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Old Yesterday, 09:15 AM
 
1 posts, read 87 times
Reputation: 10

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First time landlord here. I recently purchased a unit with an existing tenant, and since their lease is running out at the end of the year, I would like to prepare to replace them with a new tenant. I'm just wondering what are some things I can do to make sure that I don't end up with a problem tenant?
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Old Yesterday, 09:22 AM
 
381 posts, read 88,007 times
Reputation: 748
Sell the unit and invest elsewhere. You can never be sure that you don't end up with a problem.

Now, you can do a bit to mitigate the risk, I'd suggest a search of this subforum for various ideas.
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Old Yesterday, 09:37 AM
 
8,759 posts, read 19,595,171 times
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Quote:
Originally Posted by bellawalsh67 View Post
First time landlord here. I recently purchased a unit with an existing tenant, and since their lease is running out at the end of the year, I would like to prepare to replace them with a new tenant. I'm just wondering what are some things I can do to make sure that I don't end up with a problem tenant?
Are you sure these tenants are leaving or are you not renewing their lease?

You need to vet your applicants...credit history, rental history, criminal background check, local court check for judgments, foreclosures and/ or bankruptcies.

Set your standards as high as your local law and market area will allow. Be a local landlord. Learn the laws to the best of your ability. Visit your property every 6 mths and do a through inspection. No pets of any kind.. ever. All occupants must be on the lease and are subject to the same vetting as the leaseholder (minors excluded from vetting but names and ages on lease)

Head to the rental forum and read, read and read some more. Lots of great info over there.
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Old Yesterday, 02:38 PM
 
86 posts, read 17,978 times
Reputation: 87
Quote:
Originally Posted by bellawalsh67 View Post
First time landlord here. I recently purchased a unit with an existing tenant, and since their lease is running out at the end of the year, I would like to prepare to replace them with a new tenant. I'm just wondering what are some things I can do to make sure that I don't end up with a problem tenant?

First things first, it's pretty impossible to have zero problems with tenants, as there are always unforeseen circumstances and situations that may arise. Once you understand this, the rental process will be a lot easier for you. Like others said in this thread, are you sure that the current tenants want to leave? If not, then you should talk to them first. Also, what are your reasons for wanting to replace them? If it's because you would like to do renovations/charge more, then that is something you should talk about with them. It's much easier to keep existing tenants than look for new ones.



With this being said, if you end up deciding to get new tenants, there are some things that you should always do to vet your tenants as much as possible.



You should always meet a new tenant as many times as may be necessary for you to feel comfortable with them. Some people treat tenants like just another income, however, building a good relationship with your tenant will make your time as a landlord much easier. When problems arise, a bad relationship will only make these situations bitter and counterproductive, while a good relationship would benefit both parties.



I also always ask for 2 references, preferably from previous landlords/employers, who are professionals that will be unbiased in their evaluations of the potential tenant. Family and friends might be inclined to twist the truth in order to help their friend/loved one get offered a lease agreement.



Lastly, and most importantly, I run a tenant screening on all serious candidates, which tells me their credit score, background check, and more. I've always used https://www.myrental.com because it's cheap and also offers previous address history, eviction history, sex offender registry checks, and more. They provide you with a "tenant score" which takes all of a person's information and ranks them on their likeliness to default on a lease. Of course this isn't 100% accurate, but it's a good baseline for who would generally be good or bad tenants.
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Old Yesterday, 02:45 PM
 
Location: The Triad (NC)
29,272 posts, read 63,641,805 times
Reputation: 33724
Quote:
Originally Posted by bellawalsh67 View Post
I'm just wondering what are some things I can do to make sure that I don't end up with a problem tenant?
^^ As said: Sell.
As to the tenant... read THEIR lease to see what it says about managing this very common issue.
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Old Today, 09:24 PM
 
19,109 posts, read 21,103,189 times
Reputation: 28432
Stop with the Sell sell sell guys and gals.


Look man you gotta start somewhere if you plan on being a RE investor. First of all there are so many posts on what to do as a first timer you can spend days reading,

First of all WHO is terminating the existing lease? If it’s you...WHY.

Why are you terminating a existing lease before you find out what kind of tenant you inherited?

Every time you terminate a lease you have downtime. Downtime is dead time. You’re not making ANY money.

There is no such thing as a tenant without problems. Even good tenants have issues sometimes. That’s just part of the deal when you sign up as a LL.
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Old Today, 10:05 PM
 
Location: San Francisco Bay Area
4,945 posts, read 2,683,917 times
Reputation: 9762
I would suggest asking the moderator to move this thread over to "Renting" where you will get more comments.
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