Renting to 20 year old couple with no established credit? : ezLandlordForms

M

Marie M

started a topic about 11 years ago

Just bought a older house on 1 acre, thought I would work on a few months and flip. Due to the large yard, I didn't think I would find a good renter to maintain it, but thought while working on it I would list it for rent to see the response. 5 days-5th showing was young couple 20 years old, boyfriend works on farm for his mom and girlfriend has been at her job a year. They have rented for two years at a comparable rent price. They are so excited, especially about the land, and even asked if I would consider rent to own. They have no credit. Should I go with my heart and sign a year lease, or am I being foolish?

W

William S

said about 11 years ago

Check them out! Job history, credit, background, past landlords, etc. Just a bit of detective work pays off. I have caught people lying about their past living situations which is a red flag for me. I take the time to call references and check things they write and or say. It's amazining how if someone is full of bull, it starts to become clear once you start asking and checking around. Also, don't be foolish- lack of job stability becomes your problem very quickly. Great people still need to have stabiltiy before you should risk too much. Good luck! Bill

M

Marie M

said about 11 years ago

Thanks William, very good advice. Amazing how stories did change. She couldn't answer her security questions on credit application, lied on income and how long she was at her job. The next applicant was a dream, I am so happy I waited.

O

Oliver B

said about 11 years ago

I used a 5 scale system. Example: 1. No credit to 350 put one month deposit + first and last month rent 2. 350 to 450 put 1 ¾ month deposit + first month rent 3. 451 to 55o put 1 ½ month deposit + first month rent 4. 551 to 650 put 1 ¼ month deposit + first month rent 5. 651 put 1 month deposit + first month rent This way it is fare for everyone, no credit is not necessary a bad thing. If you feel comfortable with them, go ahead and give them a chance. Just make sure you put in your lease that you will inspect your property every 90 days. This will show you care about your property and you want them to take care of it.

l

Liza R

said about 11 years ago

Tenant screening is very necessary when you are renting out an apartment. I use tenant screening services from Hunter Rentals & Property Management to avoid problems in the future.

A

Adam C

said about 11 years ago

Make a thorough check about their background and talk to their previous landlords. It is not safe to rent a house like that. Perform proper tenant screening methods before allowing them to rent your house.

R

Ray W

said almost 11 years ago

Yes, just make sure to do the groundwork and check out references and employment histories. However, please don't judge because of age. When my husband and I were 21, we were looking to rent an apartment and were basically told that the landlord did not want 21 year olds in his properties. Needless to say we were more mature than the 35 year olds he decided to rent to instead. His loss! Needless to say, 8 years later, our own home, and three of our own rentals to manage, I'd think we're better off anyways! Good luck!