Deciding to rent out a home can be a difficult decision for many homeowners to make; one that is not made lightly.
In light of recent housing market trends, many homeowners have to down grade their current homes, or homes that were once for sale are now up for rent.
But for those who are able to do so, many investors are buying up foreclosed homes and turning around and renting them out.
No matter how you find yourself renting out your property; acquiring a quality tenant should be high atop your priority list.
Now there are the obvious things you should look for such as verifiable income equal to three times the rent amount. Income could be from a job (preferably a job they have been working at for more than six months), social security, food stamps, or retirement benefits; as long as it is verifiable.
Late payments, bounced checks, liens, default judgments, and bankruptcies will all show up on credit reports. Make sure you run credit on everyone who is going to be responsible for rent.
Previous landlords can provide a wealth of information; if they have rented before make sure to call them. Ask them if there were any complaints against them, if they paid their rent on time, and if they would rent to them again
If you are one of the lucky few owners who have too many qualified applicants, how do you decide who to rent to? One option is to evaluate how they’ve conducted themselves throughout the application process.
The subsequent examples are some qualities to keep an eye out for:
* They showed up to view the home at the scheduled time. If they are late, their lateness could trickle into other areas of their lives. They could be late with rent or they aren’t concerned about inconveniencing others.
* Potential tenants are very difficult to get a hold of. Messages left for them take several days to be returned. This could be your first indicator of hard to reach tenants. Maintenance issues arise with rentals; if your repair persons cannot get a hold of your tenants in a timely manner, the delay could create more extensive repairs to be required.
* When you showed them the residence they and their children, if any, were respectful of the home. Someone who isn’t respectful at the initial showing of the home will not be respectful of it two years from now.
Renting out your property is a huge decision, and deciding who to rent your property to is an even bigger one. Hopefully this article has helped shed some light on such an important choice.
Looking for the most professional Red Bluff Property Management or Red Bluff Rentals? Northern California Property Management is the leading property management in the area. To learn more about us, click on the previous links.
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Tags: apartment, Application, finance, Landlords, real estate, rental, retirement, Screening, Tenants
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