All Forum Posts by: Andrew Willits

@Andrew Willits, you should be able to see, or at least calculate, their DTI from their credit report, right?

Andrew,

Did you publish the 600 credit score as one of your qualifications? If so, then you could run into fair housing issues if you break your threshold for these folks.

FYI we removed our credit score requirement and now do a non-refundable "credit risk fee" that increases for lower credit scores. 

I have been renting for 20 years. Have 13 doors mostly in low rent areas, and most of my tenants have Credit scores below 600. If the income is solid and the previous landlords verify they are good tenants AND you verify the income and the employer says all is good, the chances are they will be good tenants.   I often use a "gut" reaction also.   That is, do these folks feel good to me.   Yeah feelings are mostly a female thing but my gut is 99% right.    Do you run a back round check?   That extra bit of information could be what you need to know to make a good choice.

The background checks came out good and with all of the other information available I thought along the same line as you. If they have solid income (especially in the current environment) and they are responsible based on their prior landlords then it would make more sense.

I'd do a bit more due diligence on their references, @Andrew Willits. If their last few land lords speak well of them, probably worth seriously considering. Realistically, most people will pay their rent before their student loans. Have you asked the prospective tenant for any further info? Would be good to know what their DTI is. Sure, maybe they make 4X the rent, but if student loans account for 1/2 their gross income, they'll still be in a bad place.