Will Some Landlords Overlook Tenant Bad Credit History?

Will Some Landlords Overlook Tenant Bad Credit History?

This week the question for Ask Landlord Hank is about how landlords and property managers look at bad credit history from a potential tenant.

Dear Landlord Hank:

Will some landlords overlook bad credit history if it was mainly caused by a husband passing away from cancer, and then COVID-19 affecting us all?

Especially if my monthly funds well cover my bills and I’m now in consolidation?

-Arden

Dear Arden,

I’m so sorry for your loss.

When a landlord evaluates a possible tenant, the landlord wants to make sure the tenant is going to be able to afford to pay the rent, and will pay the rent when it is due without drama, will take care of the property, and will not annoy the neighbors.

A person’s credit history is a great indicator of willingness to pay money owed when it is due, and an owner can see your history of being responsible for your obligations.

That is a big part of what a landlord is looking for, but there are so many more factors that a landlord considers before making the decision to accept a tenant:

  • Does the client have a good rental history?
  • Do they make at least three times the rent and have a stable income?
  • Has there been any criminal history? What about sexual predators or offenders?

Many property owners will look at credit history as being black or white, but some are willing to dig deeper. You have a legitimate reason for having monetary difficulties and some owners may take that into consideration if your history was good before the devastating events and has improved significantly lately.

If all the other factors are good, and you tell a prospective landlord what to expect up front, you may find someone willing to give you a chance. Best of luck.

Sincerely,

Hank Rossi

This week the question for Ask Landlord Hank is about how landlords and property managers look at bad credit history from a potential tenant.
Landlord Hank says, “Many property owners will look at credit history as being black or white, but some are willing to dig deeper.”

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I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta.