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5 Ways Landlords Can Research Applicants & Avoid Surprises

Would you rather lose the rental income for another month or take on a bad tenant. Bad tenants can cost you much more than a months rent in the long run. Make sure you do your due diligence on the front end (at application time) before accepting an applicant. Here are 5 very good ways to make sure you fully understands your next potential tenant.

Sufficient Income:

Does the proposed tenant make enough money to pay the rent and utilities? Landlords typically require that your annual income is at least 40 times the monthly rent. For example, if you have a young couple looking at a $3,000 per month apartment, the landlord would require a combined income of $3,000 × 40, which equals $120,000. To determine how much rent you (and your spouse) can afford, simply divide your combined annual incomes by 40. It’s important to make sure you’re tenants are financially capable (in your eyes) of paying the rent and utilities. Do the math, and if the budget appears too tight, move on to the next applicant.

Qualifying Credit:

What is the tenants credit score or rating? Do they have any accounts in collection? Have they ever been evicted from a prior residence? Either you or the tenant should be pulling credit for each applicant that applys for your empty unit. If you are going to pull a credit report, make sure the application you supply the tenant clearly provides you with authorization to do so.

Reasons For Moving:

Why are you moving? Where are you coming from? What don’t you like about your current residence? Have you notified your current landlord of your intent to vacate? These are 4 great questions to ask a prospective tenant when you receive their application. If you want to take this search a step further you can Google Earth their current residence or even take a drive by (if you’re local). Gathering an image of the tenants current residence may help you get an idea of whether their new home (your apartment) will fit the bill.

Employment Verification:

Call the prospects (current employer’s) HR department. Do they work there? How long have they worked there? Is employment expected to continue for this individual? Make sure the application you’re using to collect tenant information provides authorization for you to make this inquiry. The HR member may also want to verify some information about the employee so have the application in hand when making the call.   

Google Search:

Do a quick Google search for the applicants name and see what pops up. Does America’s Most Wanted pop up as the first website or is a photo of the prospective donating their time to a local charity? In the first case you’ll certainly want to contact the local authorities about your possible discovery. In the 2nd scenario you will hopefully have a better feeling about the tenant you were going to accept.  Note: Any negative information you find on Google should be taken through some type of verification process. You cannot deny a tenant(s) application solely based on something you found online.

Need help finding a good, qualified tenant? Don’t have time to do showings for your empty unit(s)? Let us help. We assist landlords in locating a qualified tenants, often at not cost to the landlord. We will show your unit to potential tenants, collect tenant applications and conduct necessary screening before submitting the applicant to you for review and approval.

If you’re interested in learning more about our tenant location services, please call us at 617-297-8641 or email us at Contact@MandrellCo.com

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Are you in the market to buy, rent or sell property in the Mattapan area of Boston? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly whats happened in the single family, multi family and rental markets of Mattapan over the last 6 months. Take a look at the numbers and see where you fit in.

Single Family

Total Homes SOLD: 9

Average Living Area by Square Feet: 1,489

Average Listing Price: $278,333

Average DOM (Days on Market): 60.33

Average Sales Price: $284,436

Multifamily Family

Total Homes SOLD: 8

Average Living Area by Square Feet: 3,296

Average Listing Price: $444,038

Average DOM (Days on Market): 20.23

Average Sales Price: $451,412

Condo Units

Total Condos SOLD: 3

Average Living Area by Square Feet: 1,046

Average Listing Price: $167,967

Average DOM (Days on Market): 64.93

Average Sales Price: $170,986

Rental Units

Average Rent for 1 Bedroom Units: $1,025

Average Rent for 2 Bedroom Units: $1,552

Average Rent for 3 Bedroom Units: $1,783

Average Rent for 4 Bedroom Units: $2,123

 

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Buying A Home In Dorchester? Get A Pre-Approval Before You Start Shopping!

Are you thinking now would be a good time to buy that house I’ve always wanted? Have you started visiting local Open House(s) and learning a little about what the neighborhood has to offer? Great. You’re on the right path to home-ownership but let’s not forget one crucial step. The pre-approval process! Getting yourself pre-approval for a mortgage is important so you fully understand where you are financially and what you can afford to spend. During the process your mortgage broker will be able to tell you, how much you can afford, what interest rates are doing, and what you can look forward to as a final monthly payment when taxes and insurance are added in. During the pre-approval process you should also speak with your mortgage broker about all the differing loan programs available to you and the pros and cons of each.

Chris Graves, of Sierra Pacific Mortgage, breaks down the pre-approval process in this 2 min video. Chris is an very experienced mortgage loan officer and is available to help answer any questions you may have about getting a loan. If you still have questions about obtaining a mortgage pre-approval and would like to speak with Chris directly, please complete the contact form below and your message will be sent directly to Chris’s email.

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 2 Dorchester Condos – Coming to Market Soon

Two 2 bedroom condos (in Dorchesters, Savin Hill) will be hitting the market in early September. The units (1078 sq ft) will be completely upgraded with new appliances, cabinets and many other sizzle features.  Unit 2 will have deeded garage parking while Unit 3 will have roof rights. The building is about a 10 minute walk from Savin Hill T stop as well as JFK. Easy access to Dorchester Ave and many shops. The developers plan to refinish the exterior of the building prior to the selling.

The units (2nd and 3rd floor) are located at 69 Pleasant Street, Dorchester. They will be priced in the low 300’s.  

2 Family Home (South Boston) – Available Immediately

Two units over looking Carson beach section of Columbia Road. The building needs a little work but could be a nice rental or condo conversion. The seller is asking $850,000 and will deliver the building vacant. We have been asked us not to provide the exact address of the property until potential buyers have been taken through a vetting process.

Please call 617-297-8641 (ask for Willie) for further details on either of these off market opportunities.

 

 

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