Real Estate Rookie 6: The Ultimate Beginners Guide to Tenant Screening with Lucas Hall
Apr 8, 2020
Lucas Hall, a seasoned landlord and founder of Landlordology.com, shares invaluable insights on tenant screening. He reveals his foolproof process for finding great residents, emphasizing the importance of thorough pre-screening phone calls and online background checks. Lucas highlights how social media can offer additional insights into applicants and discusses the crucial income-to-rent ratio. With over ten years of experience and zero evictions, he provides timeless strategies for avoiding pitfalls in the rental market, even amidst recent pandemic challenges.
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Flag Utility Payment Issues
- Utility nonpayment is a significant red flag signaling poor financial priorities.
- Tenants who don't prioritize utilities likely won't prioritize rent payments either.
Avoid Cash Rent Payments
- Never accept cash rent payments, especially large upfront amounts; this is a huge red flag.
- Cash payers often have urgent eviction situations or payment issues hidden.
Verify ID and Income Documents
- Cross-check tenant photo ID with their in-person or video meeting to verify identity.
- Request last pay stubs for income verification; use tax returns if self-employed.