Large deposit to compensate BAD credit

Wanted to get opinions on who has been succesful increasing the deposit to offset bad credit scores? Some people make great money but lost a house or had other life events destroy credit. Best way to rent to this group while protecting my home? I usually ask for a 2-3 month deposit. Other ideas?

Maybe for borderline credit sc...

Maybe for borderline credit scores. I am currently evicting a tenant that gave three months deposit and then made one months payment late. After that it was all down hill. A credit bureau is the only way to go. If a bank wont take a risk why should you? If they are willing to give you post date checks for each month it may work. If the check doesn't clear it may be a felony in your state.

You make some good points _ ye...

You make some good points _ yet from my perspective. As long as the deposit more than covers the vacancy loss and eviction expense. You still come out clean. In essence this makes it lower risk than a good credit customer that bails. We have both had renters with good credit that have jumped ship or needed to be evicted. Regarding the bank lending. I've seen studies that suggest just as many "A" paper borrowers were in foreclosure borrowers in multiple markets across the U.S.

Depending on the demand for yo...

Depending on the demand for your unit I agree with the deposit equation.  In my mind the best way to handle all of this is to have a system and stick to the system in every possible instance.  That system should include a tenant screen, calling previous landlords, verifying employment, and taking a deposit.  Also, hopefully it never comes down to a eviction, but if it does that you follow all of the eviction procedures to make it as painless as possible. 

I'm in this same situation, is...

I'm in this same situation, is 2 months rent too much to ask for? 

I had one tenant that on his b...

I had one tenant that on his background checks had 3 pages of litigation that they were involved with. His credit was also not good. he offered to pay a full year in return. I accepted. However, on the return of deposit, he was adamant to get the entire deposit back, where there were multiple deductions allowed. He sued and we were in court for the first time. We received the deductions we sought, though the lawyer fees ate up the rest of the deposit. Next time we'll represent ourselves. Bottom line is make sure to have enough deposit to cover your house! And if they appear litigeous, be aware and be prepared with plenty of receipts and solid estimates if they leave damage

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