Are you planning on buying rental properties in Houston or elsewhere in the United States? If so, like most owners you probably have asked the same question that been asked by owners over the years: “what makes a great tenant?”.
In this article, we will answer this question and provide you with tips on how to choose the right tenant for your rental property.
Review Their Financial Qualifications
The first thing that makes a great tenant is their financial qualifications. Specifically, you should look at their credit report, bank statements, and contact their current employer to verify employment and income.
When viewing an applicant’s credit report, although the actual credit score is important, you should specifically be looking at their payments, delinquent payments, and debt to determine if they would pay their rent on time or not.
To verify if someone earns enough income to rent your property or not, they should earn at least 2 ½ to 3 times the amount of rent that you are asking for your rental property.
Example: If you are asking $2,000 per month rent for your property, a potential renter should earn an income between $4,500 and $6,000 per month.
Contact Their References
During the process of screening a tenant, you should be contacting their references including their previous landlord to verify that they paid their rent on time and were never late paying their rent.
Contact Vestpro Residential Services
To learn more about what makes a great tenant, or to speak with us about our property management services, contact us today by calling (832) 971-1841 or click here.