Turning Rental Problems into Real Estate Profits

by | Aug 10, 2023

Reviewing the Tenant Application

On the actual rental application, everybody who’s age 18 or over should provide their name, social security number, and telephone number. On this rental application, there’s a lot more detail than the telephone interview form. A rental application is much more robust.

Find out if their license has ever been revoked, suspended or driving privileges limited—and by the way, this is after you’ve gotten their basic information such as, name, email, phone number, social security number and date of birth. If they’ve ever lost their license ask them why. There’s nothing illegal or wrong with you asking these questions. They don’t have to provide you the answers, but you have a right to ask these questions within limits.

Get the current address and the name of the current landlord, how long they’ve been there, what their rent was, and the amount of utilities. Basically, you want to find out what their monthly outlay was, as well as their reason for leaving.

Another question to ask is, “When does your current lease expire?” Ask them if they’ve given notice. That’s a big indicator. Hopefully, they’ve said “yes.” If they say “no,” you should probably find out why.

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