Introduction
Renting out your home can be an excellent way to help pay the bills and build equity. But, there is a lot more to it than what you see in a home listing. Here are three questions you should ask before signing a lease with someone:
The best way to prevent a bad renter is to screen your applicants.
The best way to prevent a bad renter is to screen your applicants.
Screening allows you to identify potential problems before they happen, and avoid them altogether. It also helps ensure that you don’t get stuck with bad tenants in the first place.
1. Have they been evicted before?
The first thing to consider is whether or not the person you’re considering renting to has been evicted before. A history of eviction can be a big red flag and it’s likely that they will be evicted again if they haven’t learned their lesson.
If you do decide to rent to someone who has been evicted in the past, keep an eye out for signs of trouble like late payments or property damage caused by renters who don’t take care of things properly.
2. Do they have good credit?
The next question to ask is whether or not your prospective tenant has good credit. Credit scores can be a good indicator of how reliable a person is, and they’re often used by landlords when making decisions about who to rent to.
For example, if you have two applicants who both make $50k per year but one has an excellent credit score while the other has bad credit, chances are that person with great scores will be able to pay their rent on time every month. On the other hand, someone with poor scores may struggle with paying bills and could potentially cause problems for you down the line if you decide to rent them an apartment or house.
3. What kind of income do they make?
- What kind of income do they make?
- If your tenant is self-employed, you’ll need to find out what their business is and how much money it brings in. You can do this by asking for income documentation like tax returns or pay stubs.
- If the prospective tenant doesn’t provide any documentation on their own accord, try asking them directly: “What kind of income do you make?”
Avoid bad renters by asking the right questions during the application process
When you’re screening potential renters, it’s important to ask the right questions. There are a few things you can do to avoid bad renters:
- Ask about previous evictions.
- Get their credit score.
- Ask about their income and employment history (if applicable).
- Ask if they have any criminal history–and if so, what?
If you are determined to rent only to people who look good on paper, then you may want to gather information from references and background checks before deciding whether or not someone is right for your property and neighbourhood.
Conclusion
In conclusion, it’s important to remember that the best way to avoid bad renters is by asking the right questions at the beginning of your application process. If you don’t know what questions to ask or how to screen potential tenants properly, consider hiring a professional who does!
