Victory Property Management Premium Rental Homes & Apartments

Imagine, Property Management So Passionate, You'll Swear it's Our Home…

  • Home
    • Sitemap
  • Find a Home
    • Apply For a Victory Property Management Rental Home
    • Schedule a Self Showing
    • Charlotte Area Rentals
    • Raleigh Area Rentals
    • Greensboro & High Point Rentals
    • Winston Salem Kernersville Rentals
    • Wilmington Area Rentals
  • Renters
    • Apply for a Rental
    • Schedule a Self Showing
    • Application & Acceptance Information
    • Renter / Tenant FAQ
      • Residential Rental Lease
      • Landlord / Tenant Handbook, & Law
    • Current Tenant Portal Login
    • Renter Resources
      • Application & Acceptance Information
      • Local News & Tenant Advice
  • Owners
    • Details
    • Virtual Rental Rate Property Evaluation
    • What to Expect as a Prized Rental Investor
      • Landlord Self-Management Rental Marketing Assistance
      • Getting Started & Details
      • Property Management Services [Victory Property Management]
      • Landlord / Rental Investor FAQ
    • Landlord Advice & Tips Articles & Ebooks
    • Rental Owner Portal Login
  • Contact
    • Contact Our Charlotte NC Location
      • Contact Our Concord / Kannapolis NC Area Location
    • Contact Our Greensboro NC Location
    • Contact Our Raleigh NC Location
      • Contact Our Cary NC Location
    • Contact Our Wilmington NC Location
    • Contact Our Winston Salem NC Location
  • Misc
    • Teachers, Military & First Responders
    • Meet Our Property Management Team
    • Sell Your Property Management Business
    • Potential Vendor Relationships
844.476.7368
Rent@VictoryRealEstateInc.com
Victory Property Management Premium Rental Homes & Apartments

Imagine, Property Management So Passionate, You'll Swear it's Our Home…

  • Home
    • Sitemap
  • Find a Home
    • Apply For a Victory Property Management Rental Home
    • Schedule a Self Showing
    • Charlotte Area Rentals
    • Raleigh Area Rentals
    • Greensboro & High Point Rentals
    • Winston Salem Kernersville Rentals
    • Wilmington Area Rentals
  • Renters
    • Apply for a Rental
    • Schedule a Self Showing
    • Application & Acceptance Information
    • Renter / Tenant FAQ
      • Residential Rental Lease
      • Landlord / Tenant Handbook, & Law
    • Current Tenant Portal Login
    • Renter Resources
      • Application & Acceptance Information
      • Local News & Tenant Advice
  • Owners
    • Details
    • Virtual Rental Rate Property Evaluation
    • What to Expect as a Prized Rental Investor
      • Landlord Self-Management Rental Marketing Assistance
      • Getting Started & Details
      • Property Management Services [Victory Property Management]
      • Landlord / Rental Investor FAQ
    • Landlord Advice & Tips Articles & Ebooks
    • Rental Owner Portal Login
  • Contact
    • Contact Our Charlotte NC Location
      • Contact Our Concord / Kannapolis NC Area Location
    • Contact Our Greensboro NC Location
    • Contact Our Raleigh NC Location
      • Contact Our Cary NC Location
    • Contact Our Wilmington NC Location
    • Contact Our Winston Salem NC Location
  • Misc
    • Teachers, Military & First Responders
    • Meet Our Property Management Team
    • Sell Your Property Management Business
    • Potential Vendor Relationships
844.476.7368
Victory Property Management Premium Rental Homes & Apartments

Imagine, Property Management So Passionate, You'll Swear it's Our Home…

  • Home
    • Sitemap
  • Find a Home
    • Apply For a Victory Property Management Rental Home
    • Schedule a Self Showing
    • Charlotte Area Rentals
    • Raleigh Area Rentals
    • Greensboro & High Point Rentals
    • Winston Salem Kernersville Rentals
    • Wilmington Area Rentals
  • Renters
    • Apply for a Rental
    • Schedule a Self Showing
    • Application & Acceptance Information
    • Renter / Tenant FAQ
      • Residential Rental Lease
      • Landlord / Tenant Handbook, & Law
    • Current Tenant Portal Login
    • Renter Resources
      • Application & Acceptance Information
      • Local News & Tenant Advice
  • Owners
    • Details
    • Virtual Rental Rate Property Evaluation
    • What to Expect as a Prized Rental Investor
      • Landlord Self-Management Rental Marketing Assistance
      • Getting Started & Details
      • Property Management Services [Victory Property Management]
      • Landlord / Rental Investor FAQ
    • Landlord Advice & Tips Articles & Ebooks
    • Rental Owner Portal Login
  • Contact
    • Contact Our Charlotte NC Location
      • Contact Our Concord / Kannapolis NC Area Location
    • Contact Our Greensboro NC Location
    • Contact Our Raleigh NC Location
      • Contact Our Cary NC Location
    • Contact Our Wilmington NC Location
    • Contact Our Winston Salem NC Location
  • Misc
    • Teachers, Military & First Responders
    • Meet Our Property Management Team
    • Sell Your Property Management Business
    • Potential Vendor Relationships
844.476.7368

News

Landlord’s Guide to Renting to Someone with Bad Credit

By

Jordan Davey

Posted in College Rentals, Featured, Furnished /Short Term Rentals, Investor FAQ, Landlords, Property Management, Rental Market On Aug 10, 2020

Being a landlord can be a rewarding and lucrative gig. Sure, it can be a lot of work, but getting your mortgage at least partially paid for is worth it to many people. Of course, these landlords want to be renting their apartments and homes to the highest-quality renters.

While it would be lovely if everyone who wanted to rent your unit has perfect credit, that isn’t always the case. Renters have a lot of options when it comes to finding the right unit. For example, using a site like UMoveFree gives potential renters thousands of apartments to consider.

With so many options for renters, landlords can’t always have their pick of the litter as they might go elsewhere. As a result, landlords may need to work with some potential tenants with bad credit. This can be worrying to some, but thankfully, there are some things you can do.

Without any further ado, this article is going to go over a couple of tips when it comes to renting to someone with bad credit.

Have Them Get a Co-signer

One of the first options to consider when working with someone with bad credit is to have them get a co-signer. A co-signer is someone who will agree to make payments for the tenant if they are unable to for one reason or another. This is helpful when it comes to making sure you are always paid on time and in full. Without this co-signer in place, you could end up stuck chasing your tenant trying to get rent paid.

Of course, be sure to also complete a credit check on the co-signer. If the co-signer also has questionable credit, that is exactly a large vote of confidence. They should be in a good financial place and be able to make the payments if the person you’re renting to is unable to do so.

Consider A Larger Security Deposit

Another tip for renting to someone with bad credit is to potentially consider having them pay a larger security deposit. If the standard for security deposit is one month’s rent, you could have them put down a deposit or two or three months’ rent.

In a similar vein, you could also charge them a couple of months rent up-front. This will help to make sure you are protected. This won’t cost them anything more in the long run but will give you a couple of months rent upfront to reduce the risk that the bad credit tenant will have.

You could also decide to charge them a larger amount of monthly rent. This will protect you in case the renter is unable to pay in a given month. This is similar to how lenders will often charge those with bad credit higher interest rates than those with good credit.

However, if you try to charge them too much, it could be deemed predatory and charging too much could deter people from renting with you. Also, some cities or areas will have rent ceilings or other rules in place, so be sure you are always abiding by those.

Learn More About Why Their Credit is Bad

When some people see a bad credit score, they automatically assume it is due to financial irresponsibility. While this can certainly be the case, there are many other reasons that someone could end up with bad credit. A failed business, a car accident, an injury, identity theft or even mistakes on a credit report can all be reasons for a bad score.

As a result, it is a good idea to ask the potential tenant about why their credit score is bad, and what they are doing to improve it. You might realize it is something much more innocent and manageable than you initially thought.

In addition to finding out about their credit history and the reasons behind it, it’s also a good idea to find out how they have been as a renter in the past. You could reach out to previous landlords or have them provide references, as well.

In conclusion, we hope that this article has been able to help you learn some great tips when it comes to renting to someone with bad credit.

Leave a Reply Cancel reply

You must be logged in to post a comment.

Contact Us

    Your Name (required)

    Your Email (required)

    Your Phone (optional)

    Questions?

    Apply for a Rental – Click the Infographic

    Apply for a Victory Property Management Rental Home Here

    Schedule a Self Showing

     

    Property Management Concord NC Charlotte Metro

    Want to view one of our homes?  Use this button to schedule a self-showing when available, or a meeting with one of our staff.  If you need an appointment outside normal business hours simply register for the closest time, note your needs and we’ll take it from there!

     

     

    Best property management company reviews in

    Recent Articles

    • Top 5 Tips to Save the Most on Your Investment Property February 8, 2021
    • Leading High-Tech Property Management Company Expands January 19, 2021
    • New Hanover County Landlords Receiving Massively Inflated Tax Bills January 4, 2021
    • Landlord Questions [Top 5 Questions Soon-To-Be Landlords Ask] January 1, 2021

    About Us…

    victory-property-management-team

    Victory Realty revolves around a culture of passion and energy, as well as a love of the current technology revolution. For this reason we have stayed well ahead of our competitors in all aspects of rental management from marketing to owner/client communication. Originating from, and still to this day operating as a commercial marketing firm for multiple companies in and outside the real estate industry, Victory has an inside track on how people use the web day to day. Rental searches are almost exclusively done online these days, and understanding that constantly changing landscape is every bit of half the success battle. Many old style management firms make due as a result of their sheer size, but Victory was built from the ground up during the worst housing crisis since the 30’s.

    Licensed Real Estate Brokerage #C17177

    Designed & maintained by MoveZen.  Victory Property Management Copyright 2020

    Sitemap

    rental investor assistance

    To treat every property as if it were our own, and dominate the best competition nationally with our results. Where we lack resources, we’ll substitute ingenuity, flexibility, and aggressiveness. We’ll never make excuses. We’ll value mistakes over complacency. Open mindedness is a requirement. We will offer as low cost of a solution as possible without sacrificing results. Our clients’ success will define our success. Passion will drive client success. We’ll always strive for better. Imagine what we can be…

    property management company reviews

    how rental investors can increase profit

    Integrity over Profit
    Long Term over Short Term
    Passion over Apathy
    Communication over Silence
    Aggressiveness over Appeasement
    Always allocate resources to the absolute best of our ability to serve our clients’ interests

    Easy Kitchen Upgrades for Your Tired Rental Kitchen How to Secure Your Rental Home Without Losing a Deposit