Today I’m discussing the pros and cons of buying or selling a house during this pandemic. People who have lost their jobs may not be able to make their mortgage payments and might not be able to keep their homes. Of course, that’s heartbreaking, but they’re able to sell right now despite the health crisis. Also, more houses coming onto the market benefits buyers. Additionally, interest rates are currently extremely low. To learn more about buying and selling amid the coronavirus, watch the short video above.
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.
