With property prices declining and mortgages still available in the marketplace many people are trying to secure investment property for their retirement nest egg.
If you have the right landlord forms then your on the path to better results.
Landlord forms come in all shapes and sizes but they share some common themes.
Depending on the state you live in the rules and regulations of what you can and cannot ask vary but these are the general guidelines that are accepted.
The first thing you want your landlord forms to ask is the employment information about the potential tenant.
Your property is an investment and you want to be sure that it will generate a steady revenue stream, If your tenant is employed you may want to ask for a letter of employment from their HR department confirming their position and salary, if they are hourly then you may ask to see a recent pay slip.
Once that information is gathered and verified the next thing you want to find out is how responsible your tenant is and the best way to do that is by performing a credit check.
Your landlord forms must specifically ask for expressed written permission to get a copy of the tenants credit report.
If the tenant refuses to give their permission then you cannot legally proceed to get it however it can be a reason for you to refuse to rent your property to them.
Once you have received consent to get their credit report it will show you how the tenant has manage their financial obligations over the past 5-7 years.
If the credit report has some gaps then you would be wise to find out what the reasons where for the credit gaps, sometimes good people have big things happen.
If the reasons are valid then you can move onto the next step in the processing, however if the reasons seem ridiculous then it would be wise to move onto another prospect.
OK so we have the employment and credit information, one last thing most owners ask on their landlord forms is to get a reference from a previous landlord.
In the decision making process to rent to someone the experience from a previous landlord can be a deal maker.
If the landlord tells you that the tenant was partying all the time and didn't keep the property in a clean and reasonable manner then you can be fairly certain that this tenant is going to give you nothing but trouble, on the other hand if the previous landlord tells you that the tenant has been responsible and quiet then you can hand over the keys with a greater degree of confidence knowing you are not putting your investment in harms way.
If you have the right landlord forms then your on the path to better results.
Landlord forms come in all shapes and sizes but they share some common themes.
Depending on the state you live in the rules and regulations of what you can and cannot ask vary but these are the general guidelines that are accepted.
The first thing you want your landlord forms to ask is the employment information about the potential tenant.
Your property is an investment and you want to be sure that it will generate a steady revenue stream, If your tenant is employed you may want to ask for a letter of employment from their HR department confirming their position and salary, if they are hourly then you may ask to see a recent pay slip.
Once that information is gathered and verified the next thing you want to find out is how responsible your tenant is and the best way to do that is by performing a credit check.
Your landlord forms must specifically ask for expressed written permission to get a copy of the tenants credit report.
If the tenant refuses to give their permission then you cannot legally proceed to get it however it can be a reason for you to refuse to rent your property to them.
Once you have received consent to get their credit report it will show you how the tenant has manage their financial obligations over the past 5-7 years.
If the credit report has some gaps then you would be wise to find out what the reasons where for the credit gaps, sometimes good people have big things happen.
If the reasons are valid then you can move onto the next step in the processing, however if the reasons seem ridiculous then it would be wise to move onto another prospect.
OK so we have the employment and credit information, one last thing most owners ask on their landlord forms is to get a reference from a previous landlord.
In the decision making process to rent to someone the experience from a previous landlord can be a deal maker.
If the landlord tells you that the tenant was partying all the time and didn't keep the property in a clean and reasonable manner then you can be fairly certain that this tenant is going to give you nothing but trouble, on the other hand if the previous landlord tells you that the tenant has been responsible and quiet then you can hand over the keys with a greater degree of confidence knowing you are not putting your investment in harms way.
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