program tends to involve a lot more paperwork, rules, guidelines, etc., and it’s a much different type of rental vs. somebody who’s paying you rent out of their pocket every month. • Will you accept someone who shows up late to a showing? A late-showing tenant is a red flag. Let’s imagine that you’re someone who’s on time everywhere you go, and you think punctuality is an important indicator of whether someone is a responsible person. You agree to meet with a tenant at 2:00 p.m., but they show up at 2:15; will you rent your house to a tenant who was 15 minutes late? If you decide not to rent to the tenant because of that issue, make sure you are within the guidelines of the Fair Housing Act. • Will you accept someone who’s breaking a current lease or has been evicted? This is an area that some would-be landlords fail to consider in their minimum qualification standards. Consider whether a potential tenant is breaking a lease with their current landlord—what’s going to protect you if they decide to do the same thing to you at some point? Or, what if the tenant has been previously evicted? For most landlords, an eviction is a major red flag and they’ll absolutely refuse to rent their house to somebody who’s had one because it’s an indicator of a much bigger problem, such as rent payment issues or property damage. However, other landlords are willing to overlook an eviction from further in the past. What will your rules be? Consider them and decide on your policies now—before you put your property on the market and end up with a curveball that’s difficult to resolve. 26
Powered by FlippingBook