Credit criteria from a landlord's view

Property investment firm owner Goodell discusses good credit from landlord’s view

 

Story and photo by Gary Bégin

She may look like a nice lady, but you better meet her criteria or else … creditworthiness criteria that is.

Made in the Shade Property Investment Group LLC Owner/CEO CleAnn Goodell needs to protect the interests of her client landlords or else risk losing her own business. Allowing a “bad” tenant to rent an apartment in one of her managed buildings can be a tricky tale, one involving judgements, both figuratively and literally.

“Credit scores are often the first thing I am obligated to check when I get an application from a prospective renter, said Goodell.

The Wenatchee Business Journal sat down with the busy Goodell for a brief interview regarding the importance of good credit and other criteria most commonly used in her industry and definitely by her.

Wenatchee Business Journal: As a property investment company, do you consider Made in the Shade (& you personally) a "caretaker" of your client's assets? CleAnn Goodell: Absolutely.

WBJ: How important is a credit score?

CG: It's about 50 percent of the approval process.  It's the first thing I look at along with a background check and if you don't meet the credit criteria, the application is turned down.  If you have no credit, your application will also be turned down.

WBJ: Can you sometimes help those whose credit is “on the edge”?

CG: If a score is very close, I can take an additional, refundable deposit in lieu of a lower credit score. 

WBJ: What about job history? Is that also important as credit scores?

CG:  Job history is semi-important also, but not as important as your current job and current income.

WBJ: How important are referrals from former landlords?

CG: Rental references are also very important.  If there is an issue with your past landlord, I would like to get the landlord’s side of the story as well as the tenants and make a decision from there.  It is also about 50 percent of the application process.

WBJ: How bad is it for a prospective renter to get a “bad” reference?

CG: Very.  If it's a bad reference the application will most likely be turned down, but could depend on the circumstances.

WBJ: Are you able to help those who need to rent a place, but don’t meet the criteria or know how to qualify?

CG: If they want information, I'll tell them everything I know to explain how credit works, that it's important to have, how to get it and how to make it better if your score is low. 

WBJ: How bad a score is too bad?

CG: Depending on the score, it could take several months to a year to get the score up.  If the score is low because of collections and/or bankruptcy, it will most likely take years.

CleAnn Goodell also owns and operates Palm Tree Rentals, LLC. She can be reached via: CleAnn Goodell on Facebook, at propertymanage.biz or by phone

509-293-3402.  Made in the Shade Investment Group is also on Facebook

or reach her via website: Madeintheshade05.com.

Made in the Shade Property Investment Group is an active member of the Wenatchee Network Group, which meets every Wednesday at noon at the Fraternal Order of Eagles Aerie 204 on North Wenatchee Avenue. Visitors are welcomed.

(Editor’s Note: Physical meetings have been canceled due to new virus rules issued by Gov. Inslee.)

 

 

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