While insurance companies likely won’t screen tenants when issuing you an insurance policy, the presence of quality tenants in place helps protect you from a litany of other financial problems.
While you want to make sure that you’re renting your investment properties to dependable, quality tenants, it’s crucial that you only ask tenant screening questions that are allowed under the Fair Housing Act.
Use this sample letter to dispute incorrect or inaccurate information that a business supplied to credit bureaus.
Public records can have a very negative affect on a credit score. If a person has any filed against them, they should be aware of the following information.
With the average student loan amount at the end of 2021, being $38,792, many renters are now wondering how their loans will affect their credit score.
Any collections item can lower a person's FICO credit score. Generally accounts which go into collections will appear on your credit report for up to 7 years.
As a landlord, proper documentation is essential. Documentation can be used to prove that you complied with the law, such as giving a tenant advance notice when appropriate or collecting a tenant’s authorization before conducting tenant screening.
Before you check your applicant’s background & credit you will need to have your tenant fill out a rental application with some required data to return complete and accurate reports.
Lease agreements and rental agreements differ primarily in terms of time commitment. In a lease, a tenant is obligated to fixed obligations for a longer time period. Rental agreements are more flexible and operate on shorter time scales.
Confusion is not uncommon for both tenants and property owners when it comes to issues associated with ending a lease. Leasing contracts cover rental periods between a specific starting and ending point, and typically require tenants to provide either verbal or written notice if they intend to vacate upon the conclusion of a lease.
If you are a landlord, there are many reasons why you may want to end a lease with a renter as the end of the term approaches.
When you run a credit report , eviction search or any other aspect of a background check on a potential tenant, he or she does have a legal right to review the information that you’ve gathered.
At a minimum, landlords want a renter who will pay the rent on time and take care of their property. One of the best ways of determining whether an applicant will be a tenant you’d want renting your property is by screening the applicant.
In the COVID era, it’s never been more important to adapt to the digital environment. Having a virtual rental application process not only saves time but can also open up your options for prospective tenants.
A tenant's most important qualities are that they pay their rent on time and take good care of your property. Ideally, you want a tenant who will also be organized, responsible, and communicate any problems or issues.
No tenant likes having their rent go up. However, as a landlord, there are ways to handle a rent increase that make it much less likely to lose good tenants to a potentially costly turnover. Even if a tenant has already decided to move out, you might not know it when you choose to initiate a rent increase.
When a landlord rents an apartment to a tenant, he or she wants to know that the tenant can pay the rent and their property will be maintained. To verify that this is possible, a landlord may do a background check, a tenant credit check, an eviction search, an employment check, and a previous landlord reference check.
The three largest credit bureaus are Equifax, TransUnion, and Experian. All three bureaus collect credit information, credit histories, and may tabulate a credit score (FICO score) on you. Landlords, property managers, and real estate agents, can use StarPoint Screening as a resource to pull a tenant credit report.
A self-employed renter can be a scary prospect. Not only does a landlord have to worry about the potential instability of a tenant’s income—where lulls in sales or the loss of a client could put them behind on rent—but the viability and success of the business itself.
The Denver city council has passed a law that requires all landlords to obtain licenses for their rental properties. Licensing requirements will take effect in 2023 for properties with multiple units and in 2024 for single-unit properties. Certain actions are required to obtain a license.
Verifying a tenant’s income and employment is an essential part of the tenant screening process. Here are a few steps you can take to ensure you get the information you need as quickly as possible.
When you order a tenant credit report on a rental applicant there are different messages you may receive. This is your guide to make sense of those messages.
A successful business strategy is built on more than just income generation. For landlords, knowing and understanding the tax structure used on rental income can be an important way to increase the money they take home after taxes.
Screening a tenant—whether they have submitted a housing application or are renewing their lease—a signed authorization is required. Consumer reports, which can include credit reports, eviction history, and criminal history, can only be accessed under this law for a “permissible purpose.”
The work of a building manager or landlord is never done, but certain times of year are more important for routine maintenance than others.
In January, 1-in-5 American renters were behind on their rent. As the pandemic has continued, unpaid rents are adding up — collectively over $70 Billion by one estimate. This poses real challenges for landlords.
Landlord insurance is like homeowner’s insurance in that it will protect you when wind, fire or another unavoidable act damages or destroys your rental. Many policies also cover the income that you would typically receive from your property while it is uninhabitable.
Most landlords realize that tenant screening is only part of the formula for success as a real estate investor. Knowing how to minimize the amount that has to be spent in taxes at the end of the fiscal year while still operating within the tax laws is equally as vital to your success as a landlord.
As a Property owner or manager, there is little more frustrating than a tenant who fails to pay rent as agreed. The situation is costly, time-consuming, and aggravating. Learn how to navigate non-payment issues with the credit bureaus.
What are the rules for how a security deposit can be used and how long does a landlord or property manager have to return a security deposit by law?
Download the Rental Income Spreadsheet Template to help you organize your rental income and expenses.
There are multiple ways landlords can choose to accept rent from their tenants. No matter how they prefer to accept payment, landlords need to protect themselves against fraud.
We've created a few checklists that may be beneficial to you as a landlord or property manager in the instance a hurricane or storm is near.