Choosing the Right Tenant for Your Investment Property
Anytime is a great time to own real estate and of course that includes investment real estate! I am a landlord and have learned the hard way how to choose the right tenant for your investment. The right or wrong tenant is the difference between collecting your rent payment or not, between your property being protected or not. And in short between making money or throwing it down the drain.
You can choose a property management company to handle all aspects for a percentage of your cash flow. Or you could manage your own property. A word of caution if would be that if you only have one or two properties you could look like a “mom and pop” landlord. Would be undesirable tenants prey on these as they assume they do not have a very sophisticated operation thereby allowing them easy entry. They realize that it is very difficult for you to evict once they have taken up residence. So heed this advice in order to place the right tenant in your investment property.
- No concern for details about property
- Complaining about previous landlord
- Application not completely filled out
- Lack of references to check
- Need to move immediately
Completed Application Package Includes
- Completed Form
- Application Fee
- Two utility bills for two months, one being power with current address
- Two copies of ID in color, one being the drivers license with current address
- Three references, one being from current landlordAlso a good resource is www.ntnonline.com (National Tenant Network). They will run credit, criminal, and background checks for a fee. It’s fairly inexpensive. And certainly a lot less than the cost of renting to the wrong individual.
I hope this has helped if you are embarking on finding the right tenant. I am happy to help if you have any questions about the renting aspect of being a landlord. And unlike me you will choose the right tenant the first time!
Debbie Dove, Agent Owned Real Estate, 843-633-3315