All Forum Posts by: Daniel Teran

#4 had great credit, job, references and began renting the property April 1st. Very exciting.  Thank you for all the help and advice everyone.

There credit score came back very low and showed they'd been sent to collections repeatedly.  I used a rental application from the BiggerPockets site that specifically listed criteria that included a good credit.

A little more information, the credit report on #1 came back very low and showed they have been sent to collection several dozen times.  That is why they were passed up.  I offered it to #2 which didn't have bad credit as they had originally told me at our first meeting but instead had no credit, as in they have never had a credit card.  All references were good and I offered to then and they declined. #3 had issues without the background check.  But do I still have to run it before moving to #4 or can I just send the money back?

Thanks everyone.  Turns out I am liking to go with an option #4.  Their application came in later and is by far the best.  Now I have another question, do I have to do the same background check on everyone that applied. Received 8 applications but can tell some don't qualify without processing.  Can I just return their application fee?

Greetings.  I have been using the Bigger Pockets site for about 6 months and listing to the Podcast.  This site is great and I finally decided to come out of the shadows and become a member.  I just moved into a new home and am working on turning the previous one into a  rental property.  Should have it rented by April 1st.  I'm  looking forward to becoming a landlord.  I have big dreams of owning more rental properties and am excited to join the Bigger Pocket forums.

I am renting my house for the first time and held an open house today. I received a very positive response with 7 applicants which is slightly overwhelming to say the least.  I have it narrowed down to three but am in a situation where I am having trouble deciding who would be best.  Any advice would be appreciated.  Here is a quick overview of the three candidates:

#1 - Family of four with two older sons.  They are relocating because of work which according to the rental history seems to move them every couple years but is a secure job.  They make 5 times the rent.  They look to be a safe bet for a couple years.

#2 - Family of seven.  Moving because landlord is selling the house.  They have lived at the same place for 8 years and after talking with their current landlord they always pay on time and have rarely called for any maintenance.  He also said they were very clean and respectful and he would be returning their entire security deposit.  The one issue is they have bad credit.  They meet the income requirement but no long term job history and is construction based.  The fact that they haven't missed a payment in 8 years is great and they look to be a family that would be long term.

#3 - Young family of three - This is my wild card.  Applicants filled out the forms and then let me know they want the house and offered to pay 10% more then the listed rent, put down additional deposits and sign a longer lease then the 1 year we were asking for.  The one problem is they are young, just out of school and job doesn't pay more then three times the rent but he said he receives a large amount of capital gains that would then qualify him.  He also has more then enough money in his bank account to cover the entire lease.  It doesn't sound like he would renew the lease so would only be there for 18 months.  This one is making my head spin.

Thanks for the help!