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Fail-Proof Your Tenant Screening With Prior Landlord Checks

detective-311684_1280-PDI have already written about the two most important facets of Tenant Screening, credit score, and income:

You will never get paid if you do not have tenants that make enough money. You will be continually chasing rents, and other issues, if your tenants have low, or non-existent, credit scores.

This article will focus on the third pillar of tenant screening, past landlord checks.

Continue reading “Fail-Proof Your Tenant Screening With Prior Landlord Checks”

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Renter Horror Story – Bernard the Strangler 

bully-655660_1280-PDIn March of 2012, I was advertising for a vacancy that I had coming up.  I had recently removed tenants that were from a different renter horror story.  I wanted to find great tenants, as I already had the previous two sets of tenant in this unit go bad.  Little did I know what the next horror story I was about to have… Continue reading “Renter Horror Story – Bernard the Strangler “

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How to Fill Apartments Quickly

for-rent-148891_1280-PDThe rental market has been very, very good to me…  My properties have performed well over the past month (and years); getting 100% rent collected (25 for 25) by May 2, once again.  One person, who paid on the second, apologized to me for being late.  Try that with low credit score renters, who generally always pay late.  But since I have a vacancy coming up, this is how I fill apartments quickly. Continue reading “How to Fill Apartments Quickly”

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How Effective Tenant Screening Can Lead to Higher Profitability

detective-311684_1280-PDHave you ever wondered how how effective tenant screening can lead to higher profitability?  This is my first post as an author at BiggerPockets.com and will explain effective tenant screening.

I have 24 renters, in two duplexes and five 4-plexes.  I also screen for a large (120 unit) apartment complex, and approve or reject tenants.  I make the call as to when a tenant is no longer an asset to our HOA community, and force other landlords to get rid of their tenants.

Through these experiences, I have seen many tenants’ backgrounds, and see how a background report can predict future tenant behaviors.

The following post contains a few random thoughts; I will focus in more detail on tenant screening topics in future articles.  Be sure to follow my articles to get solid, no nonsense information on getting and keeping great tenants.

Continue reading “How Effective Tenant Screening Can Lead to Higher Profitability”

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How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.

PistolWhen I purchased my first 4-plex, it was in a first ring suburb, in a nice area of town. It was built in 1985. You could throw a rock outside the complex, and hit $300K homes on all sides. By anyone’s definition, this should be a great place.  Unfortunately, the apartment classification was less than to be desired. Continue reading “How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.”

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Renter Horror Story – Mike The Murderer

crime-268902_1280-PDAll landlords have a renter horror story, I am no different.  As a landlord, I meet many interesting people.  As a Section 8 landlord in my early days, the people were MUCH more interesting.  Now I meet people who have jobs, might have a kid or two (with the same last name), and strive for success in a more standard method.  Most have never been arrested, let alone actually ever been in jail.   Quite a boring life… Continue reading “Renter Horror Story – Mike The Murderer”

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Investment Property for Financial Independence

sunset-494544_1920-PDWhen I first became a landlord, it was somewhat by accident.  I didn’t even know I needed financial independence.  I wasn’t sure what to do, and how to do it.  I had a solid six-figure income job, and was able to weather out any storms.  I left one place vacant for 18+ months, because I didn’t have the time to work on it.  I took in some bad tenants, and suffered some aggravation.  Luckily, I had the income and backup capital to weather any storms. Continue reading “Investment Property for Financial Independence”

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Risk of Tenants with Low Credit Score Explained

I wanted to expand on the credit score criteria in any Tenant Screening Requirements just a bit.

It is a fact that lower credit score individuals are a high risk to insurance companies, and for collecting payments. It is a fact that lower credit score individuals engage in riskier behaviors.

Here is why tenants with a low (or 0) are high risk.

Continue reading “Risk of Tenants with Low Credit Score Explained”