This month’s article: Application thoughts….
Sometimes the mere mention of the tenant screening process is enough to make the rental prospect fidget and then shift into the classic “I’m just looking” mode. But you must perform a thorough application process on every adult tenant.
Don’t rush or allow a prospect to hurry you through the tenant screening and selection process. The wrong decision can be financially devastating, particularly if you have just a couple of rental units with monthly debt payments.
When you have a rental applicant that relies on sales, commission income, or bonuses, make sure you review at least six consecutive months of pay stubs. Of course, the best policy is to require all applicants with any income other than salary to provide a copy of their signed tax return for the last two years. Although you must be careful it is an authentic document, we have yet to find a rental prospect who overstates her annual income on there tax return.
Another useful screening tool is to request all tenants to provide copies of their water and utility bills for the past year. This will verify the tenant’s prior address and also give you an idea if they pay their bills on time. (A rental prospect who cannot pay their utility bills in a timely manner is very likely to have trouble paying your rent.) You may also want to inquire with local law enforcement to see if their records show any complaints at the tenant’s prior address.
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