In today's market of leasing properties, everyone wants to find that perfect tenant. Believe it or not they are out there. However, sometimes we don’t have the time or finances to wait around for that to walk through the door. In the meantime, there are key items that you should be looking for in approving that certain someone to move into your cherished investment. Lets look at these item by item.
First is the income of the perspective occupants. Make sure that you have verified the work history, monthly gross income, and the potential future with that employer. It is always good to ask for check stubs or even past tax records. Obviously these are very difficult to forge and will be necessary for any self employed tenants as well. Also make sure that the income is at least two and a half times the rental amount. Don’t set someone up for failure thinking they might be able to pull it off paying $1095 in rent and only making $1500 a month.
Second is the rental history. This of course is crucial. Some very key questions need to be asked to their current landlord. Such things as what is their payment history, how long have they been in the property, do they receive excessive HOA violations, what is the condition of the property, and would you re-rent to them. These are just a few questions you should be asking preferably in writing. This information will be a bigger factor then the income and the credit score for the potential tenant.
Finally is the credit history. Make sure you have a reliable third party resource that is issuing you credit reports. Verify that it includes criminal background, public records, and any civil judgments. It will help if the institution you use specializes in screening tenants. We have certain standards that we use that if the credit score is below 550 then we ask for a month and a half deposit.
At the end of the day as always we suggest hiring a professional company that does all of this for you. They have the guidelines and resources already in place to pick up any red flags that might present themselves. Getting a tenant in your property only to have them quit paying rent is an ongoing nightmare for any investor. Finding a quality tenant will save you thousands in the long term.
In the next newsletter we will discuss the dreaded eviction process. We will mention ways to speed it up and the dos and don’t's that might take place.
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