Effectively screening tenants is what maximizes cash flow on your income property. Here are some tips and tricks on how to save yourself from a potential lawsuit, while effectively placing the right people into your rental property.
1. Fair Housing Act: This means that you can not base your decision because of someones race, color, national origin, religion, sex, familial status, disability, gender, gender identity, gender expression, sexual orientation, marital status, ancestry, or genetic information.
2. Credit Report: This will show you history of paid bills, debt, collections, bankruptcies, or tax liens.
3. Tenant Report: This will show you employment, criminal history, entries on sex offender lists, driving record, and more.
4. Pay Stubs: Asking for one months pay stub, will allow you to see if they are going to be able to afford the rent. It is usually a good idea to prerequisite that they make double or triple the rent, in order to qualify.
5. Referrals: This is going to allow you to contact people who know them directly. Do not hold direct contacts to much value though because often times they will give you someone who is going to put in a good word for them. The best way to get a quality referral is to contact the landlord that previously housed them.
Always call Belwood Properties with any questions.