What to look for in renters? - Posted by Steve Heller

Posted by Steve Heller on March 23, 1999 at 18:25:08:

Thanks Bert,

I appreciate your views/comments. I will definately follow your advise on the websites and book. Thanks again.

Steve Heller

What to look for in renters? - Posted by Steve Heller

Posted by Steve Heller on March 22, 1999 at 20:42:17:

I am seeking renters in the next week on property I just closed on last week. Who are the ideal tenants? Anyone have any suggestions?

Thanks for your input,

Steve Heller

Re: What to look for in renters? - Posted by Rob FL

Posted by Rob FL on March 23, 1999 at 19:36:40:

Here are the criteria I look for:

  1. Can they afford the rent? And will they pay it regularly and on time?

  2. Are they planning on staying short-term or long-term?

  3. Will they keep the place up or will they let the place go to pot and expect me to fix every little thing? Or worse yet trash the place?

  4. Do the have all the up-front money to move-in?

All of these should be determined by doing a reasonable extensive background check and have a good talk with your prospects before renting to them.

Re: What to look for in renters? - Posted by Bert G

Posted by Bert G on March 22, 1999 at 22:05:01:

The ideal tenants are those who pay their rent early, stay for 10 years, and keep the place spotless.

Most of us have to settle for a little less.

Some things to look for are a steady income, stable domestic situation (usually difficult to find out. I had a nice engaged couple move in once, and a few months later she was in the hospital he was in jail. I still have their cat). If its a single-family home, try to find someone who would like to own thier own home someday. They’ll probably be more likely to treat yours with respect, and you may have a potenital buyer.

Probably the most stable would be the Ozzie & Harriet type. Married, steady job, smart kids. You have to be really careful you don’t accidentally violate the fair housing stuff. There are a lot of web sites that have detailed information on that. Besides this site, I reccommend mrlandlord.com and “Rental Housing Onlline” at http://cses.com/rental/

In my experience, my very favorite tenants have been college upperclassmen or grad students, and little old ladies. I just tonight took a deposit from a kiddiegarten teacher for my one vacancy, and am almost hoping the deadbeats upstairs miss the next rent payment so I can boot them and pick someone from my waiting list.

If you’re new to this landlording stuff, run right out and pick up a copy of “Landlording” by Leigh Robinson. It could have just as well been titled “Property Management for Dummies”. I’ve read a dozen books on being a landlord, and this is the best one for giving you the step by step basics on managing whatever kind of residential property you have.

And of course, screen screen screen. I learned that lesson the hard way. There’s a book/report out there somewhere (don’t remember where I got it, some webiste) called “Avoiding the Tenant from Hell”. I read the book, and immediately relaized, Hey, thats the guy in 1204. (OK I was desperate. We’d had a flood, it took a year to get the place liveable again, and he showed up with a wad of cash. Has been perpetualy in arrears ever since. If his wife wasn’t such a good housekeeper, they’d be long gone.)
But I digress.

Sometimes the simplest questions need the longest answers.

Bert G
(I may be new to creative financing, but this fall marks my 20th year as a landlord.)

Mr Landlord - Posted by HR

Posted by HR on March 22, 1999 at 21:41:44:

Steve,

Do you have any of Mr. Landlord’s materials? They are excellent and will pay for themselves many times over. If you have already purchased rental property, do it right. J. Taylor is a real pro and you will get great ideas from him. His stuff is for sale here, and he has a website: www.mrlandlord.com.

Good luck,

HR