Before You Let the Applicant Move In..........

By
Education & Training with The Real Estate Mart of Tennessee, Inc. TN LIC# 290452

                                     tenant   

Let's stop the problem before it happens. How do we do that as a landlord ?

Don't make a decision to rent the property to somebody based on your first impression of the person !

DON"T DO IT !

If your renting, before you let them move into the house or the apartment:

1. Do a credit check .

2. Have the tenant fill out an application form that meets your needs and check out the tenants answers as thouroughly as possible.

3. Make sure you check out their references and take a firm stand about doing so. Under normal circumstances, the tenant will only provide you with references that they believe will satisfy the needs of the application, but as a landlord you need to remain vigilant and do some checking on your own to determine if these references are reliable, and if they have the potential to cross paths with references that aren't.

4. Have the tenant give you a check on the front end and not cash, and the reason why is because the check should indicate where the tenant currently lives, and might even include the telephone number or other information that will allow you to investigate their application for the lease. The check could also serve as an indicator of their stability. Beware if they want to give you cash !!!

5. Make sure that you get the required deposit with the application. And get a check, as suggested in the last paragraph.

6. Make sure that the applicant fills out the employment verification section of the application for lease or tenancy and make sure that you check with their employer to verify the information.

7. Check with the previous landlord to see if the tenant-applicant made their previous payments on time on the previous rental property. The prior rental history is a good indicator of what you might be up against with this applicant. Watch out for a slimy previous landlord that might give a lousy tenant a great reference to you just to get rid of that tenant and pass their bad fortune off on you. There are definitely some shady landlords out there. Don't be one of them, or get slimed by one.   

8. Make sure that you insist that the rent is always, always paid on time. No excuses ! Be tough about and you should have a reliable tenant.    

9. Make sure that the lease your using has nails in it, a grip, some bite, etc, because you have time on your side. You could also exercise a month to month agreement in the case of aa applicant that might have some gray areas. You might even include language that allows you to raise the rent with a month to month agreement that will also let you raise the rent anytime within a thirty day period. 

10. Make sure that you inspect the property before you allow the tenant to move in and ask the tenant to sign a form that represents the current condition of the house or apartment. Repeat the process when they move and you'll have two documents to compare in case the security deposit becomes an issue or you have to make claims for damages.

I hope you can use some of these ideas.

Feel free to chime in below if you have anything to add.              

Posted by
"A Heart is Not Judged by How Much You Love,
But by How Much You Are Loved by Others"
-The Wizard of Oz-


David Saks

 

 Earth


Time&Temp Memphis

Legal Disclaimer
Please be advised that:

The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until c
onvicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site..
6. Http://activerain.trulia.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a licensed real estate broker in the State of Tennessee affiliated as an independent contractor with The Real Estate Mart Of Tennessee, Inc. 4040 North Watkins, Suite 4, Memphis,Tennessee 38127 Phone(901)357-4663.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."
Department of Justice Legal Policies

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Tennessee
Groups:
Education
Memphis
Realtors®
Realtor® World
Tennessee
Tags:
david saks

Comments 6 New Comment

Show All Comments
Rainmaker
698,193
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

David, this is a great post.  I hope that many people from the general public read this and take your advice.

September 03, 2008 08:33 PM
Rainmaker
1,269,149
David Saks
Memphis, Tennessee
The Real Estate Mart of Tennessee, Inc.

Thank you, Sharon. Prevention is the best medicine, especially if your the investor and it's your money and property on the line. Hope your having a fine week.

September 03, 2008 08:35 PM
Anonymous #3
Anonymous
Anonymous

Very Good information, but I'd rather get certified funds for the application fee and the deposit - I've seen too many bounced checks.

September 03, 2008 08:40 PM
Rainmaker
1,269,149
David Saks
Memphis, Tennessee
The Real Estate Mart of Tennessee, Inc.

Good idea, Jim. Great to hear from you. Hope your having a fine evening. Thanks.

September 03, 2008 08:51 PM
Rainmaker
325,145
Esko Kiuru

David,

Must read for any landlord, new or seasoned. Getting important data on the application is one thing, the more important thing is verifying it. That'll save the landlord a lot of headaches.  

September 03, 2008 08:56 PM
Rainmaker
1,269,149
David Saks
Memphis, Tennessee
The Real Estate Mart of Tennessee, Inc.

Thank you, Esko. I'm always glad to hear from you. Just a few thoughts to protect my friends and their money. Hope your having great week in beautiful Vegas.

September 03, 2008 09:24 PM
Show All Comments
Rainmaker
1,269,149

David Saks

Memphis, Tennessee
ActiveRain Can Enrich Your Life ! Question or Note Post Here !
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: