In the first article, I began to consider how to manage investment myself. It is a matter of knowing how to do it. Eliminating the possibility of calling will save time and money. Evaluation of rental agreement is one of the most important parts of rental condom business. It will be later on how to recover from mistakes and manage damages.
The rental application is a tool used for tenant approval. You have done a proper job beyond the phone and made an appropriate interview. It is necessary to confirm the information with this. is that true? Not everything is true. Some people take chances and lie to you. So, you are the minimum required:
- Run the credit report. The credit report shows how the applicant is responsible for the bills and the general lives in general. Rent is the largest for many people. A good tenant's credit report should have a score of over 600 points. There are various personal circumstances to deal with. 1. In the absence of credits, confirm the attitude of work to potential applicants' previous positions and current employers. 2. Self Employment and Credit, Good Luck, That is Your Risk. 3. You may consider bad credit, many medical collections, good employment history, and in some cases these rental applications. 4. Please note that since most payments are made in cash, the credit history is not so much and there is a utility invoice as well. You can always say: "Sorry, due to bad credit at this point, the rental application has been refused". If you can not say "no" when you need to, your partner or owner may say "no". The applicant will understand.
- Confirm employment with salary stub, Please look at the original amount of the year and call the employer to the employer as necessary. A job history of less than a year at the current job and a case where three or more jobs do not go well in the past two years that have conveyed something to you. If the tenant terminates on a bad condition and some means is required to compensate for damages, it is necessary to secure some of the gross income.
- Total net revenue must be at least three times the rent. Use the deposit based on the risk factor. The monthly and monthly rent is a good goal: I use rent for one month and I think that is too affordable.
Things to consider: Is the tobacco smoker a tenant? What kind of pet does he have? If the tenant's weight is about 350 pounds and the vacant apartment for rent is on the 2nd floor, you can think of it with two people.
The key to avoid accusations is to evaluate all rental applications on the same basis.
"New Resident Checklist" for borrowing applications based on points such as financial selection criteria, reliability / cooperation standards (how they talk about themselves and announce themselves), rent stability standards (rental history) There is a form.
A good tenant is always paying on time, looking after an apartment, friendly, in my opinion I understand the word "quiet fun". We believe that people can train to be a good tenant.
It is easy to rent an apartment to a good tenant. Please bring the keys to a good tenant with money.
There are such people, but if you explain how you use utilities and appliances by spending a few minutes, all the tenants will be good or better tenants.
Showing where the thermostat is, how it works, and where the antenna plug of the television is located does not require much conversation. It makes a precedent, you talk and the tenant pays attention. Some want to watch TV in the bedroom and I make a small hole in the wall for the cable.
Borrowing an apartment is a simple part and it is fun to manage good tenants.
We will claim the rent and deposit for the first month at lease contract. It is too easy to sign up and borrow explicitly for a reason. In addition to the monthly rent, some landlords will charge. Usually, we do not accept personal checks. "Please do not check, payment is done with cash or check by trade name." For high creditworthy tenants, we accept checks.
At that time, I instruct the tenant and explain the function of heating, air conditioning, garbage disposal, entrance door lock, smoke sensor. Also, I show where the following are located: commercial trash can, fire extinguisher, mailbox, common storage space etc.
It is very important to assign a parking lot and teach places where visitors park. In this way you can avoid creating a tenant for the tenant's problem.
Also, make sure to "list and move" what is worth mentioning in the first week. Please refer to the form section. Provide copies to tenants for all signed documents.
I will inform you that we will provide a self-addressed business envelope to each door, to receive orders of money for lease of our business PO Box by 23 ~ 25 of the month. I will do this for the convenience of the tenant, which is not a big deal, but it shows discipline from my side, I expect the same in this process of borrowing real estate.
Even the best tenant, the rent payment situation is behind schedule. I understand the situation where tenants call before the first month and proceed with payment in two weeks. I wait for the person to work on my financial problem. I am taking risk, all entrepreneurs do it. Even if a competitive ad shouts "local free newspaper" as "initial free rental" or "no deposit", I do not want to make the rental application process easier.
By the way, who is the rental manager of the real estate business? Ultimately, the owner is, or must be. My next article - Part 3 "Return deposits to tenants"
