Real estate properties are usually considered an investment. As an owner, you would want your investment to work for you.
In deciding to find occupants for your rent to own homes, you would prefer someone who will take care of the property as much as you did. It is a difficult task to find tenants who will value the property and take care of it as their own during the rental process.
Initial evaluation of tenants is important thus; apart from their capacity to pay the expenses, their ability to take good care of the property should also be looked into. As a property owner, it is your right to assess the occupants of your rent to own house.
What are the qualities of a good rent to own tenant?
One way to find good tenants is through referrals. I am pretty sure that as a real estate owner, you have friends in the same business.
These friends can often refer previous renters who were consistent in paying rent. Just make sure that these people who refer tenants to your rent to own property are reliable enough to vouch for the tenants’ character. Direct referrals from people you know is better than friends referring other friends.
Post advertisements of your rent own house on websites that are frequented by young professionals or business executives. Online advertisements are one of the popular ways to attract potential tenants to your rent to own home.
Pre-qualifying your tenants can be very helpful too. When you qualify tenants, it means requiring them to submit proof of income, documents to verify their employment, rental references, and a background check.
These documents can be easily acquired, so there is no reason why your potential tenant refuses to qualify unless they are keeping something from you.
These documents should give you an idea of their capacity to pay.
Of course, you would want someone who has a stable job, does not have problems handling money, and can pay rent or dues on time. Just make it clear to your potential tenants the reason why you are asking for these kinds of documents.
Ask for one to two months upfront rental fees. This is a requirement for every tenants moving into new rent to own homes.
If they cannot provide such an amount, there is no reason for you to accept them as occupants of your house. What is your assurance that they can pay the monthly rental fee if they cannot even provide the advance payments?
As an owner of the rent to own house, you reserve the right to demand documents that will support financial capability of your tenants.
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