When you’re renting a Beacon Hill condo you own, the outcome greatly relies on the tenants you end up selecting. Good tenants can help you make a profit while taking care of your Beacon Hill condo, but bad tenants could end up causing a lot of stress, property damage, lost money, and legal hassle. To find the perfect tenants for your property, you need to take the time to interview them and thoroughly research them. Before you rent to anyone, make sure to ask the following six questions.
1. Why Are You Moving?
There are plenty of valid reasons to move, like desiring a new location or needing more space. However, you should be cautious if the tenant mentions something like not getting along with a neighbor, not liking the previous landlord’s rules, or being evicted, as these answers could be red flags the person is a problem tenant.
2. How Many Occupants Will Be Moving In?
The fewer occupants you have, the less likely the property is to get damaged. Even if you’re not concerned about wear and tear, it’s good to ask this question because there are laws about how many tenants can safely fit in a property. Make sure to bring up pets as well. If you don’t allow pets, let the tenant know. Otherwise, you can discuss additional restrictions and deposits associated with pets.
3. What Kind of Work Do You Do?
Ask about the tenant’s career and income level to help you to determine if he or she will be able to pay the rent. A good rule of thumb is to select a tenant who makes at least three times the cost of your desired rent.
4. Can You Pass a Background and Credit Check?
Let your prospective tenant know he or she will need to pass credit checks and background checks before renting. If desired, you can ask the tenant to pay a fee for these services. Asking this question gives the tenant the opportunity to bring up anything that may be an issue before you even go through the process of a credit check and background check.
5. Are You Able to Pay All Move-In Costs?
Let your potential renter know about move-in costs such as first month’s rent, last month’s rent, and a security deposit, and ask if he or she can pay these amounts as soon as he or she signs the lease. A tenant who tries to pay in installments or delay the payments may have money problems that impair the ability to pay rent on time.
6. When Do You Want to Move In?
You lose money any time a property is empty, so be wary of potential tenants who want a later move-in date. Before you waste time reading applications and showing properties, make sure the tenant is planning on signing a lease within a reasonable time frame.
If you’re looking to purchase a property to rent out to tenants, there are many amazing Beacon Hill condos to choose from. With the help of a trusted Beacon Hill condo agent you can find just the property you’re looking for. Call us today to schedule an appointment.