Putting a home up for rent could be an avenue to easy, endless income or arduous, unceasing headaches. Much of your fate as a landlord will depend on your ability to select the right tenants. Some landlords get greedy or frustrated with a tough market and accept the first potential renter they come across, but those who know what they’re doing make careful choices.
Smart On Money lists qualities that the best tenants share:
* They’re not related to you. Renting to friends and family can quickly turn into putting friends and family up for free. It’s tougher to evict people you know you’ll have to sit next to at Thanksgiving.
* Their credit checks out. A glance at a credit report will show you someone’s history of fiscal responsibility. If he doesn’t mind making the electric company wait for its payments, he could be slow with your rent.
* They can afford a deposit. The ability to put money up in advance shows a commitment to the home, as well as the financial viability needed to make rent during tough times. Those who move in without making a deposit have nothing to lose.
How To Choose Good Tenants For Your Rental Property [Smart On Money]