Posted by Teresa on December 3, 2008 under Landlord and Tenant FAQs | 
Choosing tenants is about more than getting your rent paid. If you think the applicant seems like a nice person, checking employment by calling employers yourself might seem like all you need to do.
By taking a little more care, however, your overall experience with being a landlord can be easier, and more profitable. Great tenants will pay the rent, but they will also:
- stay longer (so you have less lost rent between renters)
- pay more promptly
- take better care of your property (which is your investment!).
You can make owning rental property easier and more profitable with tenant screening:
- carefully review each application
- do a tenant background search and check tenant credit report
- check references
- call previous landlords (more than just the current one)
- take time to talk with the tenant, and be clear about expectations on both sides.
You can hire a property management company to do many of these things, but if you do you will still need to make sure you clearly communicate to them what your own expectations are for the kind of tenants they place in your property. You want great tenants, not just good tenants, no matter who manages the process.
Increase your tenant screening abilities by hiring a company that specializes in those services. Visit
E-Renter USA for
tenant screening and background check services.
Posted by Teresa on December 2, 2008 under Landlord Tips |
With the proper knowledge about the big picture of Section 8 Housing, landlords can benefit from the programs as well as those they were created to serve. Section 8 housing programs help the elderly, very low income families, and people with disabilities to find affordable housing in the community (or neighborhood) of their choice.
As an approved Section 8 landlord you can expect the following:
- Tenants come to you already approved for the program.
- Tenants are very eager for a fresh start, and know if they are ever evicted they will lose their Section 8 approval.
- A large portion (generally around 70%) of your rent each month is paid by the local housing authority, and you can count on its arrival!
- The rest of the rent is collected directly from the tenants, usually with little effort.
With a waiting list of eligible renters, most landlords find doing Section 8 business is great business!
Posted by Teresa on November 27, 2008 under Landlord Paperwork and Forms |
If you intend, as you should, to do a background search and/or check tenant credit for your prospective tenants, you’ll need to be sure to obtain their written consent for release of that information.
If you are using a rental application you purchased or found online, check to be sure such a consent is included. If not, you may either find a form or create one yourself. Your tenant screening company may also be able to provide such a form to you.
Posted by Teresa on November 26, 2008 under Landlord and Tenant FAQs |
No, if you want to be sure who you are renting from, you should request both a rental application and photo identification from any tenant you are seriously considering. Unfortunately, many people will apply for rental property and provide false information on an application.
Good forms of photo identification include:
- Current Driver’sLicense
- Instruction Permit
- Other State-Issued Identification Card
- If one of the above isn’t available, get two other documents showing full name and date of birth. It’s best if at least one of the documents has a photo so that you know it is the same person.
- An excellent form of ID is always a passport.
Check Names
If names don’t match between documents, be sure they provide some proof of change, such as a marriage certificate. Be sure to check spelling on all documents, and compare the information with their rental application. If there are differences, request an explanation.
Effective tenant screening is another important tool for landlords. Visit
E-Renter USA for tenant screening and
background check services.
Posted by Teresa on November 24, 2008 under Landlord Tips |
In addition to the services of a good tenant screening service, owners can substantially reduce risk by asking potential commercial real estate tenants these questions, and requesting additional information:
- Who is the tenant, and who will guarantee the lease?
- Is it guaranteed by the legal business entity, or also by an individual?
- Who are the expected customers (target market) of the business?
- If this is a new business, request a copy of a business plan that shows a history of the business, the ownership and management and their resumes, target market, operating budget (where is the rent coming from?).
- If this is an established business, ask for proof of financial success over the last three to five years in the form of financial statements and/or tax returns.
- Perform a business credit check.
- Get personal financial statements for those parties who are be guaranteeing the lease.
This information will give a much clearer picture of the health of any business who wants to occupy space in one of your properties!
Posted by Teresa on November 22, 2008 under Landlord Paperwork and Forms |
Obviously, the lease form is an important document, and one you want to make sure reflects correctly your situation, property, and the kinds of rules you want to enforce.
Although you can find many examples of leases available at little or no cost, this is one place you may want to consult an attorney to make sure it covers everything you need to consider. It can be simple or complex in structure and language, but be sure that you have covered everything that you need to protect your property, your investment, and your relationship with all tenants.
Posted by Teresa on November 21, 2008 under Landlord and Tenant FAQs |
There are many factors to consider in the decision of when to start eviction process. There will be a cost to you in time and actual expenses to complete the legal steps to evict a tenant. The costs in relationship with your tenants is not as easy to measure, but can be quite large.
Tenant Relationships
Even the best tenants can occasionally find themselves in a situation where they need a few extra days to pay the rent. How you handle the situation affects your relationship with that tenant, of course, but also with all your tenants. Your goal should be to treat all your tenants fairly, and with some understanding.
Protecting Rental Income
You do want, at the same time, to protect yourself, your income, and your ability to evict tenants when it does become necessary. It’s important to be understanding of occasional late payments, but it is equally important to make it clear to all tenants that it won’t be tolerated if they are continually behind in their rent.
Written Eviction Policy
You should have written policy that clearly states your policy for late payments. Do you have a grace period? Is there a fee that will be charged if they are more than a certain number of days late? How many months late can they be before you will start the eviction process?
If a Tenant Does Become Late
When a tenant does fall behind, it’s important to speak to them immediately about their plans for payment, and reach an agreement with them. Be sure to keep a written log of all late payments, and your communications with tenants about those late payments. That documentation will be important if you do need to follow through with eviction.
Posted by Teresa on November 19, 2008 under Landlord Tips |
Spending money on repairs might seem like you are just spending your profits, but there are many reasons to do maintenance and repairs promptly.
- Small problems can turn into big problems quickly if not repaired (such as a leak).
- Taking care of these kinds of repairs promptly will encourage tenants to let you know when something needs attention.
- Tenants will stay longer if things work properly and they feel like you are providing value for their rental dollar.
- Being truly negligent about repairs opens you to lawsuits if a tenant suffers injuries or to vacancies if they leave unexpectedly.
- Taking care of repairs also protects your investment and the value of your property.
Effective
tenant screening is another important tool for landlords. Visit
E-Renter USA for tenant screening and background check services.
Posted by Teresa on November 18, 2008 under Landlord Paperwork and Forms |
You can find many kinds and lengths of rental applications both printed and online. The choice of which to use depends on a few factors.
- A primary consideration is how much and what kind of data you need to know about your prospective tenants.
- If you intend to check previous landlords and references, confirm employment, check credit, etc., then you’ll want to be sure your application requests all the needed information to do those things.
- Additionally, if you will be conducting any kind of background search and check tenant credit, you’ll need a signed consent from the tenant, either on the rental application itself, or as a separate form.
Posted by Teresa on November 15, 2008 under Landlord and Tenant FAQs |
The required steps, forms to use, and time limits to eviction depend on the regulations where your property is located. In general the eviction process includes:
- Written eviction notice delivered to the tenant.
- Tenant has opportunity to correct problem within a set time.
- Lawsuit to evict filed.
- Legal documents delivered to tenant.
- Tenant has chance to respond within set time limit.
- Court rules whether tenant can be evicted.
- Landlord takes court order to sheriff, who posts notice to tenant (usually on their door) explaining they must move and the date by when that must happen.
- Sheriff can remove belongings if tenant does not move (only the sheriff can do this!).
