Flip Tip Summary
Turnover and make-ready’s can make or break you in the rental property business. Are you taking a few extra steps to vet out your tenant prospects? In this FlipNerd.com Flip Tip, Dave Payerchin explains how you can screen out desperate tenants. Check it out!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from flipnerd.com and we have a quick VIP tip to share with you from Dave Payerchin who is going to talk about how to screen out a desperate tenant.
Dave: All right. Thanks for having me, by the way, Mike. So what we have found is when it comes to a tenant, when somebody’s applying for one of your properties and they indicate that they’re on a timeframe, “Hey, I have to be out of this place in a week. I’ve got to move into your place within a week,” that usually shows us that this person is not prepared. And a desperate tenant, 99% of the time, is not going to work out because if you approve them, then chances are they’re going to move into the unit and then they’re going to start hitting you up with all of the things that are wrong with the property because they didn’t do their own due diligence, they didn’t do their own proper walk-through and just walk through the appropriate protocol. So typically, and my tip is, a desperate tenant, usually say “bye” and hold out for a better tenant.
Mike: And it could be that they’re being forced out of another property, too. Right?
Dave: Exactly. Yeah when you’re in a rush with this kind of thing, it’s better to take it slow because any tenant/landlord relationship, that’s exactly what it is. It’s a relationship and if you rush into things, it typically doesn’t work out.
Mike: Thanks for joining us for another flipnerd.com Flip Tip. To access hundreds of tips and full expert interviews please visit flipnerd.com or join us in the iTunes store.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
