Here are a few red flags you need to be aware of when choosing tenants for your property.
When you’re choosing tenants to live in a property you own or manage, there are a few red flags you’ll want to keep an eye out for if you don’t want problems down the road:
For one, if a tenant has a lot of unreported cash or is paid almost entirely in cash, that’s a red flag. The sources of that money are hard to track down, and if you eventually need to collect from a tenant, it can make doing so hard. Also, they could be getting paid in cash on purpose to avoid creditors, which is itself a red flag.
A second red flag to watch for is a tenant who says they want to move in immediately. This is very uncommon, so you need to be careful; there’s always some story behind the request to move in right away.
Finally, it’s a red flag if the tenant shows up late to the appointment. It shows that they don’t respect your time, which could mean they won’t respect you while dealing with the lease and paying rent on time.
There are a lot of little things you should watch for while selecting tenants. If you’d like to know more or are looking for something to manage your property for you, reach out to me. I’d be happy to speak with you.