Screening Tips

While a 3rd party screening company is always recommended for the best results, some landlords prefer to make the calls to verify applicant information themselves. This presentation is designed to provide local landlords some resources to conduct their background check. There are many more sources available and this presentation is not meant to be all inclusive. Information you choose to use is at your own risk. Please consult your attorney to make sure you comply with all local, state and federal laws.

Transcript

1. Blue Mountain Rentals Helping Landlords & Renters Click! Screening & Background Checks Resources & Tips Presented by: Lori Hartjoy, Owner Wednesday, October 23, 2013 DISCLAIMER: Any information presented or that you choose to use is at your own risk. All details and facts are informational only. You are strongly encouraged to seek legal or financial counsel before making decisions regarding your investment rental properties.
2. Getting Started  Application  Credit Report  Experian Connect $15  Annualcreditreport Once yearly FREE  Renter Criteria  Photo ID  Telephone  Computer Access (Not 100% required)
3. Acceptable forms of ID  U.S. passport or U.S. passport card  U.S. Military ID (active duty or retired military and their dependents, and DOD civilians)  Permanent Resident Card  Border Crossing Card  DHS-designated enhanced driver's license or Drivers Licenses or other state photo identity cards issued by Department of Motor Vehicles (or equivalent)  Native American Tribal Photo ID  A foreign government-issued passport You want to confirm information on application with what is on the Photo ID – Name, Date of Birth and Address. Does the photo look like the person applying?
4. Credit Report Tips  Addresses  Names  Judgments  Collections  Medical  Non-medical  Negative payments  Current debt
5. Derogatory Credit Facts source: http://creditapprovalnow.com/how-long-do-negative-items-remain-on-your-credit-report/ 1. Chapter 13 bankruptcies need to be removed from your credit report after 7 years. 2. Chapter 7 bankruptcies need to be removed and deleted from your credit report in 10 years from the discharge date of the bankruptcy. 3. Foreclosures remain on your credit report for of 7 years. 4. Late payments remain on your credit report for 7 years. 5. Collection accounts remain for 7 years. 6. Public records must be removed and deleted from your credit report after 7 years from the recorded date. 8. Unpaid tax liens can remain on your credit report indefinitely. Paid tax liens will remain on your credit report for a period of 7 years from the date you paid or settled the tax lien. 9. Judgments will remain on your credit report for 7 years or until the statute of limitations runs out, whichever is greater. You can have the judgment removed from your credit report and still have the judgment effective. For example, most judgments are good for 10 years but most judgments are deleted from the public records after 7 years. That judgment will be good for another 3 years in most states.
6. Rental References  Local  Dexonline  Taxsifter  Non-Local  Check for ownership records on assessor site  Dexonline  Online Background Check Personal letter from landlord
7. Employment Verification  Paystub from last 60 days maximum  Tax Return for prior year  Check online for HR Department  Reverse search provided numbers
8. Criminal/Evictions Check  Washington State Patrol  County Courthouse for evictions  National Sex Offender Search –  Terrorist Watchlist  3rd Party Screening/Background Check Service – MANY!
9. Relative Information  Provides possible locations  Provides possible last names  Personal reference check - Character
10. 3rd Party Screening Company There are many options! Choose one & stick with it  Myscreeningreport  Mysmartmove  Padlister  Tenantscreeningreport  Tenantbackgroundsearch  e-renter  tenantverification
11. Be Consistent Maintain Records  Follow the same procedure for every applicant  If you decide to change your process  Start at the next vacancy.  Check with your attorney  Keep accurate records for each vacancy.  Maintain records for the term you and your attorney determine to be in compliance with local, state & federal requirements.
12. Blue Mountain Rentals Helping Landlords & Renters Click UPCOMING WORKSHOPS: 2. Curb appeal & Turnover 3. Landlord/Tenant Nightmares & Landlord Tenant Act with Guest Speaker Attorney Jared Hawkins 4. Roommates & Occupancy 5. Advertising, How & Where 6. Scam Listings 7. Service/Companion Pets 8. ROI—Incentives/Concessions - Are they good? 9. 3rd Party Resources—WWRPA, WW Crime Free Housing 10. Plan your move—Must have vs. wants—Budget 12. Periodic inspections 13. Search tips—Scams 14. Prepare for the landlord meeting 15. Make your pet landlord friendly– Service/Companion Animals Visit our website at: www.bluemtnrentals.com Or call us at: (509) 240-3325 For personalized assistance
13. HANDOUT 1 – www.moco-inc.com
14. HANDOUT 2 – Resources for verification