When you are a landlord there might be a time when you need to find a new tenant for your rental unit. Keep in mind the largest cash flow killer for a landlord is tenant turnover and the better you screen your tenants the better the chances of finding a tenant who will pay the rent and remain in the unit longer. This will help your cash flow.
One thing you should consider is running a separate credit and background check on each occupant who is over 18 years old. There are several great tenant screening companies out there who can help you with this. They not only run the credit and background check but also the potential tenant’s rental history. When you have a potential tenant call, make an appointment to meet with them. Preferably in person!
Have every potential tenant that is over 18 fill out a separate rental application. Compare the rental application information with their issued state ID. Look for discrepancies or lapses in rental history or rental payment. When you find things like this ask about them.
Make certain you call the potential tenants previous landlords, not the current one. Call as far back in history as you can. This will give you a better idea as to whether they will be likely to pay the rent. Checking with the current landlord might not tell you the true relationship they had with this tenant because they are glad that they are moving. Just because they did not get along does not mean they will not get along with you.
Drive by the current rental unit the potential tenant is occupying right now. How do they take care of their current rental? Is it neat and clean or is it trashy? This will tell you how this potential tenant might take care of your rental. Run a zoning violation search against the rental the tenant currently occupies. This will also give you great insights on how they care for the outside of the property.
You might also check their online presence through FB, twitter, or other social media sites. You might be surprised what you can find.
When you meet and speak with them, what is the first impression you are getting? How well do they speak about their current or their past landlords? Do they get upset when you tell them that you have more than one application for the unit and it will take no longer than a few days to make a final decision?
If you are a landlord who allows pets in the rental unit seek information about the potential renter’s pets. Also check for local ordinances in place that either excludes certain pets. A valid and current pet certification may have to be held by the owner.
During your conversation with them set your expectations for them on how to treat the rental unit and the usage limitations set forth by zoning ordinances of the city. Make them aware of what actions they may take that could cause them to lose their rental deposit. You might also consider giving them a handout about this topic.
Make sure you are charging a rental deposit. Use a move-in and move-out check list as well.
In some areas, where home prices have risen enough, may offer homeowners who were once upside down with their loans alternative options rather than going through foreclosure. Many homeowners who are going through foreclosure might not realize that they now have positive equity and could either refinance their loan or sell the home without having to go through a short sale.
I had several situations this week that made me think…..are we truly listening to the person who is talking with us on the phone or who is talking with you right in front of you?
Have you ever wondered if your county is one of the county’s that is popular area individual’s move to or away from?
Some areas of the US have become a hot market. Even when you are pre-qualified for your mortgage, and have a 5 – 10% down payment ready to go, you may still come up short when you compete with cash buyers. Based on the National Association of Realtors’ 
It would be great when we could all pay cash for a home. Unfortunately most are not in the position to do this and must obtain a loan to purchase our home.
When you decided to sell your current home, whether to upgrade, downgrade, or circumstances dictate you have to sell, there are several things you truly should do before you have your agent put the house on the market.
I was in the southern part of Indiana just recently and had a free moment to cruise through a small tourist town I was visiting. I thought it might be a great place to invest in local Real Estate.