Daniel Rosenbaum

The Rosenbaum Realty Group

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Tenant Background Checks & Rental Verifications in Mesa, AZ

August 22, 2017 By Jennifer K

 

As an investor, it’s very important that you know how to screen a tenant, and if you’re working with a professional property management company, you want to make sure they have an extensive tenant screening process. Today, we are talking about the importance of tenant background checks and rental verifications.

Tenant Screening: Credit and Background

The most important thing you’re looking for is indication that the potential tenants can pay rent. When a resident gives you information, verify it. Ask for a copy of identification, such as their social security card. You want to know who this person is. Do a credit check and if the score is high – awesome. If it’s low, find out why. Look at the applicant’s background, and see how that background will affect your rental. You want to do a rental verification for the last two years. Talk to the previous two landlords and as for information on whether rent was paid on time, how many times it was late, if they were good tenants, and how the property was left after they moved out. You want to know if former landlords had to put money into the investment to turn it. This is important information because you need to know who is going into your property. If you don’t have a good idea of who that person is, the tenancy probably won’t end well.

Tenant Screening: Income

Look at the tenant’s income. When you’re evaluating how much they earn, look for income that is 2.5 or 3 times the amount of the monthly rent. We are more stringent and want to see a net monthly income that’s at least three times the rent. We want to make sure that when the resident enters the property, unless something catastrophic happens, rent is going to be paid. As an investor, you want your return, and the best way to get that return is by making sure your resident can pay. If rent is not paid, the owner isn’t paid and the property management company isn’t paid. Your return is our top priority.

If you’d like to talk about tenant background checks and how to do them, please contact us at Rosenbaum Realty Group. We’d be more than happy to discuss property management in Mesa, AZ with you.

Filed Under: Blog, Owners, Rental Property Tagged With: Gilbert property management, Gilbert property management companies, Gilbert property management company, Gilbert property manager, Gilbert rental management, Mesa property management, Mesa property management companies, Mesa property management company, Mesa property manager, Mesa rental management, Rosenbaum Realty Group, Rosenbaum Realty Group property management

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About Rosenbaum Realty Group

At Rosenbaum Realty Group we are passionate about real estate! Whether you're looking to achieve financial independence, build your retirement plan, pay for your children's education, or simply build wealth, Rosenbaum Realty Group is here for you. Why invest in real estate? Real estate investments keep working for you 7 days a week, 24 hours/day; they don't take vacations or holidays. Today's real estate market in Arizona is truly phenomenal. Right now is a prime time to invest. Great deals are

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