If you want to avoid having a nightmare tenant move into your property, here are five tips you must remember.
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Here are the top five tips you must remember if you want to avoid having a nightmare tenant:
1. Make sure they have a completed application. This way, you’ll be able to follow up with them and find out more about their personal and work history.
2. Make sure they have a good credit report. For this, I use companies like RentSpree and TenantReport.com. They charge anywhere from $20 to $35, and they’ll provide you with a complete credit report along with the potential tenant’s credit score. I typically look for a score above 720, but exceptions can be made, depending on the explanations. Find out the applicant’s current pay history, whether they pay on time, and make sure they don’t have any foreclosures or bankruptcies.
3. Ask for bank statements. I usually ask for two or three of the applicant’s latest statements. These statements will show you a pattern of their current bills, and you can compare them to their credit report.
4. Meet the applicant at the property. This verifies that the property is exactly what they’re looking for. It also gives you an opportunity to introduce yourself, establish a great rapport, determine the best means of communication, and go over a few ground rules (e.g., where they’ll be parking).
5. Beware of any applicants who want to move in immediately. Any situation where applicants want to move in immediately constitutes a red flag for me. Why do they need to move in so quickly? Haven’t they planned this out? This isn’t to say that everyone has to follow the typical 30-to-45 day moving timeline, but in this case, I recommend getting in touch with their current landlord and asking why they want to move out so quickly.
As always, if you have questions about this or any real estate topic, don’t hesitate to call, text, or email me. I’m happy to help.
I'm sorry, but your tips are absolutely ridiculous. Every tenant needs to be screened on a case by case basis. My credit score is unfortunately terrible,I've had a bankruptcy as well,and also unfortunately we needed to move in to the property we just moved into 6 weeks ago very quickly as our old landlord wanted us out in order to sell. My bankruptcy is over 12 years old, and the small amount of credit I have reestablished is good,but small. Here's the other part, I'm on housing, so my rent is guaranteed. By the way, I'm an exceptionally excellent tenant, as I'm not only a clean freak, but in all the properties my fiancee and I have lived in we upgrade. Only 6 weeks here so far, and my fiancee has already installed a new toilet and next will be a brand new Koehler faucet in the kitchen. These items have nor been at the owner's cost either. Oh and by the way, did I mention my fiancee was a contractor? So your list of tips don't always apply,and every case should be treated individually. I definitely believe that I'm not the typical " housing tenant" either. Thank you, and good luck to all rentees and renters. P.s. I also come from the real estate industry, having been an old mortgage pro myself.
ReplyDeleteHi everyone, I've seen comments from people who have already received a loan from Anderson Loan Finance. I really thought it was a scam and I applied for a loan based on their recommendations because I really needed a loan. A few days ago, I confirmed on my personal bank account the amount of 12,000 euros that I had requested for a personal loan with a rental percentage of 2%. This is really good news that I am happy with and I advise anyone who needs a real loan and who is certain that they will repay the loan to contact them via email.
ReplyDeleteThey can lend you a loan!
Please contact Mr. Anderson Ray
Email: andersonraymondloanfinance@gmail.com
OR
Email: andersonraymondloanfinance@hotmail.com
Phone: +1 315-329-6320
The office address @ (68 Fremont Ave Penrose CO, 81240) ..
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