Hi all,

I'm renting my first property. I had the renter fill out an application with detailed background/references. I will call some of the people referenced in the application and I'd like some advice on what kind of questions to ask. Also, I'm curious about doing a credit check. I've got the ss#. How do I get the credit check done and how do I analyze it? Thanks everyone!

You need to do the credit check asap,some will like to move on the weekend,do not do this!They will call knowing you can't get a background or criminal check until Monday and then move in and now you have to go through evicting them.

A mortgage broker friend should be able to pull the tri-merge credit report for free and give you a copy.You would first need a signed statement by them that they authorize you to pull there credit and do the criminal background check,if they don't want you to RED FLAG.

Some people are desperate to get there properties rented out,but it is better to let sit vacant for a month or 2 than get a non-paying renter in there who will damage your assett and while you are trying to evict them you can't rent to somebody else.

When looking at the credit report look for collections form old bills from other apartments or liens or judgements from old landlords,this is a sure RED FLAG you have a deadbeat and need to move on to the next applicant.

It is often times better if they have filed a chapter 7 and have wiped out there debt.With fewer bills to pay yours has the best chance of getting paid and they can't file bankruptcy on a 7 again for awhile.If they are carrying a huge debtload on there credit there is a high chance they will default under the rental agreement.

good luck and not giving legal advice

Forgot to mention you need to check your state's landlord tenant laws.

For instance in Ga,you can have up to ten properties before coming under the landlord/tenant law but if you are an agent or broker you immediately fall under this rule if you have 1 property.Also watch out for the federal fair housing laws as there are professional renters that will file frivilous claims trying to sue you all the time.