We just posted an advertisement for a 2 bedroom condominium available for rent. An older woman called to say she is looking for a place for her son. We asked for her son’s age … she said he’s 45 years old. Red flag! Over the years, we’ve had several calls from parents looking for a […]
Posts with the how to find good tenants tag
When You Like #Tenant Who is Behind on Rent! #propertymanagement
We have a one bedroom condominium with a tenant who has been renting from us for 8 years. She is a 33 year old single professional who has paid her rent on time. She rarely calls or complains, so we don’t increase her rent at the rate in inflation. As a result, her rent is […]
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 […]
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. […]
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 […]
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 […]
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 […]
#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 […]
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When #Tenant Offers All Cash & Quick Move-In … #tenantscreening
Many years ago, when we were beginner real estate investors, we advertised a 1 bedroom condo for rent in the local newspaper. A woman with the initials VW called to make an appointment to see the condo. When she arrived, she told me she was in a situation where she had to move right away […]