iowa) on November 19, 2014 @10:44 [ Reply ]
I would rent to these people, but on a MTM lease. The BK was 6 years ago. His credit score then was probably below 400. Look at how far he has come since then. Besides, I think BKs fall off your C.R. after 7-10 years, So even by the C.R. reporting agencies standards he is doing pretty good. And if you are looking for the "PERFECT" tenant, you will never find one . No one is perfect, including landlords. Rent to them now, on an MTM, and re-evaluate their tenancy in the spring. And if you can get the last M rent , along with the 1st and sec dep , go for it.
Re: Prospective Tenants, Texas? by Katiekate (New York) on November 19, 2014 @12:59 [ Reply ]
Renting in December is tough....but...no tenant is always cheaper than a bad one. If you end up evicting you will likely lose a month of rent (maybe two). Have a trashed place to clean and repair, and have all court costs too.

Do not make the mistake of taking whatever comes your way because you become desperate to fill the place.

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