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Home For Sale

Landlords – Follow These 4 Tips to Avoid Problem Tenants in Your Rental Property

Many landlords use first impressions of a potential tenant to determine whether or not to accept their application. Difficult tenants are acutely aware of this and are experts at putting on a good show when meeting a landlord for the first time. Dealing with problem tenants is the number one reason landlords burn out and get out of the real estate investing arena. Follow these 3 tips and you will be able to avoid problem tenants in your rental property.
Rental Application
Every prospective tenant should be required to complete a rental application. The application should include their current and two previous landlords name and contact information. If the prospect is a problem tenant, their current landlord will probably lie about them to get rid of them. For this reason you should contact their two previous landlords to get their feedback on the applicant. The application should include the employer’s name, manager’s name and phone numbers. You should contract them to verify that the employee works there and the reported income on the application is accurate.
Proof of Identity
Get a copy of the applicant’s driver’s license. This proves that the name on the application is the person submitting the application. Problem tenants are more likely to use someone else’s name on a rental application. Their best friend may have a positive reference from past landlords so problem tenants will take advantage of this by using their name on the application. By having a copy of their driver’s license you can confirm the license matches the person in front of you as well as the name on the application. If a prospect refuses to provide identification then you can refuse to rent to them.
Credit Check
Landlords should always perform a credit check on every applicant. Your rental application should have a notice stating that you are going to perform a credit check and the tenant needs to sign this request. You application should also request their Social Security number which will be required to run the credit report. Failure to pay rent usually runs hand in hand with a failure to pay other financial obligations. Checking a credit report can give you an early warning detection on whether or not an applicant could be a potential bad tenant.
References
Require all applicants to provide three references with their contact information. Contact each of these references to get their feedback on the potential tenant. References are invaluable for providing input that can be used to determine whether or not to accept an applicant. Applicants with less than stellar backgrounds will usually have this revealed when talking to references.
Avoiding problem tenants is key to survival as a landlord. Follow these 3 tips and you will reduce the number of problem tenants and improve the probability of succeeding as a landlord.…

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Real Estate Listings

Tips That Every Home Buyer Should Follow

If real estate is a new thing for you, you need to learn a few things before considering buying anything. The tips below can help you start purchasing real estate properly.

When you are trying to make a deal on real estate, do it moderately. The worst thing to do is be aggressive with the price. Be firm in what you want, however, let your Realtor and lawyer go at the negotiations since they are used to fighting those battles.

Real estate agents should contact those who they have helped buy or sell a home once each year. If you stay in contact with them, you will be reminding them how much you helped them with the buying or selling of their real estate. Give them your card and let them know that your work is based on referrals, and that it would be a huge compliment for them to recommend you to people they know.

When you are planning to purchase a large and costly commercial property, look for a reliable investment partner. It can make it way easier to get the loan you need. Having a partner gives you an extra person to help pay the necessary down payment and any needed credit in order to be qualified for a loan.

If you’ve provided an offer to a seller who didn’t accept it, do not completely give up on the fact that they won’t find a method of making the purchase price affordable for you. Try to see if they would be willing to make some home repairs or help you with the costs associated with the closing.

Consider the long term picture when you are shopping for a new home. You may be child free now, but sometimes people change their minds. So a look at the local schools can’t hurt.

It is of utmost importance to have a good understanding of mortgage loan terms when buying a home. Knowing everything you can about monthly mortgage payments and total cost of the loan will minimize all of your confusion.

The asking price should be just a guideline. If your offer is logical and well-researched, you might be surprised by how much you can save. If your seller is helpful, it should be fairly easy to decide on a final purchasing price that you’re happy with.

Ask the seller if they would contribute towards closing costs as part of your offer. One common practice is to request that the seller “buy down” interest rates for one or two years. Some sellers may be more willing to negotiate on these types of incentives instead of their selling price.

Plan ahead of time which questions you are going to ask your real estate agent. Some questions to consider is are you a buyer’s agent, a seller’s agent or a dual agent. Other questions include the average number of listings the agent carries and the average home prices. They should answer every question professionally.

As you can see from the above list of tips, buying real estate can be a bit daunting when you first start, but applying a bit of common sense and doing your research can put you ahead of the game. Take the tips and suggestions you learned here, and you’ll be a more confident and savvy property buyer.…