Whether this is your first time in the role of landlord or you are a seasoned veteran, you probably know that choosing a tenant can be one of the most critical and trying facets of the process. The profitable success of your property lies entirely at the hands of an individual or individuals. It goes without saying, then, that you want someone of high-quality, of respect, and someone you can trust. Below is the checklist every landlord should know before signing the contract.
Know What You Are Looking For
Before you start putting up the ads on Facebook, Craiglist, or Zillow, you need to reflect on what you need in a tenant. As a general rule, tenants should make at least three times the amount in rent, of individual or combined income. Moreover, hopeful candidates must be capable and willing to pay rent on time, no exceptions. Also, check for any long-term gaps in employment. If you have candidates who are young, observe their job history. Examine whether it appears to be moving upward, remaining stable, or regressing downward. Ideally, your tenants will hold a stable job with potential for growth. You do not want a tenant with a poor job history.
Meet Them in Person
The way to screen if someone will be a burden of stress on you is to meet them in person. Typically, it’s wise to allow hopeful candidates to call or email you first, so you…