Signing a Lease with a Tenant
1) Rental Application
2) Credit Check
3) Signing the Lease
4) Security Deposit
Rental Application
When you have someone interested in renting your property, have them fill out a rental application. A rental application will provide the information you need to pull a credit report, verify past rental history, verify current employment, check references and anything else that might be helpful for you to make a decision on renting to this person.
Here is a sample rental application:
http://www.citicredit.net/applications/Free_Rental_Application1.pdf
Credit Check
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So you have analyzed your situation, and reached the conclusion that renting out your house is the best option. Now you need to set up a plan of action to get your home ready to rent.
First things first, where are you going to live?
• Are you moving in with a roommate?
• Are you going back with mom and dad?
• Are you renting an apartment?
• Are you sleeping in the car? (more…)
Introduction - Economic Overview
This article is aimed at anyone who has bought a house in the past few years.
If you thought the 2007 real estate market was bad, what do you think of 2008? Forget about just the real estate market, what about the whole 2008 economy! Even Alan Greenspan admits that there were errors1 on the Fed’s part in regards to the current housing downturn and credit crisis. If we had just paid a little bit more attention to what Warren Buffet and Charlie Munger2 said in 2005, “he and Munger issued stern new warnings about the residential real estate ‘bubble’” and “the destabilizing effect of hedge funds on the financial markets.” (more…)
Yes and no. The following explains how a lease could link your roommate’s credit report and your credit report.
First off, when you apply to rent a property, the landlord or property manager will usually pull both your credit reports. The landlord or property is prescreening his perspective tenants to make sure they have a steady history of paying their bills, and paying them on time. Pulling your roommate’s credit report and your credit report will not link both credit reports. (more…)
So you have gone through the train wreck of a foreclosure process. Your credit score is in the gutters and you are probably worrying that a leasing agent or landlord will not rent to you. But you are luck is now changing! Leasing agents and private landlords will in most cases completely overlook a foreclosure. Lets address and prepare what you will need to explain to a leasing agent or landlord. (more…)
It is well established that a bad credit score will affect you when you apply for a mortgage or credit card, but here are 9 major items that are affected by your credit score as well:
- Rental Housing
- Car Insurance
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According to an article by the Associated Press, credit card companies are beginning to lower credit card limits for thousands of customers. This is a reaction to a number of unpleasant economic conditions which include sharp increases in credit card usage, further falling housing prices, a weak job market, and increasing fuel and food costs. Credit card companies like American Express are reporting that: (more…)
From CNNMoney.com, four simple tips to help improve your credit score:
1. Don’t close credit card accounts
2. Forget Retail Cards
3. Pay more than the minimum
4. Don’t lose hope
More can be found at: How to control your credit rating
About 1% of the population according to Motley Fool. The recipe to achieve a 850 credit score includes:
- 4-6 revolving accounts (credit cards)
- active installment tradeline (car loan or mortgage) (more…)
Bankruptcy is never a fun subject, but sometimes it is the best option in a bad scenario. The following are the two main bankruptcy chapters for individuals:
Chapter 7 - Liquidation
Chapter 7 bankruptcy discharges all unpaid debts of the debtor. A discharge is allowed once every 8 years. A petition must be filed (involuntary or voluntary) in which an order of relief must be accepted by the court. The court appoints a trustee to represent the bankruptcy’s estate. (more…)
