Every landlord has nightmares about a horrible and irresponsible tenant. A bad tenant can reduce profits, cause permanent damage to your home and make it challenging to find a new tenant in time to pay the bills. By learning how to take advantage of the rental information that exists for tenants who are applying, picking the right tenant should be a breeze.
A Credit Check is Essential
A credit check will quickly reveal how up responsible someone has been in the past concerning the state of their financial obligations. Although almost no applicants credit history is going to be perfect, a credit check is important because it will reveal the quality of the relationship the tenant had with their previous landlord. Be wary of applicants that have no available credit history. For such candidates, extra precautions such as requiring payment of the first and last months expenses up front is necessary. Part of a credit check is assessing the amount of debt that the applicant has. According to About.com, “For example, the rent is $1000 per month. Tenant A is making $3000 a month, but has $2000 in debt payments every month. They most likely would not be able to afford to rent the apartment. Tenant B makes $2500 a month, but has no debt. They could be an excellent candidate to pay the rent even though their income is not three times the monthly rent.”
Perform A Criminal Background Check
A criminal background check should always be included for candidates you are moving forward with, especially if you will be subletting multiple rooms inside a home. Failing to perform a background check leaves you legally responsible for introducing a potential criminal into a home with other tenants. Make sure to perform a background check at a police station and not with a general online service.
Evaluate the Consistency of the Tenant’s Lifestyle
Someone who has a history of moving frequently and constantly switching employers is likely to follow their previous patterns. A good tenant is someone who will be able to settle down for a long period of time, preferably for at least as long as their lease period.
via:http://rentbits.com/blog/apartment-tips/how-to-use-rental-information-as-a-landlord-to-pick-a-desirable-tenant
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