Savvy Land-lording part 2

Finding a Tenant

A yard sign or window sign has produced a good, quick tenant for me many

times. I put the sign up as soon as I have possession, or even before, depending

on the circumstances. I do not feel it is necessary to wait until I have all the work

completed and the home in perfect condition. The fact of the matter is that the

tenant looking today or this week will have found a home by tomorrow or next

week. They would not even have been a possibility for my home if I did not

make it available. It is true that they will need to have a little imagination to

visualize the home with the work completed. You, of course, help them to

visualize by talking up the work that you are doing. If they still cannot visualize,

oh well, you tried. However, most are able to visualize. The sooner you have a

tenant lined up, the better. You will push harder to get the work done sooner. The

quicker you get a tenant, the more money you save and earn.

Talk with the neighbors; become friendly with them. They are generally

good security at helping to keep an eye on your property. Give them your name

and telephone number. After all, they have somewhat of an invested interest in

the homes surrounding theirs. They generally are not too excited about the

prospect of your renting out the home. They would rather have a homeowner

next door. However, if they know of someone who they feel would be a

responsible tenant, they will be sure to refer that person to you.

You should also contact rental agencies in the area to make them aware of

your property. Their service is usually at no charge to you; they charge the

tenant. There are also bulletin boards in public locations, such as grocery stores

or the Internet, where you can put up a flyer. Last, but not least, are the classified

ads in the newspaper. This usually produces the most leads.

 

Screening Tenants

You want to be prepared with some questions to pre-screen the callers from

your for rent advertisement. That way you invest your time with only good

candidates when meeting them face to face. Have your questions prepared and

written out ahead of time on one page. Have another page where you have drawn

lines to make columns for each lead’s name, phone number and answers. This is

the best way to keep track and to remember them. Sometimes the calls come in

fast and furious. If prospective tenants are hesitant or refuse to cooperate in

answering your questions, eliminate them. They just saved you some time and

probably money, too.

 

Section 8 Tenants

Section 8 tenants are government subsidized tenants, for part or all of their

rent payments. I like the program because the rent checks come every month just

like clock work. You still screen the tenants because there are good and bad

within the Section 8 program, just as with everything else.

 

Disabled Tenants

People with disabilities seem to

be discriminated against. I am sure it is just due to lack of knowledge and

understanding. Screened properly as always, disabled people make great tenants.

Some are on Section 8 as well, most have fixed incomes; disability, social

security, pensions and some also work. Not all disabled people are in wheel

chairs, some are blind, deaf, back problems, on oxygen 24 hours a day, cerebral

palsy, downs syndrome and a host of other reasons. Even those in wheel chairs

have value as a tenant for the right home. Making the home assessable is not

difficult or costly, sometimes grants are available to help with the alterations.

Also, the disabled person in the family is not always the adult or breadwinner,

sometimes it is one of the children.

Once disabled people have a place to live that is suitable for their needs they

tend to not want to move again. Low turnover is a real positive!

Next Post part 3 will cover questions to ask tenant leads.

 

November 16, 2017

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