Hands On Real Estate Investing

We own a 2 bedroom 1 bath condominium in a working class class neighborhood. Sometimes, there are security issues, such as burglary, vandalism, and car theft. Therefore, when we screen tenants, we look for tenants who don’t scare easily. When we rented to the previous tenant in 2015, the rent was $1150. Now, we are offering the condominium for $1400 per month! A young female police officer responded to our advertisement. Our policy is to charge one month’s rent for security deposit. However, she asked that we reduce the security deposit to $500. We hesitated, but agreed to work with her if she had good credit, stable employment, good income, and strong character references. We like the fact that she is a police officer because just her presence provides extra security for the building. She told us that her employer will allow her to take the police car home with her if she lives in the county. We like that! There is nothing like the presence of a police car to scare off criminals. We believe residents like having a police officer close by, so we plan to give her a discount on the security deposit. Keep following this post for updates …

For beginner real estate investors, tenant screening and requiring a security deposit is critical to your financial success! Do you have any property management tips you would like to share? If so, please share your tips:

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.