Taking the time to screen prospective tenants effectively can help to significantly reduce problems in the future while also increasing your returns on your properties by eliminating potential damage and evictions. We have designed this guide to help you learn how to separate quality tenants from those who will result in headaches.
As important as tenant screening is to run a successful property rental business, it’s not foolproof. Even tenants with the best of intentions can be late on the rent, and despite your best efforts to build a good relationship with tenants, that relationship can still go south.
There are more households being rented now than in the past 50 years, according to Pew Research. One of the many advantages of renting is that tenants don't have to worry about property upkeep, repair, and maintenance the way homeowners do.
Are you planning a move in the near future? Whether your landlord is your best friend or a property management company, there's more on your to-do-list than renting a carpet cleaner and mailing in your keys. Rental agreements, with or without a written contract, require you to give formal notice to keep you compliant with tenancy laws.
Has a former tenant requested a reference? If you're a landlord, sooner or later you'll find yourself wondering how to appropriately convey your experience with a tenant without compromising your ethics or exposing yourself to legal conflict down the road. Issuing a tenant reference isn't as easy as sending a quick e-mail or hastily-penned letter with a positive endorsement of (or warning against) the renter.
Twenty-seven percent of people surveyed by Bankrate stated that real estate is the best investment out there when you won’t need the money for at least a decade. As the number 1 pick, it beats out cash investments, the stock market, precious metals, and more.
Homeownership is dwindling, and renters are on the rise. In fact, new rental households have grown by 770,000 a year since 2004. This means it is a prime time to build an extensive real estate rental portfolio.
Denied. It’s a word that nobody wants to hear. Millions of renters and home buyers face that dreaded ‘denied’ on a daily basis across the United States. With rental homes in high demand across California, Texas, and Florida - renters can’t afford to get denied.
Your tenant leaves you a message stating that they need to document their residential address. They weren't specific, and you're left scratching your head. You wonder, What's proof of residence? Can't they just use a utility bill? Are they confusing me with the Bureau of Consular Affairs?
If you're like most tenants who are planning a move, you're worried about your security deposit. Will you get it back? How much will your landlord deduct? Do you have any control over the situation?
Marbles down the sink. Snakes falling out of the ceiling. A whole Cornish game hen in stuck in a garbage disposal. That might sound like the stuff of nightmares, but each one has happened. As a landlord, you never know what you might see when you enter a rental property.
For years, baby boomers have enjoyed the status of the largest living adult generation, but that is poised to change in 2019 (Fry, 2018). Millennials are expected to overtake baby boomers, and others will likely follow. Baby boomers are making it into their late 50s, 60s, and early 70s, so it makes sense that it is time to pass the mantle to other generations.
If you are interested in purchasing an investment property, you’ve likely spent some time researching single- and multi-family homes. While both can be excellent investment opportunities, they don’t beat the duplex. First-time investors who invest in duplexes enjoy countless benefits, including the price.