Credit/Criminal Check
I need to do my first credit/criminal check on a new applicant. She is a single Mom who will have her dad also on the lease (to insure payment). I need to know which of the tenant clearing houses to use. I am in New Hampshire. I want to check criminal history, criminal, bankruptcy etc...
Any idea if it is better to buy an annual service or pay as you go? What should I expect for cost of this service? I expect to get about four to five vacancies per year. Thanks, Kevin
Call your local HUD office - usually every county has one. They can give you specific information on the requirements and rents for your unit.
Fair Market Rents on the HUD website and a fair rent for your local market can be two different numbers.
You need to determine what the market rent for your property would be. Then advertise your property for that amount. You are marketing your property to the pool of potential renters in your market, some of whom may use Section 8 housing assistance.
Enroll your property with the Section 8 housing authority for your county. The housing authority will inspect your property to ensure it meets their health and safety criteria. If your property is accepted, then they will approve your lease should you decide to accept a Section 8 tenant. Each Section 8 tenant has a different assistance need. Some tenants have more income than others and can afford a higher rent than a tenant that depends upon a 100% rental subsidy.
In the past, I have never had the Section 8 folks tell me that my rents were too high. Even though I am higher than the website numbers, my rents are consistent with those obtained in my local economy for comparable properties.