Rachel M Vann - GET THE MOST MONEY FOR YOUR REAL ESTATE INVESTMENT

criminal record, whom would you accept, and whom would you deny? Will you rent your house to people who’ve had a misdemeanor? What about a felony? What about sex offenders or those who have been convicted of other violent crimes, such as domestic violence, assault, and murder? Where will you draw the line? You need to figure out what’s acceptable and comfortable to you. Check with your attorney to see what the local laws are. • How will you handle references? It’s pretty standard for owners renting out their property to ask for and check on references for potential candidates. Still, it’s a decision you need to make, and there are still considerations. Probably the best reference — and the most telling — will be the candidate’s former landlord(s). You should ask a former landlord the tenant’s reason(s) for leaving, whether they paid rent on time, and how they treated the property. Don’t forget to ask whether they gave the landlord proper notice before moving, whether the tenant received their entire deposit back, and whether this landlord would rent out to their former tenant again. Essentially, you want the former landlord to paint a solid picture of what kind of tenant that person was, because it’s indicative of how they will be for you. • Will you require every person over 18 in the house to apply? I recommend you have every adult who will be living in your home apply. What if the main applicant is “clean” and meets all your requirements, but the others have low credit, no job, a criminal record, or poor tenancy history? Even if your potential tenants are two parents with young adult children, have these young adult children apply, too. You need to know who will be living in your home! You don’t want to be held legally liable for 98

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