Profile picture for TParis00ap

New Tenants

Hi,

I'm renting my home, this is my first time doing something like this.  What kind of a background check should I do on the prospective tenant and where should I go to do it?  Do I just need a credit report or do I need something greater like the "Best Report" at http://www.tsci.com/.  That site would charge me $40/tenant which is kinda sucky since they are married.

v/r
Andrew
  • January 03 2014 - Converse
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Answers (6)

Profile picture for TParis00ap
Thanks Chris.  I'm renting out of necessity, not out of business interest.  I'm military and I have orders to move.  I'm making about $169 off the rental/month.  I'll go ahead and do the background check.
  • January 03 2014
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Tenant should pay the app fee.   You can even use online services that charge them upfront so you never have to collect.

You might enlist the help of  property manager first time around to walk you through the ropes.
  • January 03 2014
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I professionally mange property and my app fee is $45 per person. It covers criminal, credit and rental history. Plus the tenants pays the fee. If they can't afford it most likely they can't afford to live there either. I recommend you not be cheap when dealing with your most expensive assets that you own. It may cost you 50-75% of one months rent to hire a pro to lease your property for you, but how much will it cost you when you get a tenant with poor rental history that hasn't paid the rent for 2-3months? Plus if you are doing it right you should be cash flowing $200-400 a month anyway. Otherwise join a professional investment group and get educated on how to become a real estate professional. Again it may cost you like $300 to join but to have a mentor and access to the resources is much better than learning by loosing money on a bad tenant. To get in this business you need to be tough on the front end to make sure you can smile on the back end.
  • January 03 2014
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Profile picture for TParis00ap
Got it, thanks ya'all.
  • January 03 2014
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Hi Andrew,

It's worth the fee to make sure you get tenants in your home that have integrity. I've seen married couples not pay rent or even trash the place. I've had rentals myself and being in the real estate business I hear all kinds of horror stories. So make sure you check thoroughly into every person or person's that turn in a rental application. Save you a lot of money and heartache in the future. Good luck!
  • January 03 2014
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Profile picture for wetdawgs
$40/tenant is dirt cheap compared to the costs of eviction and the costs of repairs when a tenant trashes your property.  It is part of the costs of being a landlord.

You want to do everything in your power to ensure that the tenants will pay their rent and be respectful to your property.
  • January 03 2014
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