General Question - Does anyone have feedback on a resident screening process that forgoes income verification - meaning residents are qualified on credit/criminal only without consideration for debt-to-income ratio?
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04 DecEvent starts in:
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22 Jan
I would recommend lowering it to like 2x or 2.5x rent, but eliminating it can cause issues for people who don't fully understand their budgets. Particularly first time renters. It's protection for both you and the tenant to have it.
Credit can definitely be an indicator, but I caution you with first time renters still. I had excellent credit in college because I had loans but I wasn't paying them at the time so my credit history wasn't actually a reflection of my budgeting skills. I just had debt that hadn't gone bad and my credit score looked good because of it. I was making $8000 a year at the time, so I would not be a very good renter but you wouldn't know that if you didn't ask for my income.