Owning and renting property is one of the best investment strategies for building long-term wealth. Besides the money needed to purchase the property, what holds most people back is the fear of dealing with problem tenants. It’s not a misguided consideration either. Take it from someone who knows – tenants can be awful.
With that being said, in my five years of owning rental property, I’ve only had one difficult tenant who forced me to take legal action and pursue an eviction. I attribute that success to the process whereby I select tenants for my properties. I live by the adage that the best place to catch a potentially difficult tenant is before they sign on the dotted line.
What can a landlord do to screen out a potentially difficult tenant? Here are six things I’m doing that may seem obvious but are often not followed.