Being a landlord could be a good source of income, but it could also be a pain when it comes to dealing with bad tenants. Modern Times Homes has many rental properties and throughout the years we have learned a thing or two on how to screen potential tenants. When choosing tenants look at their background and credit history. It tells a lot about a person if he is trustworthy or not.
All of our applicants have to meet requirements;
-650 or higher credit score
-no criminal background
-monthly income has to be minimum 3 x rent
Lets say your applicant has no credit history but has good income. We would still rent but he would be required to put a higher security deposit; of course refundable when moving out.
If the applicant has good credit history, no criminal background but he is short on income to qualify, we do consider his savings. Let’s say they are short $200 per month, they would have to show savings of $200 x 12= $2400
Modern Times Homes has been screening tenants for many years, and even when you do it right, it doesn’t mean the tenant won’t cause any trouble. There have been situations when the tenant looked perfect on the application, but it turned out that they didn’t pay rent and we had to evict them. There is not really a good way to do it, but screening would definitely help you exclude some of the trouble making tenants.
If you are tired of being a landlord and dealing with bad tenants, and are ready to move forward, give us a call at 847-242-2212, so we can buy your house even with tenants. We pay cash, are able to close within 14 days and guarantee hassle free transactions.