How to Screen Potential Tenants Questions Credit amp Background Check
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Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now Make sure the application you choose covers everything you need to know about a tenant. For best results, choose an application that encompasses financial information, employment information, and personal information. Make sure the application plainly states that a background check, criminal history report, or credit check will be ordered if appropriate, and that the prospective tenant is granting authorization for a check into his or her financial, employment, and personal history. What to Look for on a Rental Application: Current and previous employers – How long has the tenant been at their current job? Has he or she switched jobs multiple times in the last few years?Current income level – Does the tenant’s income cover the rent plus normal living expenses?Financial information such as bank accounts and credit cards, including balances and minimum monthly payments, help to provide a financial “picture” for a prospective tenant and offer insights into his or her ability to pay the rent each month.Contact information for previous landlords should be listed with previous addresses, amounts of rent paid, and reasons for leaving. Are there any gaps in rental history, or are the names and contact inf0rmation for any landlords missing from the application?Lifestyle information such as number and size of pets and number of occupants should be included on the application.Personal references should include names, length of acquaintance, and phone numbers. Ask the prospective tenant to complete the form and give it back to you. Review the form before you start screening to make sure the tenant didn’t exclude any information. Missing information could be a red flag that the tenant may be trying to hide something.
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By Angela Colley Date January 30, 2022FEATURED PROMOTION
With a good tenant, you can sleep easy at night as a landlord knowing the rent will get paid and the property will stay relatively undamaged. With a bad tenant, on the other hand, you’re left to wonder about the state of your investment while fielding calls from angry neighbors. The problem is that any prospective tenant can act like the best tenant in the world during the initial walk-through. But if you want to make sure you’re getting the best renter, it’s important to screen every prospective tenant thoroughly before allowing them to sign a lease. You have two choices when it comes to finding a new tenant for your rental property. You can hire a rental property management company to do the work for you (i.e. they take a cut off the top), or you can keep your money and find new tenants yourself. Personally, since I’m both cheap and a little greedy, I would choose the latter and screen my own tenants. Screening a tenant isn’t too difficult or costly if you follow the right steps.Screening Potential Tenants
1 Request an Application
Start by having every prospective tenant complete an application. You can get a sample rental application from your local real estate association, create your own personalized rental application using a Microsoft Office template, or use one of the application forms available online through Tenant Data or On-Site.Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now Make sure the application you choose covers everything you need to know about a tenant. For best results, choose an application that encompasses financial information, employment information, and personal information. Make sure the application plainly states that a background check, criminal history report, or credit check will be ordered if appropriate, and that the prospective tenant is granting authorization for a check into his or her financial, employment, and personal history. What to Look for on a Rental Application: Current and previous employers – How long has the tenant been at their current job? Has he or she switched jobs multiple times in the last few years?Current income level – Does the tenant’s income cover the rent plus normal living expenses?Financial information such as bank accounts and credit cards, including balances and minimum monthly payments, help to provide a financial “picture” for a prospective tenant and offer insights into his or her ability to pay the rent each month.Contact information for previous landlords should be listed with previous addresses, amounts of rent paid, and reasons for leaving. Are there any gaps in rental history, or are the names and contact inf0rmation for any landlords missing from the application?Lifestyle information such as number and size of pets and number of occupants should be included on the application.Personal references should include names, length of acquaintance, and phone numbers. Ask the prospective tenant to complete the form and give it back to you. Review the form before you start screening to make sure the tenant didn’t exclude any information. Missing information could be a red flag that the tenant may be trying to hide something.