Landlording for maximum profitability and Financial Independence
My first two posts on tenant screening dealt with the most important aspects of tenant screening, credit and income verification.
In my third post on tenant screening, I discussed, with quite a bit of controversy, the downfalls of past landlord checks. The fourth and final pillar in tenant screening is the Criminal Background Check.
Continue reading “Landlords! Here Is How You Do Criminal Background Checks (The RIGHT Way)”
There are many ways to handle property management at your rentals. Knowing just a few landlord skills can save a lot of time and money. And give you a great sense of accomplishment. I do almost all of my own maintenance, and I actually feel good when it can be done, and I save a great deal of money.
Continue reading “Landlord Skills To Make Things Easier, And Save Money”
When you rent to family members, you have a unique set of circumstances. Not only do you have a solid and customer, you also have a customer that might take advantage of you. This post will help you understand the nuances of renting to family members. Whether it is moving a person back into the childhood room, or renting your investment property to them, the same criteria apply.
Continue reading “Renting to Family Members and Friends”
Remember, landlording is a game of probabilities and statistics. By targeting your market, you can maximize profits, that is simple Marketing 101. If you want to maximize your income, targeting your market is key.
There are good tenants in every category, but you are looking for the highest probability of success, not the needle in a haystack. Success is defined a tenant that pays rent, leaves the unit in good order, and you make money. Continue reading “Targeting Your Market to Maximize Income”
I 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”
I have always been enamored by people that are successful. I have been to seminars, meet successful people, and sought out ways to ask questions directly to people that from my vantage were successful. Finding a mentor is key to success at any endeavor in life. Of course, as I found out, you need the correct mentor-ship to follow. With the wrong mentor, things can be a disaster… Continue reading “How to Find a Mentor for Financial Advice (or Not)”
There are four pillars to tenant screening, including:
All four are important, but credit score and income are the main ones.
Those two are the easiest to uncover and verify. They are also the most objective rather than subjective.
Continue reading “The Four Pillars Of Tenant Screening”
In 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 “
The 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”
Have 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”
