subject: Miami Rental Property Tips For Savvy Landlords [print this page] Research and due diligence Research and due diligence
Just because the prospective tenant has an attractive credit report and handsome deposit check, doesnt mean its all good. Bogus tenants are prevalent nowadays. They doctor their credit reports to appear stellar and almost always offer bouncing checks. It would be greatly harmful for your Miami rental property business if you fall victim to these gimmicks.
What you must not forget is to double-check your tenants information. Sniff around and dig into your tenants background. You can even order his or her credit report and check it yourself. You must, however, obtain consent, SSN and other required documents. If you think this to be too costly, you have the option to charge an application fee to cover the screening expenses.
Check the references
If this isnt your tenants first time renting, dont forget to ask at least two landlord references before accepting him or her in your Miami rental property. If possible, ask for the past landlord or landlords instead of the present one. Once you get the names, take some time to ask them about your prospect tenant. This is one the best ways to check for red flags that might be hiding in your tenants past.
If discrepancies surface, make sure you know how they are resolved before judging. Default payments in the past, for instance, may just be the cause of sudden layoffs or emergencies. If the tenant patched things up with his or her previous landlord and left the apartment in good terms, theres no need for you to worry.
Dont forget to buy the appropriate insurance
You must protect your Miami rental property for any future troubles. Even if your tenant passed with flying colors, you just dont how what will happen in the future. So to protect yourself from possible dangers, always remember to buy adequate insurance. Also, you can ask your tenant to purchase a renters insurance. This will be greatly beneficial in protecting the tenants belongings since your insurance will only cover the propertys repairs and maintenance.
