Picking between two tenants

[Lynn P.]

Newbie here with my first investment property dilemma. I have two potential tenants for our property and I need to let them know which one will get the place. Here they are:

#1 Mother with 3 children and good job and living expense wage, however credit is not great due to a recent divorce. Needs the place for 1 year lease and possibly a couple extra months as she is on temporary assignment.

#2 Two international students with no credit, but FSLs with healthy living expense budgets paid by their government. Want a 1 year lease but expressed interest in possibly being in for 2 years while finishing up their studies. One issue is one of the students previous landlords said he and his two different room mates left the place in a very dirty and poor shape. Claims it was the two other room mates and was the reason he is no longer rooming with them.

Both should not be an issue with paying each month, yet both have a reason I have pause for concern. The rental is in a college town and if we go with #1 and add the extra months onto the end of the 1 yr lease when it comes time to turnover will miss the prime renting season and may sit empty for longer than we can afford. This on top of the bad credit issue with a couple past collections and many inquiries on record is my main concern. #2 is a potential longer rental, but possible sketchy past history with cleanliness. I don't want my place trashed. Not sure what to do. Any advice would be helpful. Or is this a skip both...

[Corby Goade]

It's very important that you establish your criteria for who you choose and you stick with that criteria. If you get to identical tenants, you must offer the place to the first applicant, offering them a defined deadline to pay all fees to you. Doing this will protect you from any fair housing violations. There are lots of resources on here for helping you determine what criteria you should use. Good luck!