How to Get Great Tenants
Tenant screening can give you valuable information.
It is not so much the credit score that tells the story as it is the amount of credit they have out and the payment history on their debt.
Check the amount of credit the applicant has out. Check that against the payments they are expected to make in addition to the rent you will expect.
The total should be less than 50% of their total shown as net pay on a pay stub from their employer.
When considering a tenant’s ability to pay rent when they have no debt, the rent should not be more than 33% of their income after taxes and withholding.
Why are you responsible for doing this kind of analysis? Because many times tenants may be in love with the place and would do anything to just be able to move in.