Top 10 Red Flags landlords need to look The 5 things I wish I knew before 3 months ago   06:10

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The Holton Wise Property Group
Tenant screening - How to screen tenants - Learn Tenant screening secrets from the pro's - Tenant screening tips - Rental property tips - landlord advice - Professional Landlord & Property Manager #JamesWise discusses 10 obvious & not so obvious Red Flags Real Estate Investors need to watch out for when they are screening their tenants.

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Comments 487 Comments

eeheller4
The credit and rental history report usually weeds all these problem people out. People handle their households in the same fashion as their finances.
MAC T
So no blacks and Latinos?
Sharon Scott
Hi I have a couple of problems,tenants who waits on the 5th to pay rent,Wisconsin's has a grace period though,tenants chained their kids toys to my tree,thy r extremely noisy no rest for me purposely to annoy me,thy r reckless hallway lite torn down when I came home from WRk,now all of a sudden my outlets r not working& wobbly she claims,but we did inspection together &I recorded everything b4 thy moved in, thy don't knw that,this a method to refuse rent it seems,wht can I do
Paul Puljic
When they roll up in their hooptie with the stereo going THUMP THUMP...If they're doing it when they show up at 2pm to look at the place, they will show up at 2am to piss off the neighbors...another red flag.. A good chunk of the red flags have a lot to do with Section 8 types....they can ruin a good neighborhood over time. Some landlords don't give a shit....I live in Akron, and the house next to me....I can tell you stories..go ahead...ask me 20 years back. Holton Wise gives the facts...and utilizing social anthropology study in regards to transient renters keeping neighborhoods right and safe. You can't rent to anybody.
G Castro
All good except for the ear piercing...discrimination
East Clintwood
I think you are completely full of BS. Ya know, people DO fall on hard times which lead them to not always be able to pay their rent on time. It doesnt make them bad people. I have rental property and have rented to former evictees and they are some of my best tenants. They just had a streak of bad luck in the past. You need to specify that it depends on the REASONS as to why they were evicted. Also, some people dont feel it is a need to have a car. That has NOTHING to do with their character or worthiness. Personally, if I were looking to rent and had you for a potential landlord, I would definitely look elsewhere.
Ashley Travers
If they don’t have a broche shouldn’t be a red flag there are many people who choose not to drive ( whether they just don’t want to or because they had a traumatizing expire ce in a car) and there are some people who medically can’t drive And if that is a deciding factor for you then I wouldn’t even want to be your tentent even if you had the most beautiful houses in the world.
VanGogh22
Actually renters who have gardened tend to keep the property nice and stay there for a longer time. This is based on my owner experience.
Negan
I love this REAL TALK 💯👍
jag2015655 1
WOW!!! Is this guy real😂😂
Joe
There's A LOT of angry renters in this comment section...yikes
Don J
Variant on No. 10: Dude liked the property but wanted rent reduced by $50 and started listing off all his other expenses as the reason. His other expenses are not my problem so why is he telling me? Because he plans to make it my problem.
Masterr Laster
All of them are true. I was thinking maybe the garden was too far but then again gardens can become a source of disagreement in the tenant landlord relationship. Placement of plants maintenance or lack there of.
EstablishedHeritage
Fu*k this guy! "Tenants need to be on their best behavior!" "Your the boss" "never rent to gardeners!" 😒 Bet he got bullied in the worst way in high school and this is the only way he gets back at society. Clown!!!!
Tony J
James, what about steady employment; credit check; last two months of bank statements, calling their employer, calling their last landlord?
Double G
I suppose PM can get a little jaded after being burned time and time again. I'm just glad I'm not a renter because I love pit bulls and I will always have one in my life, especially one from the pound. Not many landlords will rent to someone with this breed. Best dog I've ever owned!
Tony J
I don't agree with all of them but an important one is the tenant has to have 3 months worth of rent upfront (security deposit/1st month/last month).
Trip'n 007
Wow! 20 years ago I was evicted because my boyfriend messed up his immigration status. That's harsh to not give someone a second chance.
paulbrown357
EVERYTHING IS CORRECT...EXCEPT. ....the felons n the garden....RENT TO THEM!!
John Slyfield
I disagree on the bonus tip. I don't drive, so you count me out. Although I would never ask a landlord to drive me to the showing. Because if I cant get there on my own, why should I rent there? I live in a house now, about to move into an apartment, but not because of transportation issues. Gardening? If the property is suitable for gardening, why not? That can be a big draw.
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The 5 things I wish I knew before Top 10 Red Flags landlords need to look 3 months ago   13:34

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These are the 5 things I wish I had known before becoming a landlord, and why learning these NOW can make you a better real estate investor in the long run. Enjoy! Add me on Instagram/Snapchat: GPStephan

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First, I wished I had treated it more like a business rather than a hobby.
When I first started, I was 21 years old. At this point, I had been working as a real estate agent for a little over 3.5 years and even though I had been doing a lot of rentals for OTHER PEOPLE, I had never done it for myself. All of a sudden you have a hard time thinking objectively, you throw your own emotions into the mix, you have self doubt, you worry if what you’re doing is right, and there’s a blurred line between running this like a business vs a hobby…and when I started, I ran it like a hobby. Don’t do that.

This brings me to my second point…keep things professional, and STICK TO THE CONTRACT.
In the beginning, I treated the contract more like a guide…as long as you roughly followed it, that was fine. No, NO, NO. Do NOT do this. Enforce the contract word for word. The contract is written for a reason - there should be no misinterpretation from what’s allowed and what’s agreed on. This clarifies everyone’s expectations for not only the tenant, but also for the landlord. When that contract is signed, all parties must abide by it.

The third thing I wish I knew was that I’d need to be on call 24/7.
If there’s ever an emergency, I have my phone on me to handle anything as it comes up. Most situations that come up, even though I’m technically “on call 24/7,” just aren’t that urgent; usually little minor things that are usually sent over email and you can handle them when you have the time.

The fourth thing I wish I knew is that anything that can possibly break, will break.
As a landlord, you walk into the brutal reality that most people simply don’t care about how they live or how delicate something is. Just like you baby proof a house, you will need to renter-proof your house. This means making things indestructible. If something is likely to break, make sure you don’t spend too much money on it. Just buy good quality DURABLE, not high end BREAKABLE. This will prevent you from fixing and buying new things after every tenant.

The fifth thing is that the biggest learning experience of all of them is simply dealing with people.
On a bigger picture, deeper down, you really have to learn to communicate effectively, be ok with saying no, be okay with standing your ground, while still being able to hear the other person out. You need to learn how to explain yourself in a way that makes sense to the other person, without coming off as insensitive or inattentive. The other person needs to be heard and their thoughts validated before you can say what you want. Just like anything else, people skills are incredibly important and can make a huge difference in whatever business your in.

For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com

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The Book on Rental Property Investing: https://goo.gl/qtJqFq

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