“Should I rent to someone with a foreclosure?”

Answer: probably not.

 Please be aware that I am sensitive to anyone who is going through a foreclosure.  I am giving this advice from the vantage point of a real estate investor.

Foreclosed applicants on average have a 24% lower credit scores.  They also have four times as many 30 or more day delinquents or derogatory.

What that means, is history has a way of repeating itself.  A person is who is foreclosed on, has a poor history of paying obligations on time.  Do you really want to risk your investment to someone like that? Take the chance that they will not pay or pay late?  Evictions are not a fun ordeal.

It’s not only tempting, but some times feels necessary to fill a vacancy quickly.  Never let your feelings of disparity cause you to give up your standards.  Create your standards for tenant screening and stick to them. 

Hint on tenant screening.  Renting Authority provides a free Applicant Rating Report with every credit report.  Use the drop down menu next to the credit score and select the “Applicant Rating Report.”  This report shows you how an applicant compares to other applicants across the country.

Please contact me with any questions regarding this topic.

Thanks,

Troy

888-674-9181

tboldt@rentingauthority.com

www.RentingAuthority.com

Is the lease agreement really that important?

Yes, the rental lease agreement is the single most important legal document you have to protect yourself and the tenant.  If it’s not in writing, it just doesn’t count.  A handshake is difficult to enforce.

I get calls daily from landlords telling me of issues with their tenants.  They say the tenant is doing this or that, and want to know if it’s grounds for eviction.  I always ask them is that issue covered in your lease agreement.
Your lease should spell out terms and conditions clearly for both parties to understand.
Let me show you some of the must have points in your rental lease agreement.

• Abandonment: Landlord remedies when Tenant abandons the premises.
• Alterations & Repairs: Rules governing Tenant alteration of the premises.
• Assignment and Sub-letting: Terms of leases often apply to the sub-lessees.
• Default / Breach: Remedies for tenant breach, including failure to pay rent.
• Inspection & Landlord Access: When, and how, landlords may enter the premises.
• Lawful Use of Premises: Tenant’s right to possession and its limits.
• Lead Paint Disclosures (42 U.S.C. § 4852d) Each state-specific residential lease agreement also contains federal lead hazard disclosure statements as required by 42 U.S.C. § 4852d. For a free EPA pamphlet, please visit http://www.hud.gov/offices/lead/disclosurerule/
• Maintenance: Who is responsible and how maintenance is defined.
• Parking: Included or not?
• Rent & Late Fees: When, and how, to collect late fees.
• Security Deposit: Legal maximums and number of days to return to Tenant.
• Tenant Hold Over: Landlord remedies for unlawful retainer.
• Termination of Tenancy: Notice required varies from state to state.
• Utilities: Who must pay to keep the lights on?
• Surrender of Premises: How and when Tenants give up occupancy.

Once difficult, now easy. Create your own rental lease agreement
It’s easy to create your own rental lease agreement with Renting Authority.
Click the link below and follow the simple step by step process. It is stored online for future reference and you canedit it too. www.rentingauthority.com/lease/lease.php
If you need help, you can always call or use the online chat line.  I want to show you how easy it is to create a customized lease.  If you will let me.
Click here to start the process https://www.rentingauthority.com/lease/lease.php
View a sample lease at www.RentingAuthority.com under Rule Number 4
Here are a few of the additional features of Renting Authority’s rental lease agreement

•  Rent/lease apartments, condos, basements, houses, etc.
• Select various fixed and periodic terms
• Choose number of tenants
• Flexibility with utilities, pets, insurance, parking, rent increases, signing incentives, rent to own, maintenance, and tenant improvements

Log into your account and see what’s new
www.toolbox.rentingauthority.com
To your success,
Troy Boldt
888-674-9181
tboldt@RentingAuthority.com
www.RentingAuthority.com

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