Screening and choosing tenants…help

[Justin Dziedzic]

Hey everyone, I feel like I’m spamming this board with questions but I really appreciate the help. I have my rental listed currently on Zillow with my stipulations (600 credit score, 2.5x income, etc). I am just concerned that I’m not doing this properly and want to make sure legally I’m all good. 

- I am getting people looking at the home, then filling out the application and finding they are not at all qualified. Feel bad, but moving on, assuming no issue with just ignoring or do y’all send a rejection with the reasoning?

- I’ve had a few come to look with a parent and the parents would be “helping them out” by co-signing. I am new but to me co-signing doesn’t necessarily do anything correct? It’s not like I can evict them as they don’t live there anyway should they default?

- When do you decide to remove the listing and move forward, with the first applicant that meets the standards? Or do you give it, say, a few weeks to get more?

- I am using Zillow for everything at the moment but are there any other sites for leases/apps (I know BP right here) that y’all use?

Thanks all in advance. People who say this is true passive income sure are mistaken lol 

[Justin Dziedzic]

Quote from @Corby Goade:

Quote from @Justin Dziedzic:

Hey everyone, I feel like I’m spamming this board with questions but I really appreciate the help. I have my rental listed currently on Zillow with my stipulations (600 credit score, 2.5x income, etc). I am just concerned that I’m not doing this properly and want to make sure legally I’m all good. 

- I am getting people looking at the home, then filling out the application and finding they are not at all qualified. Feel bad, but moving on, assuming no issue with just ignoring or do y’all send a rejection with the reasoning?

- I’ve had a few come to look with a parent and the parents would be “helping them out” by co-signing. I am new but to me co-signing doesn’t necessarily do anything correct? It’s not like I can evict them as they don’t live there anyway should they default?

- When do you decide to remove the listing and move forward, with the first applicant that meets the standards? Or do you give it, say, a few weeks to get more?

- I am using Zillow for everything at the moment but are there any other sites for leases/apps (I know BP right here) that y’all use?

Thanks all in advance. People who say this is true passive income sure are mistaken lol 

 Sounds like you are on the right track- happy to hear this. You have your criteria posted on your ad, which is vital, and you are sticking to it- stay strong!

Generally, co-signers are fine. We do this fairly regularly, usually it's for students who have low income and part time jobs while they are going to school and the parents co-sign for them to guarantee income and rents. 

Your lease should be clear and local laws SHOULD support you- if rent isn't paid, the tenant can be evicted. It doesn't matter WHO pays the rent, it just has to be paid and paid on time. 

Think of it this way- if your tenant didn't actually have a co signer, but you got a check every month from their parents and it cleared and everything was fine, would that be a problem for you?

Screen those co signer apps like anyone else and if they qualify, they qualify. 

Best of luck!

 Great advice, thanks! Makes me feel better about the more qualified applicant I received with a co-signer.