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Updated about 9 years ago, 09/13/2015

User Stats

769
Posts
279
Votes
Shane H.
  • Investor
  • Wichita, KS
279
Votes |
769
Posts

Experience renting Housing to a business? What screening to do?

Shane H.
  • Investor
  • Wichita, KS
Posted

Hi there - posting this up real quick as I have  a duplex with one unit vacant real close to the Air base here in town - LOTS of construction going on there and I was put in touch with a contractor who has a 3 year contract to do flatwork at the base.

I showed the property yesterday to the business owner and one of his guys, and since I have been the most responsive and secondly my property is located about perfectly for what he's looking for, I think he may call me within a day or two to sign a lease.

I've screened individuals/families etc for my rentals in the past, never a situation like this.

I was given this referral from a contact/acquaintance at a local Building Supplier as he knows the guy and knew he was looking for housing -- he states he has known the guy for years and can vouch for his business/character -- I definitely trust the person who gave the referral as he has been a person I've bounced construction ideas, repair advice etc off of over the years.  I can also verify the work going on at the base/contracts that are in place, just have not seen his directly.

So what sorts of screening/verification should I ask for?

Should I ask for a copy of the contract he has with the govt?  He wishes to pay through his business entity so I'm guessing he'd give me his business tax id etc on his application.

So in a nutshell the deal would be structured as follows:

Company owner pays rent through his company for the property, pays all utilities

3-4 of his employees will be living at the property during the duration of the contract -- I'd assume there'd be a lot of weekends when they go home especially with winter coming on (They do concrete work)

He would like to sign a 6mo lease and then go month to month after that potentially staying the full 3 years as long as the contracts stay in place, the rental is what I'm telling him it is etc.

Trust but verify keeps playing in the back of my mind - however my gut tells me this is a good deal and would work.  He seemed like a stand up guy and they were pouring concrete yesterday, took a break to come look at the place in the middle of the day yesterday.  They will furnish the house - I did offer to lease furniture for them naturally at a higher cost as I've looked into this before on another property and have had quotes done.

Any quick input/responses appreciated.

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