All Forum Posts by: Damon Duperre

They can't put up a fight if you don't renew their lease.

If you deny a tenant based on their credit score you have to send them a letter that tells them how to contact the credit agencies. Here is an example (but it doesn't have to be just like this).  Of course the easiest way is just not to "deny" them but not "approve" them either.

Dear Applicant: Date:_____________

Thank you for the opportunity to consider your application to rent. We regret we are unable to approve your application due to one or more of the following reasons.

According to the Fair Credit Reporting Act, you are entitled to know when adverse action was taken in whole or in part based on information received from a consumer reporting agency. Credit information having an adverse impact on your application was received from:

q One or more of the following consumer credit reporting agencies:

q Equifax Information Services PO Box 105873 Atlanta, GA30348-5873
(800) 685-1111

q Experian (TRW) PO Box 2104 Allen, TX75013-2014
(888) 397-3742

q Trans Union PO Box 1000 Chester, PA19022
(800) 888-4213
www.transunion.com\direct

The consumer credit reporting agencies only role was to provide credit information and cannot give the reason why your application was not approved.

Under the Fair Credit Reporting Act you have a right to receive a free copy of your credit report if one is requested within 60 days of this notice. You have a right to dispute the accuracy or completeness of any information in your credit file.

References and or information having an adverse impact on your application was received from:

q The following consumer reporting agency:

___________________________________
___________________________________
___________________________________
Ph.#: ______________________________

The Information Source's only role was to provide consumer report information and cannot give the reason why your application was not approved.

Under the Fair Credit Reporting Act you have a right to dispute the accuracy or completeness of any information in your consumer file. To do so you must contact the above consumer-reporting agency within sixty (60) days of receiving this notice.

q This adverse action was taken due to incomplete, inaccurate, or false information contained within the rental application.

Sincerely,
__________________________

I did. I don't really understand all of the reasons very well except that both my lawyer and my CPA said it would be a good idea. But, you aren't required to.

I should say that in the market where I am I wouldn't risk it. It might be different where you are. Here it is easy to find tenants. It's just hard to find good ones. If it were really hard to find tenants I might consider it but it would have to be really really hard to find tenants.

I wouldn't risk it.

From my experience this sounds like BS to me. I can't tell you how many times I have had one potential tenant wanting to move in right away and the other potential tenant in a few months. Each time it turned out to be a matter of the one who is supposed to move in later being unable to pass any background check at all. I mean the worst of the worst.

Maybe yours are telling the truth. I don't know. But that is a commonly used ruse although I haven't heard a version yet where the 2nd one was in another country but that was a great idea adding that to it. That explains not having any background information (that you intend on showing the landlord anyway) It's almost a perfect scam. Again it might not be a scam but there is a good chance that it is.

That's a good question. I honestly wouldn't recommend any that I have used. 

Don't see it. I mean see it, forget it and don't ever say you saw it. Try to avoid tenants like that but once they are there do not call the cops on them. For one thing they will have a hard time paying you if they get arrested and for another thing the cops very well might tear you house completely apart and if they do they will not pay you a dime for the damage.

RentalHouses.com will put it on their site and also on every other site (including Craigs list) for a reasonable fee that is tax deductable.

Personally I usually just put up a sign and if it hasn't rented after a few days then I go to rentalhouses.com. You will get better tenants from the sign because they likely already have ties to the neighborhood. Personally I would NEVER use a realtor to find tenants.

Sounds like you have some professional tenants. Unfortunately I would be very surprised if this is all there is to it. It's probably not over yet.  No matter how many stories you hear you still can't really understand what it's like to have professional tenants until you have your own. Try not to take it personally and try not to get angry (it is much easier said than done). Expect more BS to happen. They might even sue you.  Expect them to lie and expect them to get away with anything that you can't prove is BS.