Owning rental property is a well-worn path to financial success for many people. If you’re considering becoming a landlord finding the right people is important. Screening prospective tenants is very important. We strongly urge that you have the prospective tenant fill out a rental application. These applications will ask for a bunch of information from the prospective tenant. For example, have you ever been convicted of a felony? Have you been evicted before? Have you filed for bankruptcy? Do you have credit issues? What is your Gross Monthly income? Education level? How long have you been at your job? How many people will be on the lease? How many cars? Pets? At least 3 non family references.. Also, have them sign to authorize a credit check.
The list of questions should be detailed and it’s important as a new landlord to put a solid system in place to find the right tenant for your building. Rental applications can be purchased at Staples, online, or you can give us a call.
Finally, and most importantly, consider reading up on the Federal Fair Housing Act. In short, this law prohibits discriminating potential tenants on the basis race, color, national origin, religion, sex, familial status or handicap. The Fair Housing Act covers most housing. In some circumstances, the Act exempts owner-occupied buildings with no more than four units, single-family housing sold or rented without the use of a broker, and housing operated by organizations and private clubs that limit occupancy to members.