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Pothential asking if there's a Credit check? - Landlord Forum thread 356023

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Pothential asking if there's a Credit check? by Barb (NC) on February 3, 2018 @08:27

I discover that many pothential tentants asking if there's credit check? Our town has a large portion of renters are singled parents, low income, unstable jobs, and poor credit with a revolving history of evictions. After 14 years in realty estate the quality of potential good tenants has declined here at Jacksonville, NC near Camp Lejuene. We have converted 3 of our rentals to short term rentals with AirBNB. Properties values has declined and home for sale inventory is HIGH. Its essential to screen our applicants to avoid future non payments and destruction of our investments.We do collect 2x deposit for poor credit. Please LL share your thoughts. Thanks
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Re: Pothential asking if there's a Credit check? by mdk0420 on February 3, 2018 @16:51 [ Reply ]
I always require a credit check. It's one of the most powerful tools you have at determining if someone is going to bail on you. Personally, if someone has an eviction its a no go, period. If there are issues with high priority bills, then I usually charge more security deposit. But if it's something a little more mundane, such as some credit card debt (But their car payments are on time every time) then its not as big of a deal to me.

Most of the time i don't use the number of the credit report to determine if the tenant will be allowed to rent or not. I use the information in the credit report to determine what high priority bills are being paid.

For example my one home has tenants that both have low 500's. They had their issues in life, but some how they always prioritized his home and car. They know what is important, and that makes me feel safe renting to them. And so far they have been great tenants. Didn't even charge them an additional months security deposit for such bad credit. Charged them the normal 1 month rent I do for good credit tenants.

I don't know much about your local market, but I think credit checks are always important no matter where you are. Just determine the best guidelines for your area.

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