Where have all the good tenants gone? It may seem impossible to find the right people who pay their rent on time and will respect your rental property. Follow these handy tips to find the tenants of your dreams.
Check Out Websites and Groups
Join local landlord groups and network and learn more about industry practices. You can even use certain sites, like bum tenant to see if your potential tenant still owes money, or use groups to reach out to past landlords. Groups can even give advice on when to increase rent, and how to handle a bad tenant or tricky rent situations as they arise!
Make Sure They Check Out, and No Red Flags
If doing a landlord check make sure the number provided matches and isn’t a friend posing as a landlord. Don’t call their current landlord, because if they are the bad tenant they might say anything to get them out of there, call the previous landlord if possible!
Don’t Rent To Someone With A Messy Car
You want someone that is going to take good care of your rental property. What kind of car did they drive to meet you in? Can you see trash overflowing over a mile away? Is the car in need of serious repair? How one takes care of their vehicle is indicative of how they will take care of your property, so if they abuse their vehicle they are out!
Don’t Take Rent In Advance, Or Tenants Who Can Move In Tomorrow.
Any Tenant that is always offering to pay rent in advance and in cash may be risky. While having a instant cash payment sounds like a dream come true, this may be a tenant who doesn’t have reliable income, or are trying to keep you from checking up on them. Tenants who can move in next day are also suspicious because they may be getting kicked out of their last property and don’t want you to look further into them until it’s too late.
Keep Your Property Updated
Tenants want updated amenities, and making updates to your rental property will attract better tenants. Having a beautiful kitchen, or even a quick update to your apartment like lighting and new furnishings can make better people want to live in your space. Home Rehab Loans are a great options for those looking to further their earning potential on their real estate investments.
Learn more about our Home Rehab Loans here.