Read about my successes and failures. Learn from my experiences and gain insight without losing any cash!!!
Lesson: Catching a Falling Knife
Lesson: Currency Exchange
Lesson: Mutual Fund
Lesson: Paid to Wait
Lesson: Pricing in a Downturn
This is where you’ll find find my Blog. I will comment on the latest news relating to investing, real estate, and the financial markets.
To be able to find good renters is critical to the success of your rental property, and in my opinion, is second in importance only to your property’s location. If you can find good renters, you will have fewer headaches, and fewer calls in at inconvenient times. When you fine good renters, they are less likely to bother you with minor problems and they are the type of people who can find solutions themselves.
Good renters may also surprise you they may actually improve your property without any money from you! I have had renters who have asked permission to paint a room, and in doing this they leave a fresh coat on your walls, actually making the place more rentable in the future. Good renters pay you on time, and they take pride in their home and your property. Never settle! Don’t worry if the process to find good renters takes a little (or a lot!) longer. It will be well worth the wait. You don’t want people who are messy and have no regard for their living conditions, or who try to delay paying and call you for every little problem.
It is better to lose a little money while a unit sits vacant, rather than taking someone in desperation, and paying for it over the term of the lease in the form of aggravation and damage.
How do you find good renters? The rules are basic: Were they punctual for your meeting time? Are they pulled together and do they look professional? Do they currently have a job? Can they provide you with references of their last landlord? And (most importantly) will they agree to a credit check? If the answer is yes to ALL of the above, then you are on the right track to finding a good renter.
How can you be certain? You can never be 100% certain, but by following up on reference and credit checks the odds are in your favor. This is simple, just call their references and talk to them. How did you like them? What was their attitude like? Did they trouble you often? Did they pay on time?
So, after you have met them, and you think they might be suitable, remember, it is essential that you follow up! Checking references and credit is the number one tip I have to pass along to you, for your search to find good renters. Remember, it is worth the time up front so you can sleep soundly at night knowing your property is in good hands.