Mortgage Blog

How I picked my Tenants
July 18th, 2011 8:05 AM

I know a few of you are interested in how other landlords
picking the tenants.

For me, I don't care too much about the credit history.
The most important is the income, stability of the job,
the clean past two years of rental history. I only
check the credit scores after all the verification.
I only used it just as the confirmation purpose(make
sure there are surprises).

I showed one of the rental properties in Elk Grove this
weekend. There are lots of the interests. And they all
filed application. I think I will the tenants soon.

For this particular candidate, their family income
is good(at least 3 times of the rents), and they have
double income, very stable(one is nurse, another
is county employee). I did ask them why they wanted
to move, they said that their current house is
on short sale(so they will stay longer).

And then I did something some other tenants should do.
I asked them whether I can follow them and went to
their current home. And they agreed. They did have a
clean house, with a very well trained dog, and
the auto is very clean from inside/outside.
And their kids are also very good.

So I think I will pick them as my tenants after the verification.

Is not it easy for only one weekend open house?

Posted in:General
Posted by Eric Fang on July 18th, 2011 8:05 AMPost a Comment

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Nice Info Eric.

Posted by Sri on July 18th, 2011 11:34 AM
I wish banks will lend like you again. Then prices won't fall too much by artificially eliminating all the good potential buyers. (i.e. subprime credit but enough down payment and good income)

Posted by James Wang on July 18th, 2011 9:19 PM
The house value may go down for quite some time. Some of the applicants are short saling their properties recently. They will "help" add the inventory.

Posted by Eric Fang on July 18th, 2011 9:23 PM



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