You own a house that you rent out to tenants. You've heard nightmare stories about bad tenants who trashing houses and sticking landlords with expensive repairs.
What if there was a SYSTEM you could use to ensure you NEVER get a bad tenant who trashes your investment property.
Follow these five easy steps and you'll get a good tenant every time.
1. Use a detailed application that includes at least two references... three is better. You need the applicant's social security number so you may pull a credit report.
2. Get cashiers checks for a security deposit equal to one month of rent. Get a cashiers check for the first month's rent. Get a check for the credit report.
3. CALL the references; Ask them if they would take the applicant as a tenant again. Property managers call the references, but 9 out of 10 landlords don't call. Call.
4. Get your family loan officer to pull the applicant's credit report for you. Look at the credit scores. Scores of 700+ mean the applicants pay their bills on time. Folks who take care of their money also take care of houses. A score in the 600's is marginal; The applicant would have to have excellent references. Scores below 599 mean the applicant doesn't take care of their money. Read their credit reports. If you have trouble understanding the credit report format, ask your family loan officer to interpret the report for you.
5. Most important, say to the applicant, "Let me tell you how I work. You will set up an automatic electronic transfer of the rent money to my bank account on the 30th of the month so the money will be in my account the 1st of the month. Will you do that?"
You are looking for the applicant(s) who say, "Oh that's wonderful that you work that way. I pay my bills electronically, and knowing that the rent will be paid on time automatically is one less thing to think about".
You may get an applicant who says, "Oh but gee, we always pay our rent by check. We'll get it to you on time." Tell the applicant that you insist on automatic electronic payment. Some applicants will drop out at this time. Others may submit, and say, "Oh, okay. We'll set up an automatic payment." Don't believe them. In my experience, folks who say they will pay by check will set up an electronic transfer, then cancel it in 3 or 4 months, and start giving you checks on the 5th, 10th, or 15th of the month.
Bottom line, if they say they want to pay by check, pass them by and take the applicant who says from the start they will happily pay by automatic electronic transfer. All of those who want to pay by check go in my circular file.
So there are 5 tips for landlords that will assure you of getting a trustworthy tenant who will give your house good care.
If you want to list your house for rent on the MLS, I can help you with that. Just call or text me at 703-677-1120.
I'd be happy to help you find a tenant for your house.
Text or call me at 703-677-1120.
Call or text Erick Blackwelder right now for help finding a home, or help selling your house.
Don't worry... Erick doesn't bite, and you won't get a sales pitch. Text or call Erick now at 703-677-1120 for a FREE consultation.
CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.
Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA 22079
Equal Housing Opportunity
Click the link above to email a question to me or call me now at 703-677-1120.
Equal Housing opportunity.