A dependable source of monthly income can be in real estate rental investments. You found a great property you can afford in a good location in Fort Wayne that is desirable to tenants. Property improvement were made that were necessary, and you updated the kitchen and bathroom. Now, it’s time to find a tenant. Here is how to properly screen tenants in Fort Wayne
Applications
You can start your hunt for tenants by posting your property. Have candidates fill out applications. You should ask for a list of their current and previous jobs and income level. There must be verifiable income with pay stubs or other financial statements. Your application should also include previous landlord contact information, previous rent amount, and their address so you can follow up later. Also ask if they have any gaps in rental history and why. How many people are planning to live in the house and do they have any pets. It may be a red flag if the candidates are not willing to provide this information.
Contact References
First of all, you will want to verify their current employment. This needs to be done to ensure they will have a reliable income to make their rent payment. If everything checks out so far, you should contact their previous landlord to check out the history on the tenant and if they were able to pay their rent regularly and on time. Some questions to ask the previous landlord include:
- What is their current balance?
- Does the tenant pay on-time?
- Has the tenant caused any damage to the property?
- Did the tenant disrupt the neighbors or cause any issues?
- Did the tenant receive their security deposit when they moved out?
- Would you rent to this tenant again?
Credit Check
You will want to run a credit check on your applicants. This will show you how they handle their payments in general. The report will show negative or positive financial history. or if they generally pay all of their bills on time. It will also show you their current debt level and whether they will be able to pay the rent you are asking.
Background Check
You will also want to run a background check. Make sure the service you use provides rental history to find any evictions, criminal records, and public records for any unreported judgments or other outstanding debt. This will shed some light on the type of person they are as well.
Interviews
Hold interviews with your promising candidates may potentially show you if their lifestyle and habits fit the intended use of your property. You may want to ask about the following items:
- Do you have any pets? What is the breed if there are dogs?
- Will there be anyone else living in the home in the future?
- Do you smoke?
- Do you have any friends or relatives who frequently spend the night in your home?
Final Decision
You don’t have to become a private eye every time you receive an application. Screening tenants is a way to get a good snapshot of who the tenant is and make sure they will be able to pay their rent. Be sure you follow the landlord-tenant laws of Fort Wayne and do not break any privacy laws. Make sure the tenant you select will be willing to treat your property with respect and follow any guidelines of living in your property.