• Have you ever been evicted before? • Do any of the people that will be living in this house smoke? • What is your monthly income? • Have you ever filed for bankruptcy? • Have you ever had a foreclosure or short sale? • Have you ever had a vehicle repossessed? • Why are you leaving your current residence? As you can see, there’s plenty to consider when coming up with your comprehensive checklist of minimum qualification standards, and it can be a time-consuming process to put this all into place. However, it’s worth your while to do it, because, I’ll say it again, screening tenants is the most important component of renting out your property, and creating minimum qualification standards is necessary for the screening process!
GET IT IN WRITING
The lease is one of the most important steps in ensuring the overall success of your rental property management business. It can also be the most time-consuming, but trust me when I say you’ll want to spend the time to make sure every possible area is addressed. It’s not enough to have any old lease; you need a rock-solid, iron- clad lease that protects you and your property from any potential issues with tenants. Even if you’ve done your due diligence in every other matter, and even if you think you trust your tenant, a rock-solid lease is essential.
Location, Location, Location
You’ve likely heard this phrase in real estate before, but I mean it differently here. When drawing up a lease, you must consider 90
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