The Do’s and Don’ts of Selecting a Tenant!
Now that you have renovated your property and it is in livable condition, the next step is to find yourself a good tenant!
Listed below are some Do’s and Don’t of selecting a tenant.
DO review the potential tenant’s application carefully. Make sure that all of the necessary and required information has been filled out correctly. An incomplete application or omission of information is a sign that the tenant may not want you to know something about his/her past rental history.
DO obtain a credit check. This is one of the most important things when beginning to evaluate whether or not a tenant will be a potential renter for your property. In most cases, if the tenant has a bad rental history, they are not going to spare you any less drama. Do yourself a favor and run a credit check. This will save you the time and money that it will take to evict this person for non-payment of rent.
DO verify the potential tenant’s employment history. Make sure that this person has been able to hold a steady job and can pay the rent. Ask for a significant number of check stubs. This will let you know if the person is legitimately working and able to pay. Also, don’t be afraid to call and verify their employment. In this business, it’s always better to be safe than sorry.
DO obtain a copy of the potential tenant’s Driver License or State ID and social security card. This is a must when selecting a tenant. You want to make sure that this person is legitimate and that they are who they say they are. Also, in the event something happens, you will be able to track the tenant down.
DO obtain a security deposit on the rental unit. Most landlords ask for security deposits to be held in case the tenant causes damage to the property during the time the unit is rented.
Don’t allow the tenant to move in without signing the lease. Even if you know the tenant and have selected them to move into your property, have them sign the lease first before you give them keys.
Don’t select a tenant who has lied on their application. The tenant needs to be as truthful as possible and provide you with correct and accurate information.
Don’t select a tenant that doesn’t have good landlord references. If they have broken previous leases and caused damages to other rental properties, then you can save yourself time and money and find a more fitting tenant for your property.
Don’t select friends and family as tenants unless you know that they are clean, reliable and able to pay their rent. It is very easy to have sympathy for a loved one that is down on their luck and for whatever reason, doesn’t have housing. From a business standpoint, this would not be in your best interest. Unfortunately, some family members can and will take advantage of you and your sympathy.
Don’t be afraid to ask your tenants questions in the selection process. You don’t want to be discriminatory; you just want to make sure you have all the facts about your potential tenant before you render a decision. Being thorough in your selection will save you time and money. If you would like more information on real estate investing go to http://cashinonforeclosuresblog.com
Sincerely,
Annetta Powell
The Queen of Real Estate!
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