One of the most important steps in becoming a landlord is screening your tenants. Great tenants make great rentals. You must set the same standards for all your applicants to meet. The benefit of creating and using acceptance standards for all your potential tenants is that it prevents you from making an emotional decision and keeps you compliant with the Fair Housing and Credit Acts. If you forgo this step you will likely be faced with issues from mere headaches to major court battles with non-paying or unruly tenant.
It is imperative that you complete a background check on all your potential tenants beyond just their credit score. You want to know if they have a criminal record or if they have been previously evicted. You find it well worth it to hire a certified screening service. Making a fully informed decision is what will keep you financially fit and happy to be an investor.
Schedule a complimentary consultation with us to learn more about how you can get the tools you need to get started in real estate investing.