1) Tenants that are not earning any income
If you are going to rent to students or other non earning tenants, then get the guarantor to sign and check them out to make sure they can pay the rent. This could be their parents or a spouse.
2) Talk less and listen more
Learn to ask questions and listen to their answers and how they answer.
Instead of talking about the property and how wonderful it is, ask questions of the tenants and everything that you want to know about them. At the beginning they are willing to provide as much information which later on may be more difficult to get
3) Do regular investigations of the property and let them know on the onset that you will be doing routine checks on the property.
4) Follow your process and do not deviate. Do your checks, get them to complete the application --all of it and get that missing information. Take your time and follow through on all the reference checks and request proof of income.
5) Ask to see two pieces of ID and make one of them a driver's license so that the previous address should match what they gave you on the application. Also their name and date of birth should match.
You's be surprised how many people do not give their true identity.
In the end it is your property and it is up to you whether you want to rent it or not. After all, if you son't do your homework first, you will end up with the big headaches.
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