Every real estate investor knows that a rental property that sits vacant is a bad investment. But do you know what is an even worse investment? A property rented to a bad tenant. A tenant who skips rent or trashes your property can cost you plenty, so making sure you vet prospective tenants carefully, is key to maintaining a healthy portfolio along with your sanity.
Asking prospective tenants to fill out a rental application, checking their background and credit check, and calling past landlords, places of employment and other references, is a great start. But what about tenants who lie or omit the truth in their applications?
Some tenants may look great on paper, however, they may have lied or stretched the truth to appear to be a more appealing candidate. Some of the things potential tenants tend to like about, and that you should take a closer look into are:
It wasn't until Vladimir Kholodnyak was found throwing cigarettes over the third-floor condo balcony and drinking out of glass bottles on the pool deck of the Avant Garde condominium in Hallandale, FL, that the condominium and the landlord began digging for information, only to discover the tenant was in fact an international criminal wanted by the Interpol.
Florida's warm weather brings hundreds of new residents to its shores each month, many of whom are making the property they are renting, their first US home. A new resident has no criminal history recorded in the National criminal database, therefore condominiums and landlord are limited as to what type of investigative information they can gather from a prospective tenant.
Verify Tenant has a solution for you! we specialize in offering international criminal reports, so no matter where your prospective tenant comes from or the fact that they haven't resided in the US before, we can provide a comprehensive criminal search from their country of origin.
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Beginning May 29th, Verify Tenant’s ordering platform will feature a bunch of system performance enhancements. Among the enhancements we are most excited about are:
Applicant Phone Number: On the Applicant Pending records, when you hover over the Detail icon, the Applicant’s phone number is now included in the display
Federal Criminal Update: Federal Criminal and Civil searches can now be conducted State-wide for all Federal Districts within a selected State.
New Look & Feel: Our development team has been updating the Order Entry Wizard
System Performance: We have added server capacity, server memory, installed new servers and added a system monitoring tool that helps us identify and target slow processes. With this tool, we are making a number of software optimizations and database service enhancements.
Real Estate investments come in all shapes and colors. You may be a landlord who owns one property and rents it out, you may be into flipping a few properties a year, or you may the owner of an entire complex. However small or big your investment portfolio, or your strategy, one thing is for sure, you need tools to help you make a savvy decision. In today’s recovering real estate market, there are a realm of tools available to help you search for properties, but once you are faced with options, how do you decide which properties make sense? How do you take the emotion out of buying? The latest entrant in this business is Flipt, which aims to take some of the emotion out of real estate purchase decisions and replace it with a more data-driven approach.
Read more ….
According to housing advocates and city officials, one out of every two people in Madison, Wisconsin are renters. That’s higher than Milwaukee, where less than 40% of residents are unit owners, according to 2011 Census data.
With this large population of renters, Madison County has, over the past couple of decades put in place laws that protected and favored the tenants.
This past November, Governor Scott Walker, signed Senate Bill 179, which intends to balance the legal relationship between landlords and tenants in the County.
Amongst other things, the Bill contains Act 108, which allows landlords to discriminate against a prospective tenant based on information obtained from a credit report or criminal history check.
With these impacting changes in legislation, landlords need now more than ever, a tenant screening company they can trust. One which can provide them with reliable, easy to access credit and background checks.
Click here to Read the Senate Bill