{"id":19344,"date":"2021-07-14T20:14:06","date_gmt":"2021-07-15T01:14:06","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/blog\/?p=19344"},"modified":"2021-07-20T16:13:46","modified_gmt":"2021-07-20T21:13:46","slug":"how-do-i-know-who-would-make-an-ideal-tenant","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2021\/07\/how-do-i-know-who-would-make-an-ideal-tenant\/","title":{"rendered":"How do I know who would make an ideal tenant?"},"content":{"rendered":"<h4><span data-preserver-spaces=\"true\">My Ideal Tenant<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">When owning rental property, one of the most frequently asked questions is, \u00e2\u20ac\u0153How do I know who would be an ideal tenant?\u00e2\u20ac\u009d Any financial planner will tell you that <a href=\"https:\/\/www.topmexicorealestate.com\/bacalar-real-estate\/?art=idealtenant71421&amp;web=blog\">owning property<\/a> puts you on the path to financial freedom.\u00c2\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Not only does investment property offer diversity to your portfolio, but it creates passive income that contributes to your retirement plan. Are there any certain risks that go along with being a landlord? Yes, there are. However, being a smart landlord can minimize the risk.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Before making any commitments to a seasonal, short or long-term renter, you need to establish several guidelines stating them in the rental agreement, among other specifications. However, before signing it, asking all the right questions will help you select the best possible tenant.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When qualifying a potential renter, the following suggestions could help with that process.\u00c2\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Rental Application<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Having a rental application that asks direct questions can be a great start in finding the right renter. Questions that include but not limited to:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Name, phone number and current address.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Current Employment and phone number.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The nearest relative not living with you (some applications ask for their address and\/or phone number).<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">References which include their current landlord.<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Key Notes<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is always a good idea to consult with your attorney to see if you can ask more specific questions related to current income, banking information, and why they are leaving their current residence. Questions like these might bring up various situations that could be flagged as potential problems.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-19348\" src=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/07\/hiveboxx-deX-KChuboY-unsplash.jpg\" alt=\"My ideal tenant\" width=\"640\" height=\"448\" srcset=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/07\/hiveboxx-deX-KChuboY-unsplash.jpg 640w, https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/07\/hiveboxx-deX-KChuboY-unsplash-300x210.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span data-preserver-spaces=\"true\">Check References<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Checking references is like checking your car\u00e2\u20ac\u2122s tire pressure or motor oil before going on a trip. You have to do this to avoid any problems when traveling on the highway. The same goes when you will be giving someone complete access to your property. Asking the right questions when doing a reference check could tell a lot about your potential renter. Here are a few questions that you should ask when checking references.<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Did they keep the place in good shape, clean and in order?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Did they pay their rent promptly or as agreed in the lease?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Were they good neighbours?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Was communicating with the tenant easy?<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Probably the most important question a future landlord needs to ask a current landlord is, \u00e2\u20ac\u0153Would you rent to them again? When questioning a current or past landlord or management company regarding a possible tenant, having an even keel tone is highly advised. If the person you are talking to feels comfortable or at ease, they might provide additional information that could prove very beneficial.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">A Deeper Evaluation<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">If you feel that the property is above average, like beachfront or in the heart of downtown, you can get more in-depth than the basic rental application. This could also include charging a \u00e2\u20ac\u02dcprocessing fee\u00e2\u20ac\u2122. The value of the property could justify a credit or background check. Nowadays, renting a property is a lot more involved than in the past. Unfortunately, times are changing, and so are the rules.\u00c2\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Performing tenant background checks are not uncommon. There are a variety of agencies that provide this type of service. Your fees will depend on how much information is needed. Here are a few categories to choose from:\u00c2\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Criminal records, which include sex offenders and a Patriot Act Search.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Credit checks, foreclosures, evictions and other negative financial situations.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Bank accounts, assets information, and the ability to pay.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Lawsuits, medical conditions or any additional undisclosed information.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">All the above.<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">In most cases, the lessor \u00e2\u20ac\u201c management \u00e2\u20ac\u201c property owner charges a fee to perform the background check. If someone really likes your condo or house and has nothing to hide, they will pay the nominal amount to secure the residence.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-19347\" src=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/07\/sebastian-herrmann-NbtIDoFKGO8-unsplash.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/07\/sebastian-herrmann-NbtIDoFKGO8-unsplash.jpg 640w, https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/07\/sebastian-herrmann-NbtIDoFKGO8-unsplash-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span data-preserver-spaces=\"true\">Personal Interview<\/span><\/strong><span data-preserver-spaces=\"true\">\u00c2\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Once you have narrowed down a potential renter(s), schedule a meet and greet. This would also be an ideal time to find out what their expectations are. Not only coming from the lessor but what the lessee expects as well.\u00c2\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One of the most important elements in a business relationship or transaction is the ability to communicate. It\u00e2\u20ac\u2122s also a good idea that both parties feel they are part of a win-win situation. Nobody likes to be on the losing end.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Once you meet someone face-to-face, you get a better feel for that person.\u00c2\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Other Considerations<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">It would be best if you considered other factors when looking for that ideal tenant. One of those factors is; do the accommodations match the resident\u00e2\u20ac\u2122s needs. Consider the following.\u00c2\u00a0<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Are there enough bedrooms and bathrooms?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Does the kitchen accommodate the family\u00e2\u20ac\u2122s cooking style?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Is there enough living space for the number of people in the family?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Do they need outdoor space?<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Another thing to think about is if the tenant entertains or has out-of-town visitors frequently and if so, will they have enough room to accommodate them? Having an adequate amount of space for any occasion will reduce wear and tear on the home.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It would be a good idea to ask, and should also be on the \u00e2\u20ac\u0153Rental Application\u00e2\u20ac\u009d, \u00e2\u20ac\u0153Are there any pets involved\u00e2\u20ac\u009d. This doesn\u00e2\u20ac\u2122t mean you are against allowing pets, but again, as the owner\/landlord, you know if the home is pet friendly. In some cases, the landlord charges an additional deposit or fee (usually determined on the type of pet, size or breed).\u00c2\u00a0\u00c2\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">In Summary<\/span><\/strong><span data-preserver-spaces=\"true\">\u00c2\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last but not least, always be aware of the hard to see abnormalities in someone\u00e2\u20ac\u2122s demeanour or application. With that said, there is no substitute for not listening to your instincts. It might take a few times before you learn what to look for. Just like anything else, once you get the process dialed in, it gets easier each time. Even though all this seems a bit tedious, keep in mind that owning an investment property is a positive move towards your financial goals. If everything were easy, no one would need to rent.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>My Ideal Tenant When owning rental property, one of the most frequently asked questions is, \u00e2\u20ac\u0153How do I know who would be an ideal tenant?\u00e2\u20ac\u009d Any financial planner will tell you that owning property puts you on the path to financial freedom.\u00c2\u00a0 Not only does investment property offer diversity to your portfolio, but it creates [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":19349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1196],"tags":[2489,1544,1298,355,2486],"class_list":{"0":"post-19344","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-tips","8":"tag-investing-in-a-vacation-rental-property","9":"tag-mexico-long-term-rentals","10":"tag-mexico-rental-properties","11":"tag-playa-del-carmen-real-estate-rentals","12":"tag-property-rental","13":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/19344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=19344"}],"version-history":[{"count":3,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/19344\/revisions"}],"predecessor-version":[{"id":19350,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/19344\/revisions\/19350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/19349"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=19344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=19344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=19344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}