Without a doubt, the purpose of any investment in “rental properties” is to generate monthly income on a regular basis. However, many investors, very concerned about the “numbers”, neglect one of the most important pillars to achieve that goal, which is the proper selection of their tenant. And, that is why many of them have had to face not only late rent payments, but also damage to their property.

Here are some tips for choosing the best tenants for your property.

PROSPECTS WHO HAVE VERIFIABLE INCOME AND GOOD CREDIT HISTORY.

It is very important to obtain from the applicant the proper proof of monthly income and their financial capacity to pay the rent in a timely manner. On the other hand, it avoids problems and screens out applicants with low credit scores; Poor credit is already a condition that doesn’t inspire enough confidence, reflecting a history of defaulting on bills and other payments.

CHECK APPLICANTS POLICE RECORDS.

This verification can be done by reviewing the public records found in the Courts. Also, through the driver’s license it is possible to know if the person has been involved in any criminal activity. You can also ask the applicant directly for his police report.

ASK FOR REFERENCES FROM THE TWO PREVIOUS LANDLORDS.

It is advisable to ask the applicant for the contact information of his two previous landlords to ask them, among other things, if he was compliant in paying the rent and if his behavior as a tenant and neighbor was respectful.

ASK THE APPLICANT WHY THEY ARE MOVING FROM THEIR CURRENT RESIDENCE.

Talking about it, in many cases, is a good strategy to find out if he has been evicted or if, on the contrary, he has a genuine reason for moving.

VERIFY HIS EMPLOYMENT HISTORY.

The frequent change of employment is not a good indicator of job stability, which can affect the punctual payment of rent; hence the importance of verifying work history.

RESPECT YOUR INTUITION.

If, despite the fact that all the documentation is satisfactory, you do not feel comfortable with the applicant’s behavior, it is better to discard it now in your selection process.

FINALLY, REMEMBER TO RESPECT THE FEDERAL FAIR HOUSING LAW.

It is illegal under this law to refuse to sell, rent, or negotiate rent based on race, color, religion, national origin, national origin, sex, disability, and familial status. Family status means that the application cannot be rejected based on the fact that a person under 18 years of age will live in the property or that the applicant or another person who is legally going to inhabit the house is a pregnant woman or that the tenant or tenants are in the process of adopting a child.

If you like this information and are interested in buying or selling a property in the United States, let’s talk, I have available options that suit your profile