skyygirl Posted January 7, 2009 Report Share Posted January 7, 2009 Not sure which forum to post in... Asking for you to weigh in...with the amount of foreclosures, evictions, etc. and the fact that real estate isn't moving - have you relaxed your requirements for tenants any?Thanks for sharing! Link to comment Share on other sites More sharing options...
jq26 Posted January 7, 2009 Report Share Posted January 7, 2009 I've been a landlord since early '07. I own three units within one building. As someone who has been through tough credit times who paid my rent religiously, I do not care about anything on credit reports EXCEPT evictions. Bankruptcies, charge-offs (especially older ones), and collection accounts are not a problem. But I have to draw the line at evictions. History tends to repeat itself, and its just self-protection. fyi- I collect first month's rent, last month's rent, and one month's security all upfront. And I let my tenants pull their own credit reports using freeannualcreditreport.com if they want to save $25 (that's what I charge if I have to do it). I charge $30 for late rent (late = after the 5th of the month), but I usually give each tenant one freebie (I don't tell them that upfront). Not trying to gouge people and everyone deserves a second chance imo. Link to comment Share on other sites More sharing options...
Ahntara Posted January 7, 2009 Report Share Posted January 7, 2009 I'm no longer a LL, but when I was I relied heavily on my gut instinct and previous PI experience when reading a credit app. What I looked for was complete disclosure. Anything that hinted at discretion immediately disqualified a prospective tenant.I had crappy credit for years and never let it prevent me from doing anything. I got jobs where a CR was typically pulled and rented apartments and a house with no trouble. I simply confessed, up-front, that my credit was bad and told them that IF that was going to stop me - to save themselves the expense and save me the inquiry.Employers would generally comb over my resume with a fine tooth. I can't think of one case where I wasn't hired. Apartment managers and the leasing manager of a Real Estate Company just insisted on a higher down payments. (Money overcomes a lot)People are seeking honesty and integrity. Even someone down on their luck, with crappy credit, can have those. It's often how you communicate those qualities despite having 'issues' that makes the difference. Link to comment Share on other sites More sharing options...
jq26 Posted January 7, 2009 Report Share Posted January 7, 2009 People are seeking honesty and integrity.Although I agree with this 100%, as a LL I just want to get paid monthly. As I've told my tenants in the past, I need their check to keep the water flowing, taxes paid, and heat pumping. Its important that we both hold up our end of the bargain. Link to comment Share on other sites More sharing options...
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