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Updated about 5 years ago,
Is My Tenant Screening Criteria To High?
Good morning Bigger Pockets community.
I wanted to get your perspectives about my criteria's I am currently using trying to rent out a 3 bed row home in a "C" (blue collared) neighborhood. Every day for the past month and a half I have been receiving feed back from potential tenants that are interested in the home BUT once I provide them with the "standard minimum requirements" and the "initial costs", security deposit and 1st month rent, I don't hear anything back? Am I missing something? Below are the standards and costs I am currently using.
Standard Minimum Requirements:
-The tenant or tenants combined must earn 3x's or greater the monthly rent from document-able income sources.
-Tenant(s) cannot have prior evictions or felonies.( Conviction of a crime that is a threat to people, property, manufacturing or distribution of a controlled substance.)
-Tenant(s) must have a credit score of 580 or higher.
-Tenant(s) must have good references from past landlords.
Initial Costs at Lease Signing:
- Security Deposit (1 1/2) of monthly rent.
- 1st Month's rent due at lease signing. (Please note this home is renting $100.00 below neighborhood median.)
I thank you in advance for all your assistance.