How do you tenant screening with a scoring system?

[Cassandra Sifford]

Good day BP fam!!!  I have an open house this weekend to show my 1st investment property ... #HYPE!!!  I've gotten so many calls, messages and emails with interest, but I'm sure I'll get plenty of unqualified candidates.  I read a few posts about a scoring system that some investors use to help them determine the rate of the potential tenant.  I've also heard of PM sites that also weigh your candidate through their scoring system, but do not have any company names.  The property is in a lower income, / C-area so my standards are in line with the tenant base.  Any insight is GREATLY appreciated :)

Take care ... Cassandra

[Nathan Gesner]

I use a scoring system. I basically wrote down the various criteria I consider for each applicant:

- Income

- Length of Employment

- Credit Score

- Collections or judgments

- # of Late rent payments

- # of lease violations

I came up with 10 criteria and then assigned scores to different results. For example, a credit score of <600 is 0 points. A score of 601 - 650 is 1 point. 651 - 700 is 2 points. Above 700 is 3 points.

I score each item individually and that gives me an overall score that determines PASS/FAIL and how much of a deposit they have to pay.

<16 = Fail

16 - 20 = Double deposit

21 - 25 = 1.5 month's rent

26 - 30 = 1 month's rent