The Importance of Finding a Reliable Renter
As a landlord or property owner, finding a reliable renter is crucial for the success and stability of your rental property. A good renter will pay their rent on time, take care of the property, and cause minimal disruption or issues. On the other hand, a problematic renter can lead to financial and legal issues, as well as stress and frustration. Therefore, it’s important to put effort into finding the right renter for your property.
Setting Clear Rental Criteria
Before you start looking for a renter, it’s important to establish clear rental criteria. This includes setting a minimum credit score, income level, and rental history requirements. You may also want to consider setting rules around pets, smoking, and the number of occupants. Having clear criteria will help you weed out potentially problematic renters and narrow down your pool of candidates.
Advertising Your Rental Property
Once you have established your rental criteria, the next step is to advertise your rental property. This can be done through a variety of channels, including online classifieds websites, social media platforms, and local print or online publications. Be sure to include detailed information about the property, as well as your rental criteria and contact information.
Screening Potential Renter
Once you start receiving inquiries about your rental property, it’s important to screen potential renters carefully. This includes verifying their employment, credit history, and rental history. You may also want to ask for references and conduct a background check. By thoroughly screening potential renters, you can reduce the risk of renting to a problematic tenant.
Signing a Lease Agreement
Once you start receiving inquiries about your rental property, it’s important to screen potential renters carefully. This includes verifying their employment, credit history, and rental history. You may also want to ask for references and conduct a background check. By thoroughly screening potential renters, you can reduce the risk of renting to a problematic tenant.
Our BRRRR Renters
We hired a property manager to perform the above functions. They were able to find us renters at a rate above what we felt was market rate. This worked out great because we are pulling in $400 a month in pure cash flow. I do not believe we would have had such success without having a good property manager.
Conclusion
Finding a reliable renter is essential for the success and stability of your rental property. By setting clear rental criteria, advertising your property, screening potential renters, and signing a lease agreement, you can increase your chances of finding a suitable and responsible tenant. Of course, this is something your property manager should handle for you. This makes your property manager a very important person in your Core Four.
Disclaimer
Once again, I am not a financial advisor. These tips are some things I have validated with my own personal experiences. If you feel you need more personal advice, please consult a professional financial advisor. Dont forget to check out the Book List for published authors on this topic!
