How To Acquire The Best Tenants
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- Опубліковано 20 чер 2024
- If you're a real estate investor in rental properties, finding great tenants can be the difference between long term success or immediate failure.
In this video, Matt Faircloth shares 3 tips for making sure you have the best chances of having great long term tenants!
www.biggerpockets.com
![How Do I Screen Tenants in Low End Rentals? [#AskBP 011]](http://i.ytimg.com/vi/OlgYOc2Tg9g/mqdefault.jpg)
![How Do I Screen Tenants in Low End Rentals? [#AskBP 011]](/img/tr.png)
Thanks for this. When I’m college I bought a house as an investment. I didn’t check anything prior to renting and took them for their word. House was trashed and had to spray for two months to get the roaches out. I’m now looking to rent my house and these best practices help because the first experience left a really bad taste in my mouth
Hey I'm going to be buying a student rental. Any tips on how to screen students?
I’ve had at least 3-4 bad tenants. I’ve gone through at least three property managers. You still have to stay on prop mgt to make sure the work is done.
I’ve had at least two cause above 7 grand in damage. I’ve learned the hard way to pick better property managers.
Take care of the property yourself. No one else cares about your shit as much as you do.
I had a tenant that was out of town and told me the rent was in his Buddha collection in his bedroom. After a couple of days I thought, I need to go get my money. Sure enough the rent money in full was in the butt of the big Buddha in the center of his collection. I have since remodeled this property and have a higher clientele.
😂😂😂😂what ? Surely , increasing rent filters off bad tenants with no respect.
Really good points for those who don’t have a credit history
I’d add google searching applicants. Find their references online like their boss or previous landlord and contact them using the numbers or email u find on ur own. Always verify everything via third party. Any discrepancies on the application is a red flag.
Thank you for the knowledge.
Hey Matt, was great sitting next to you at Deal Maker Live in Dallas in July.
Great vid. The criteria for qualifying a tenant needs to be stringent in this day and age. Way too many slugs out there. Period!!
Same for landlords! like honestly i have been staying with people because my last slum lose was horrible!
Great tips , what about being a good landlord ? I want to make sure I get good reviews as well , as a land lord
What about the student renters who may not have enough income ? Any tips ?
Great sets of advice! To avoid a bad tenant, you should conduct an eviction check on any rental applicant who shows interest in renting your property. It will give you an idea about whether the applicant is suitable for renting.
I wish that the video had mentioned that
Nice share
In California x3 rent realistic for a 2900/month rent? So they have to make $8700/month
How do you go about looking up a persons credit report. Is there a website? Sorry if this is a dumb question just never been in this business at all.
There are a lot of different websites that you can purchase people's credit report off of with some of their personal info they will provide you on the rental application. Just make sure to charge tenant the cost of that service on the application.
Mysmartmove.com by Transunion. Pay about $35 and u get criminal, eviction and credit history.
How do you report bad tenants?
How would you go about checking for any prior evictions?
Mysmartmove.com by Transunion gives u criminal, credit and eviction history.
Thank You
@@kingkong-ni4ho can this help me in south Africa?
@@thamintombela6308
Mysmartmove.com is an American based company with data collected on people from US. I doubt they do business in South Africa.
Great vid! In order to find the best tenants I think you need to have a letter of employment lol that’s pretty well it
What if they're self employed?
My Favorite Planet they should have proof of income 🤑
Do you check assests on hand? Cash in bank, etc?
I've noticed a lot of renters are stuck in this ongoing cycle of not having a lot of money. It seems that something is always stopping them from purchasing a home. But myself I just chose to rent and my qualifications are superb. So I guess the good tenants are out there that well succeed fair set criteria, just rare to come by. My last property listed I had to go through about 120-140 inquiries before I found 1 couple that met my fair criteria.
Well u r renting it on a month to month basis so u would ideally want to look at their last 3-4 paystubs to see how consistent their income is. I can easily borrow money from a friend and temporarily put it in my bank account to make it seem as if I have money saved to fool u.
king kong can we get post dated Cheques or credit card authorization for taking rents ?
@@krkkr2248
Please clarify ur question by giving me an example. Thanks
king kong can we take post dated cheques from tenants for monthly rents so that we do not have to ask them each months ?
I had a college roommate who had a small fight with my boyfriend, and use that as an opportunity to get away with paying utility bills. She claims she is too scared to leave her room, she needs her male friend to protect her, etc.. and eventually, when nobody's home, she left the house unnoticed. To this day, it remains a very dramatic event of my life.
Require a credit check will
That will tell you so much about people's attitudes toward paying bills in general
Not always true.
If you live in the U.S. medical bills can crush you and your credit score even with insurance.
@@myfavoriteplanet3247
I comsider everything else except for medical bills. Cant control that so why I should I judge u on it.
I heard that if you advertise on a public forum you cannot refuse a tenant that’s why you need to go word-of-mouth is that true?
That's not true
Thats false. I am pretty sure the person meant to say that u can't advertise on a public platform and say u don't want a tenant based on their sex, color, ethnicity, sexual orientation, family size or section 8 status. Those r federally protected classes and u can be fined if u violate that. U can say that u rent to those who fit ur requirement based on income, credit history, criminal and eviction history.
A bad tenant story i had from 2023 is not checking credit history, he defaulted payment of over 5 months rent . I had to take the case to police for him to be evicted and he was so abusive to me.
How about a bad landlord story
As a landlord, how do you go about checking somebody's credit?
jt5747 I just ask the applicant to bring me their credit report
Right I think you have to have them check it and bring in official report for you
jt5747 many online landlord tools provide this service. Tenant Clound, Tellus are 2 that I have experimented with
U can use Mysmartmove.com by Transuinion. Gives u criminal, eviction and credit history. Anotha feature is that if the tenant has a W2 job, it will tell u how many more times they make than the rent.
@@scottc6946
With the way ppl can easily falsify documents these days, tenants bringing in their own credit report is not very prudent.
Why would you ever rent to anyone who had an evection when there’s so many other qualified renters with no evictions? Why take the chance? Three years is just too short of time and if you’re gonna give someone a chance make it at least 10 years since the prior evection. Personally I just pass on anyone with a prior eviction. if you want 17 great tips on leasing and managing your rental property, go to KensCorporateHousing.com/free-report
Most people let utilities bills go in order to pay for rent. You got that backwards.
I have had crackheads... not fun... and hoarders... and liars..... eesh... I learn now..
I now want high end tenants who treat the Property like a home . So am increasing the rent in June. So i filter these disrespectful tenants and get better ones. Some of the current tenants are dirty , pour trash anywhere. They actually disrespect me .
First you have to be a good landlord
Worst tenant story: bought a property with a tenant in place. HORRIBLE. The first 3 months went well, but then the mother of the tenant broke her hip and was placed in a nursing home for recovery. Thats when her retirement checks stopped going directly the son. Then he got "roommates " that's when things got out of control. The police was over there every other day for various reasons. Disputes, domestic violence, etc. I evicted them, and on the eviction day when we got there with the sheriff they were deep asleep!🤣
I am a landlord myself and there is no way past the credit score itself that I alloow you access to anything more. That is absolutely no one else's business.
You lost me here?? What are you attempting to say?
You don’t think applicants should give landlords pay stubs or references? It actually is the landlords business in a literal sense to do everything possible to ensure the inhabitants of their investment are of the highest quality
Exactly! Its your choice what you want to provide to me as a tenant but unless you provide what I'm asking for your not renting my property!
Keeping in mind the OP is prolly self employed as per his handle. ?????
Who's watching this video because they just had a crack head move out that destroyed their property? 🙋♂
personal references from a friend are completely biased and a waste of any landlords time to try to verify. The friend is always going to give a good reference do you know why? because they’re a friend. Don’t waste your time checking character references. If you want to know what you should do, get 17 great tips on leasing and managing your rental property at KensCorporateHousing.com/free-report
You know, your comments look like sales pitches, even if what they're hawking is free.
really? A good tenant only pays rent on time, maintains the property, and doesn’t disturb the neighbors? What about completes the full term of the lease, extends or renews the lease, pre-paid a number of months in advance, refers other good tenants to you, and many other qualities which defines a good tenant. If you want to know 17 great tips on leasing and managing your rental property go to KensCorporatehousing.com/free-report
There are no great tenants. All renters are a liability. You can filtered the screening process as much as you want to, but it's a risk regardless. Section 8 an last option as those people are scum of society.
- Truth
Amen Hadou !!!!!!
First you have to be a good landlord