No matter where you’re investing in the US, you MUST have a system for finding and keeping high quality tenants who pay the rent. Learning How to Screen Tenants is Golden Rule #1 and for good reason. If you take the time to learn how to separate all the great tenants from all the bad tenants, you’ll never have to apply Golden Rule 3 (Act Quickly on Non-Paying tenants). So let’s dig in!
It’s a fact: people exaggerate when telling stories and the ability to embellish a resume is actually taught by institutions.
Whatever the situation, as a society, we generally understand, accept, and even encourage these forms of embellishment by assigning them positive labels like “creative” “inventive” or “inspired”.
But when it comes to Rental Applications, we do NOT want creative, inventive or inspired answers. We Ask For Brief, Factual, Legible Responses to our Point Blank Questions… and it’s why the application, with all it’s closed-ended questions, seems so Cold and offensive to would-be-tenants .
And Because there is no room for Embellishment on an application, the only way for an applicant to appear better than they are….. is to LIE.
Filling your properties with tenants who pay on time is NOT luck! Learning how to screen tenants is a skill that you must acquire if you plan on being a successful landlord.
If you’ve ever paid a Realtor or a property manager to fill your vacancy, you know they charge at least the equivalent of one full months rent. That means if you’re renting a property for $500-$1000 per month (or more) you owe it to yourself to spend a fraction of the price and learn how to do it even better. No one will care more about your property than you. No one will care more about your cash-flow than you. And once you learn how to screen tenants, no one will pick better tenants than you.
How to Screen Tenants
This training will assist Landlords anywhere in the United States. It is not specific to one area because screening tenants is a universal process.
I will teach you how to use a tenant’s application not only as a form that captures information for research, but as an opportunity to separate trustworthy from deceitful individuals. If that sounds uncomfortable, then please; buckle up! If you plan on being a Landlord, you WILL be lied to at some point. Applicants will lie in writing and to your face. You don’t have to like it, but you do have accept the fact that it will happen.
Having over 20 years of experience working with applications has made me highly aware of techniques people use to evade the truth. But, what’s even more valuable is that I’ve become acutely aware of what even truthful answers might reveal about a person’s ability to uphold their end of a contract, in this case: your lease agreement.
Your properties CAN cash flow as expected once you put the right tenants in place!
I’m going to give you my custom made rental application and you are free to use it as is or edit to suit your needs; put your own business name at the top, etc.. Then we’ll go through the application questions and I’ll share with you around 20 things to look for in an applicant’s answers. I’ll give you real life examples of answer you will likely see and what each answers might reveal using the following symbols:
- Good Answer
- Use Caution
- Landlord Beware
These are tried and true based on real-life applications, background checks and tenant results over the past decade. When I first started out, I inherited some cautionary and red flag tenants and guess what? I had to evict them. But after evicting them, I was able to apply my screening process to find the right tenants and my properties cash-flow exactly (or better) than I planned. That’s over $500 per door!
Training Excerpt Example
Let’s review a tiny Snippet from the Training Guide. In This Section of the Application, People are Asked to Circle Whether they Currently Rent a Property, Own A Property or Neither.
Believe it or Not, Their Circled Answer MATTERS! This question has remarkable implications.
Snippet: Are Your Applicants Renters? Owners? or Neither?
My methods are easy to use and I assure you, over time, you will begin to see the patterns yourself. Until then, please keep this book on hand and use it every time you rent out one of your properties.
Here is what you’ll receive
- My Exact Application in PDF Format
- My Exact Application in .doc Format so you can edit and write your own name and phone number, etc.
- Answers Revealed – A comprehensive guide (PDF) that teaches you whether or not an applicant’s response is good, cautionary or a big red flag just waiting to ruin your cash-flow.
If you are serious about picking the right tenants every time and don’t want give away a months rent to a Realtor or Property Manager, this is the product for you.
A one-time investment of $49.95 vs. paying someone$500, $600, $1,000 with every vacancy? No one will care more than you. Invest in yourself today!