Condominium Complex how to invest in real estate beginner real estate investor

When Prospective #Tenant Wants to Move In Quickly … #tenantscreening

We have a one bedroom condominium for rent. The current tenant gave notice about 3 weeks ago. We always require 60 days notice so that we can minimize loss of rent when we have tenant turnover. We advertise using Zillow and Craigslist. It is extremely important to thoroughly screen prospective tenants! Your tenant evaluation criteria […]

Dining Room Hole in the Wall beginner real estate investor how to invest in real estate

4 Lessons Learned – #Section8 #TenantScreening

Let me preface this post by saying that we are not casting aspersions on the Section 8 program. We can only speak from our personal experiences. During the past 2 -3 years, when we advertise a property for rent, we get many inquiries from prospective tenants who have “housing vouchers.” The “housing vouchers” go by […]

Condominium Living how to invest in realestate beginner realestateinvestor realestateinvesting

When #Tenant Borrows Security Deposit … #tenantscreening

We posted a 2 bedroom condominium for rent. The condo is located in a lower middle class area, so it was taking longer than usual to find an acceptable tenant. A 41 year old man submitted a rental application. His initials are DA. DA had fair credit, an acceptable salary, and a good landlord reference. […]

Rental Townhome how to invest in real estate beginner real estate investor handsonrealestateinvesting

When #Tenant Negotiates Up Front … 3 #LessonsLearned

We have a 4 bedroom 3.5 bathroom townhouse for rent. We received an inquiry from a 47 year old male schoolteacher with a 12 year old daughter. His initials are KLJ. A divorce damaged KLJ’s credit, but his income is over $80k per year, and he has a very good landlord reference. Due to his […]

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When #Tenant Offers Double Security Deposit … 3 #LessonsLearned

We are screening prospective tenants for a 4 bedroom 3.5 bath townhouse. A young couple with 2 children viewed the townhouse and liked it very much. As we began talking about their qualifications, they mentioned that she had delinquent student loans and he had no credit at all! To counter their poor credit, the couple […]

Condominium Complex how to invest in real estate beginner real estate investor

3 Tips – Quick #Tenant Turnaround! #realestatetips #tenants

For landlords, managing the exit of a current tenant and finding a new tenant directly impacts the bottom line (i.e., cash flow). Over years of trial and error, we believe we have perfected the “tenant turnaround” process. For example, we have a 1 bedroom ground floor condo and we recently received notice from our tenant […]

Residential Real Estate how to invest in real estate beginner real estate investor real estate investing

When #Tenant Pays #Rent Late … #tenantscreening

When tenants start paying rent late, especially if it’s more than 1 week late, chances are they will never catch up. The very first time they are late paying the rent, you must charge them a late fee. You must set the tone early in the landlord-tenant relationship. Your goal is not to be friends […]

When Prospective #Tenant Rushes You … #tenantscreening

We have a 3 bedroom 2 bath townhouse available for rent. A 30-year old woman with 2 children applied to rent the townhouse on a Sunday evening. She has a $90,000 annual salary, a FICO score of 640, and a very good landlord reference from her previous landlord. We called her current supervisor and character […]

When #Tenant Stops Paying #Rent … #tenantscreening

One of the most critical events that can occur to a landlord is when the tenant stops paying rent. In our opinion, it is very important to assess how serious the infraction. There are 3 levels of severity: Minor/Short-Term ( rent is a few days late) Moderate (rent is a few weeks late) Severe/Long-Term (rent […]

#TenantScreening — Bait & Switch! #tenant #tenants

For the first time in our real estate investing career, we encountered a bait & switch ruse. Here is what happened … We began advertising a 3 bedroom townhouse for rent. Our first phone call was from an elderly woman in her late 60s. Her initials were AP. AP said her retirement income was $6500 […]