Hi, I am cofused on it. I have tenant family of 3 adults. One of them thinks he has bad credit rating due to some incident 4 years ago. But they Happy to pay 6 months rent in advance for 6 months tenancy contract. Shall I consider them as a tenant?
its up to you 6 months upfront is good. are you going to reference all of them ? you should do . It is a tax deductible expense. Maybe 6 months upfront is because there is a hidden agenda
Thanks for your reply. Yes I will do credit and reference check as well on all 3 of them. But is it OK to let them property with bad credit score as far as rent is paid in front for 6 months?
thats your choice you have to decide
I take a pinch of salt when tenants asking for paying rent in advance. Had bad experiece with one like this before. The reason for them to offer this has a reason behind it. You need to find out why they can’t pay montly like others do.
Also prepare yourself just in case they don’t pay or leave after the fixed contract. Put measure in place just in case it happens.
i Have had 3 tenants volunteer to pay 6 months upfront and had no problems
The reason is one of them have ccj in history. It’s now settled according to him. He like to pay monthly anyway but to get him accepted he wouldn’t mind paying whole 6 months term upfront.
well you now know he says" I have paid it off". So that paying off should show in the credit check. If its a lie dont take him on . Take 6 months as offered . Do all credit checks FIRST
Your suggestion is really helpful.
I will do that and find out.
Many Thanks for helping with this confusing matter.