Need help with Tenant Decision

[April Birdsong]

This is my first rental.  Purchased for $155,000 complete flip put almost $70,000 in it.  So proud. Thankful for this community that gave me the guts and information to do it.  I put a link from Rentredi if anyone is interested to look.

My screening criteria is 3x monthly income, Credit Score >600, no Felonies, and I have really be on the fence pets or no pets depending on size etc 

I need help with the tenant selection

1. I am working on applications for 3 college students.  It has been a little difficult getting their co-signers to get me their information. And 1 of the co-signers has been late on his mortgage (2 times last year).  The college girls are very sweet. 2 play sports on scholarship and work and have told me they pay their own way with their scholarship money, loans, work etc and have good references from previous landlord and credit score.  The 3rd is beginning her nursing career so her stuff is solid.

On a personal note, I had to put myself through college with no help from anyone but always worked hard and paid my way. I think this is influencing me as well.  I think the girls are solid based on their references at least.  2 of them just don't have the "income" so to speak.

My concern is with the co-signer that doesn't meet criteria.  Have ya'll rented to college students without co-signers who are on scholarship etc like above situation?

2. I have talked to 3 other very interested potential tenants, but have not had them do application because I was trying to get information from students and didn't want the others to pay a application fee if I end up renting to students, but that may not be the correct process.    

The other pool of tenants: 

One is a couple relocating to area high income earner

One is  interested in renting as a "personal care home for 4 residents"

One roommates working in the area with the same company needing housing for next year

I just need some guidance.  I probably should have all 3 above go ahead and fill out applications instead of just waiting the next day of so for the student's info to come.

Thank you so very much for your thoughts and experience with this. 

April in Georgia 

[Gregory Schwartz]

I'm in a college town and we feel comfortable using scholarship money as income. That money is intended for tuition and room and board so why not count it as such. 

That being said I am a big fan of being strict to a criteria. If they 100% cant qualify without a co-signer and the co-signer doesn't qualify then they are out of luck. 

Tenant screening is IMO one of the most over looked aspects of rental properties. People spend more time deciding on a backsplash then they do screening tenants