What standards should I set for my tenant applications?

[Tom Coakley]

I have a new (first) investment property and I am screening potential tenants through Zillow. I have read that I should have a pre set level for standards that must be met to be considered. How / where do I set those requirements? Is there a certain credit rating I should stay above? Automatically exclude anyone with an eviction? I’m getting applications that provide information to me but I’m not quite sure how to evaluate that information.

[Taylor L.]

Depends on your area, some states and cities have laws preventing you from counting evictions and such against potential tenants. Common standards are gross income = 3x monthly rent, no evictions, decent credit (you can pick your number).

You should 110% take a crash course on fair housing law as well. There are a lot of landmines you need to avoid which most investors don't know about.