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Rent And Deposits | What Every | Avoid The Nightmare Tenant And Eviction: - At Ai-Tube.com

Rent and Deposits | What every Avoid the NIGHTMARE tenant and eviction: 1 month ago   10:12

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Avoid the NIGHTMARE tenant and eviction: Rent and Deposits | What every 1 month ago   16:41

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Here is my screening process when looking for a tenant. As a landlord and Realtor, I have leased HUNDREDS of places - these are the red flags I've noticed and how I now go about selecting the best tenants. Enjoy! Snapchat/Instagram: GPStephan

1 .Bad Credit Score. This is something I can sometimes let slide depending on the situation, but generally this is a red flag. A credit report and score shows you how responsible your tenant is paying their bills and loans. Often times if you see they’re behind on car payments, medical bills, have liens or judgements against them…chances are, they’re not going to be an ideal tenant. Now every situation is different and each case is treated individually. But generally speaking, if they’re consistently late on their bills, have large amounts in collections, and otherwise they don’t care - pass.

2.The next red flag is when the tenant has a lot of unreported income. First of all, regular cash deposits are usually an immediate red flag that something is sketchy, and the type of person who does this for the purposes of avoiding the IRS is already not someone I want to associate myself with. But generally with cash income comes infrequent income, and this is the type of tenant who might not have rent every month. Usually this type of tenant is doing something sketchy, it might not be sustainable, and it’ll be inconsistent. They could also be trying to hide from collections by keeping what they need to in cash, so I suggest looking closely at avoiding this person.

3. The next one is wanting to move in ASAP. Although this isn’t always a red flag, this is something I’m extremely weary about. This is something I take on a case-by-case basis. Some times the tenant just didn’t have time to find a place and their lease is up…that’s cool if you can verify it. Other tenants just want to get the house hunt out of the way by locking something down ASAP and then having an overlap, that’s cool to. But there are other tenants who are in the process of being evicted or forced out of their last home and just need somewhere to move immediately and use this as a negotiating point for landlords. Be weary of someone willing to move in immediately, it could be fine or it could be a way for a tenant to lock something down before they’re evicted. Find out why they’re moving and if you trust that’s the truth.

4.The next is not providing their previous landlord’s information or lying on their application. Many tenants refuse to put their landlords information on their applications. Many times they’ll have an excuse like they aren’t on good terms, its a he said she said story, or they don’t want to tell their landlord that they’re moving…in any event, it’s an immediate red flag and seems sketchy to me. If they’re not providing their landlords information, they’re withholding information from you to make an informed decision about this tenant. Many tenants will also lie on their applications and put someone else’s number who will pretend to be the owner. If this happens, immediately cut them off…this happens way more than you’d think.

5.Doesn’t show u on time or doesn’t pay on time. Hopefully this happens BEFORE you sign a lease with them. If the tenant doesn’t show up on time for an appointment, this is something you should consider. Generally the people who don’t show up on time will not be the type to pay on time. Make it a priority for the tenant to pay on time. Another one is if the tenant doesn’t pay their deposit or first months rent on time…if they make an excuse early on, take this as a sign that they aren’t the right tenant for you.

6.Trust your gut - if you feel uneasy about someone, go with your intuition. I really believe that your intuition will pick up things that a logical approach will not…if you feel uneasy about a tenant, trust it. Even if everything logically checks out, it’s important you feel confident and sure of your decision on a gut level as well.

If you follow the above, you’ll be in a much better position to pick the right tenant.

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

Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq

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