Screening Tenants - Important Steps to Proper Tenant Screening
http://www.REIClub.com -
Tenant Screening Can Eliminate
Tons of Landlording Hassles. Here Are Some Helpful Tips on How To Properly
Screen Tenants.
Hi, this is
Frank Chen with REIClub.com, the only site you need as a real estate investor.
Today I've got quick video on some helpful tenant screening tips that will help you with your tenant checks.
Rental
Application:
* Applicant provides photo
I.D.
*
Don't hand out applications - have the tenant complete the application on the spot.
* Don't let the applicant fill out the form - instead, ask the applicant questions while you complete
the form yourself.
*
Charge a nonrefundable application fee (~$25-40) - separate the serious from the window shoppers.
* Require applicant to
sign authorization for a criminal background check
Screening:
At a bare minimum, screening tenants include:
*
Talking to the current and prior landlord
* Verifying the tenant's job or other sources of income
*
Criminal background
* Evictions
*
Credit report
Additional steps when you screen tenants:
*
Personally visiting the applicant in their current home - If you pay a surprise visit, you'll be able to collect a great deal of information.
*
Talk to the applicant's existing or old neighbors - they'll provide a wealth of valuable information for
FREE
Don't get tricked!
- Falsify
Identity → ask for photo I.D. and social security number card
- Falsify prior landlord info/address
* How much is rent, street address, how long tenant has rented for
*
Utility bill on current address
*
Check County Treasurer for property info
- Falsify employment → Pay stub, call employer, etc
...
- Conceal Eviction → civil records, prior landlord
- Under-reporting # of occupants → prior landlord
- Additional
Warning Signs:
* Very eager
*
Sign with little inspection
Screening tenants can definitely be tedious process, but trust me when I say its well worth the effort. The more thorough you are, the less litter to pick up, less damage to repair, fewer late or bounced rent checks, and longer-term tenants.
Again, this is Frank Chen with REIClub.com.
Please take the time to leave your comments for this video below and please subscribe to our
YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.
http://www.youtube.com/watch?v=Oh_1avIvfeo