Hi - I would love to consult I have a property in Oklahoma (City) and I am looking for tenants right now. We got…
Hi - I would love to consult
I have a property in Oklahoma (City) and I am currently looking for tenants.
We got a couple app (+ kids, + dog).
They are willing to pay a $ 300 deposit on the dog.
And they have a credit score of 620.
It is considered "fair" and feels low to me, but when I said that, the management company told me that it is considered high in the area and most of the applications received in the area are in the middle of 500…
Is that what you see too?
Is to trust in these respects in the management company?
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I own properties and I manage properties for investors in South Florida. All tenants without exception are required by me to pay First, last and security deposit. As for the app, if the management company passed it on to you what is important to check is that there are indeed not many collections in the credit report (since you indicate that the credit is around 620). If you understand what a medical bill is, it is not like not paying a credit card. In addition, it is no less important to see that there is no criminal record or eviction.
Also, as part of the app, they need to show you proof of income. You will see that they do earn enough in relation to the rent you demand for the property.
You're writing a $ 300 deposit on the dog, you mean Pet fee? If so it's fine. If you are referring to a security deposit, then there is no reason to take less than a month's rent.
What does it mean that they are "willing" to pay only $ 300? Since when is it even open to negotiation?
We use this program. Your management company may want to look at integrating into their leases. Excellent plans, and helps tenants enter the property on a low deposit, but protects the landlord.
https://www.sayrhino.com
I'm in Oklahoma and run 1,300 doors. 620 is exactly where you want them. Not enough to buy on their own, but exactly where they will stay for at least two or three years. Of course it also depends on the property itself, how much it is, and where the location is. But a $ 300 deposit is low. I would not take.
Depending very much on the type of area, each area has different parameters.
Ask to see the application, go through it and see all the data. Mostly check that they do not have an eviction history, how long they have been in their workplaces and you can also ask the management company to talk to the current landlord. If you are unsure, ask for a double deposit if it is acceptable in Oklahoma.