{"id":5358,"date":"2017-03-30T15:15:45","date_gmt":"2017-03-30T22:15:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5358"},"modified":"2017-03-29T18:10:19","modified_gmt":"2017-03-30T01:10:19","slug":"how-to-successfully-screen-tenants-for-your-investment-property","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/how-to-successfully-screen-tenants-for-your-investment-property\/","title":{"rendered":"How to Successfully Screen Tenants for Your Investment Property"},"content":{"rendered":"<p style=\"text-align: justify;\">Believe it or not, effectively screening tenants can help you to eliminate as much as 95% of rental problems. That said, for those of you who find it difficult to relax when experiencing vacancies, then you\u2019d probably want your property to get rented as soon as possible, right? Well, familiarize yourself with these tips to ensure that you\u2019ll be able to screen the tenants properly.<\/p>\n<p style=\"text-align: justify;\"><strong>5 Ways to Screen for Future Tenants :<\/strong><\/p>\n<p style=\"text-align: justify;\">1. An Application Form Can Do Wonders<br \/>\nBefore anything else, make sure that your prospective tenant would complete an application form. Don\u2019t worry; if you have never written one before, there are a lot of rental application form examples from the local real estate association. Likewise, you can also create one using a Microsoft Office template and you\u2019re good to go.<br \/>\nThe application form should cover everything necessary regarding the rental property and the policies the tenant should obey. For best results, make sure that the application form contains financial information, personal information, and employment information. It should also state that a criminal history report, background check, or credit check can be requested, and the tenant would give full authorization in case it\u2019s needed.<\/p>\n<p style=\"text-align: justify;\">Pay attention to the following :<br \/>\n\u2013 Current income: The income of your prospective tenant should be enough to cover the rent and other living expenses.<br \/>\n\u2013 Current and previous employers: It\u2019s important for you to have an idea how long the tenant has been at their current job, and if he or she has been switching jobs every couple of months.<br \/>\n\u2013 Financial information: Credit cards, bank accounts, balances, and minimum monthly payments could help you get a better picture if your tenant would be able to pay the monthly rent on time.<\/p>\n<p style=\"text-align: justify;\">2. How Much Do You Earn Every Month?<br \/>\nDon\u2019t be afraid to ask this question as it will help you determine if the prospective tenant is indeed capable of renting your property. As a landlord, you obviously want a tenant who earns regularly and would have enough to settle his monthly bills. For example, if the monthly rent is $2,000, then you\u2019d want a tenant that earns more than $2,500 every month.<br \/>\nHowever, you should also keep in mind that the monthly income wouldn\u2019t be able to tell the whole story either. That\u2019s why additional information, such as how much debt they have, will help you determine if they can really pay or not. By running a credit card check, you\u2019ll know how much debt they have.<\/p>\n<p style=\"text-align: justify;\">3. Ask If They Will Have a Security Deposit and First Month\u2019s Rent Ready When They Move-In<br \/>\nTheir answer to this question would indicate their current financial situation. Wherein, if your prospective tenant doesn\u2019t have enough money ready, and would request if it\u2019s possible to pay the security deposit after a week of moving in, then this should raise a red flag. You have to think carefully if they can even afford paying the monthly rent. You don\u2019t want to start a tenant relationship with your tenant being indebted to you from the start.<br \/>\nFurthermore, as much as possible, don\u2019t allow a tenant to move-in if they haven\u2019t paid the whole amount yet. Never negotiate or make exceptions, no matter what. Always require your new tenants to settle in full before moving in.<\/p>\n<p style=\"text-align: justify;\">4. How Many People Would Be Living in the Apartment?<br \/>\nIdeally, you wouldn\u2019t want more than 2 people occupying a bedroom. Likewise, the fewer people in the apartment, the less damage it\u2019s going to bring on the property. Aside from that, a lot of municipalities and fire department also have a limit on the number of people that can reside an apartment.<\/p>\n<p style=\"text-align: justify;\">5. Ask Your Tenant If He Has Ever Been Evicted Before<br \/>\nAlthough there are possibilities that your prospective tenant won\u2019t be 100% honest, it\u2019s still worth trying. Basically, directly asking the tenant whether they have been evicted before could also be beneficial for them as they will be able to explain why it happened. Keep in mind, even good folk\u2019s fall on hard times, and don\u2019t let the eviction fully disqualify them. However, you should also be wise enough and weigh if you really should give them a shot.<\/p>\n<p style=\"text-align: justify;\">Finally<br \/>\nFinding a great tenant isn\u2019t as easy as it may sound. However, with the help of a screening process, you\u2019ll be able to learn more about your prospect and it\u2019ll also help you avoid any problems in the long run.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/how-to-successfully-screen-tenants-for-your-investment-property\/98739750\/\" target=\"_blank\">How to Successfully Screen Tenants for Your Investment Property<\/a> by James Henderson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Believe it or not, effectively screening tenants can help you to eliminate as much as 95% of rental problems. That said, for those of you who find it difficult to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/how-to-successfully-screen-tenants-for-your-investment-property\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5358","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Successfully Screen Tenants for Your Investment Property &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/how-to-successfully-screen-tenants-for-your-investment-property\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to Successfully Screen Tenants for Your Investment Property &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Believe it or not, effectively screening tenants can help you to eliminate as much as 95% of rental problems. 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