What to Look For In Potential Tenants
Renting out a property is a serious decision and takes considerable thought and discussion.
In light of recent housing market trends, many homeowners have to down grade their current homes, or homes that were once for sale are now up for rent.
But for those who are able to do so, many investors are buying up foreclosed homes and turning around and renting them out.
No matter how you find yourself renting out your property; acquiring a quality tenant should be high atop your priority list.
Some of qualifications to look for are verifiable income. Remember, income is any monies coming into the house; which includes but is not limited to, income from their job, food stamps, retirement benefits, or child/spousal support. A good rule of thumb is for total income to be equal to or greater than three times the rental amount.
Run a credit check. Are they current on all their bills or do they have bounced checks at the local pizza place or grocery store?
Have they rented before? If so call previous landlords; they have been there and done that. Ask the previous landlords if the applicants paid their rent on time, how they kept the property, how much of their security deposit they received back. Also be sure to ask if they are related to them in anyway. You’d be surprised how many glowing recommendations you will get from mommy or daddy.
If you are on the fence about renting to someone, or you have multiple qualified applicants; examine how they have handled themselves during the application process.
The following are some characteristics to be on the lookout for in a potential tenant:
* They were late to their scheduled appointment to view the home. Depending on the circumstances, their lateness could translate to being unconcerned about inconveniencing others and perhaps not fulfilling personal obligations; such as paying rent on time.
* Ability to get a hold of potential tenants. If during the application process the tenants were very easy to get a hold of or they promptly returned voicemails; that characteristic will more then likely continue through their tenancy. An easy to reach tenant is a desirable person to have in your rental.
* When you showed them the residence they and their children, if any, were respectful of the home. Someone who isn’t respectful at the initial showing of the home will not be respectful of it two years from now.
Renting out your property is a huge decision, and deciding who to rent your property to is an even bigger one. Hopefully this article has helped shed some light on such an important choice.
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