TIP OF THE MONTH - November 2015
Avoiding the Tenant from Hell
Source: Internet: Robert Cain-Information for Landlords
There was a time
when you did not have to know a lot of things to stay out of trouble in
the rental business. You could just pick any tenant you wanted to
without fear of being assailed by the government. Those were days
when a handshake was your work of honor, when people did what they said
they would do, when bad tenants were not protected by your
government. But times have changed. The real estate industry is
one of the most regulated in the country today. Housing has
become the big issue for all manner of politicians and
bureaucrats. They are constantly trying to take away the rights
of property owners to make a fair profit and to use their property as
they see fit. One bad tenant will cost you at least three months rent
and untold grief. The most important thing a landlord can do is
to select good tenants.
Good tenants make your mortgage payments.
Good tenants turn you a profit. Good tenants maintain the property
where they live and increase the value of your investment. Many time
landlords are in too much of a hurry and they rent their property to
the first warm body who comes along with cash in hand. They live
to regret that decision. A careful tenant screening process will pay far more dividends than will losing a couple of weeks rent.
NOTE FROM CROSSETT REAL ESTATE SERVICES
You must be consistent in your screening policies:
An application process should determine the
prospects affordability, past rental history, source of all monthly
income, copy of ID for all applicants 18 years and older: names and
relationships of all persons living in the unit, who is responsible for
payment and care of the unit, etc.
This web page was updated on 11/02/2015.