Education and news for smart DIY landlords!
As a landlord, your goal is to rent out your property to the right tenants - those who are credit-worthy, able to pay, and are capable of caring for your rental property. This is where screening applicants and evaluating which of them should you rent out to become really important. Sometimes, you will need to choose between two qualified applicants. This article will provide you with the necessary steps in determining the best tenants.
1. What are the areas you need to look into during the screening process?
2. How do you evaluate a tenant's credit report?
3. When speaking with a tenant's employer over the phone, why is it better to offer information that's on the application and wait for confirmation rather than to immediately ask an open-ended question?
4. What are questions you need to ask a prior landlord about a tenant?
Let's talk about the first of these 4 questions. What are the areas you need to look into during the screening process?
If the tenant/applicant has no real credit history or a not-so-high income but has a friend/family member who is willing to cover part of the rental, that person can be a co-signer. The co-signer needs to fill-up a separate application form.
Lastly, make sure to DOCUMENT your search. Take down and save all your notes!
For the rest of this lesson, existing Landlord Prep students should log-in to the module entitled Between Tenants - Tenant Applications - Credit Check and Application Screening.
Not a member yet? Join the Landlord Prep: Video E-Course and How-To Tutorials so you can access this section, download a copy of the tenant application form and other relevant forms, and get the complete DIY landlording course. This will help you stay knowledgeable and confident as a landlord.