All Forum Posts by: Joseph Asamoah

Check their drivers license. Sometimes, it lists a previous address not their current one. Also, you may want to check the public records to find out who owns the properties they lived previously. Alternatively, you can ask them. I always request at least five years of tenant residency.

Hi, I agree there's no need to recreate the wheel. Leverage other people's applications - it will save you time and energy. The more information you can gather about the prospect, the better you will be in the event you need to collect any owed money in the future. 

I've had mixed results with tenant screening companies. They run the gamut from great to a waste of money. 

My tenant screening process is now very thorough. I screen all applicants in-house including speaking to and verifying all references. We also visit prospective tenant's homes before making a final decision. You may wonder why all this? It's very simple. I'd rather invest the time on the front-end than pay dearly on the back-end in the event you get a bad tenant. I've found that over 80% of my tenant problems are rooted in a bad tenant selection. I've found that it's generally easy to get someone in your house, but its more difficult to get them out once they are in.

I'm in the Washington DC area. It sounds like Cityfheps is a New York program. The bottom line is where is the source of the program funds. Section 8 is via HUD through the local housing authority. Funding is guaranteed through the federal government. Some programs are funded at the local level and subject to local politics. Section 8 vouchers are permanent, long term vouchers. Other programs can be short term e.g. 6, 12, 18 months etc. after which the participant may be forced to "graduate."

As long as you go into this with your eyes fully open, then you should be OK. The problem is if you assume one thing and are surprised to find out something completely different takes place.

In addition to the usual tenant screening tips suggested, I recommend completing a social media search on all occupants that are going to reside at your property. You will be surprised and possibly shocked what you find (it never ceases to amaze me what some people put out there). Also, I always visit the prospective tenant's home before I rent to them. Very few people do this, but I've found this to be the best gauge on how you property will be in three months. 

Hi Linda. Here's my take. You absolutely MUST have information on the girlfriend - assuming she is over 18 and intends to reside at the property. She must complete your rental application and you must get her SS#, drivers license and other personal info. If you don't obtain this info now, you will never get again should you decided to rent to the boyfriend. 

With the above said, there is a difference between someone being on the lease and someone who is an occupant. The lessee has legal rights that an occupant or guest does not especially in the event of a dispute. If he decides to leave then if she's not on the lease, then she has less protections than if she was on the lease. She can still cause a problem if she doesn't want to leave, however, depending on the jurisdiction, her protections are not the same as his.

Hi Robert.

I agree with several others. In short, tread carefully. What happens after year 1? Based on experience I suggest you establish direct rent transfers from his account to yours every first of the month. If he doesn't meet your rental qualifications, then you can consider requesting a larger security deposit - maybe an extra month or two (if your state/locality allows it). In an extreme situation you can request a co-signor as well - however, I think this may not sit well with this retiree. 

I hope the above is helpful.

Regards,

Joe

Checkout my free tenant screening ebook @ https://bit.ly/3d2gPtv

Hi Chris. Great question. I have been a landlord for over 30+ years and have settled on a screening process that seems to work well. Since 80% of potential tenant problems are rooted in screening, you must take this very seriously and not "roll the dice." At a very high level I suggest you consider the following:

1. Decide on the type of tenant you are desiring (income, longevity, rental history, ability to pay etc.) 

2. Make sure your advert and property is presented in a way that will appeal to your desired tenant

3. Ask yourself a simple question: Why should your desired tenant choose your place versus your competition? If you can't think of a reason, then you may have a problem. Go to step 1.

3. Schedule open houses regularly (believe it or not, I schedule daily showings at a fixed time) - Your desired tenant is probably looking at other places so make sure they can see your house when they are available.

4. Make sure applications are filled completely

5. Verify everything through your screening process. In addition to standard background checking actions, I make an appointment to visit their home. Take it from me, if you want to know how your house will be in 3 months, then the only way to know is to see how they keep their current home.

I hope the above helps.

Regards,

Joe

Checkout my free tenant screening ebook @ https://bit.ly/3d2gPtv

I feel your pain Kathi!!. It seems you were misled by your prospective tenants. I call these people "professional tenants" since they are savvy of their legal rights and will use this knowledge to outflank unsuspecting landlords. At this point you are in a difficult position since under most circumstances you cannot discriminate against against a tenant with an ESA dog  or even request an additional damage deposit. With this said, I suggest the following:

1. Ask to see a copy of their ESA letter. If they provide you with one, then make sure it hasn't expired, is legitimate and was issued by a licensed healthcare practitioner and not some dubious website

2. Will their ESA dog cause trouble or endanger the safety of others including neighbors. This is a little subjective and I mentioned it because you said it was a large dog and you didn't state its breed.

3. Will their ESA dog cause a health problem for other people (allergic reactions and respiratory issues etc.)

The above are legitimate reasons to deny an ESA dog from your home. Unfortunately, if the above are satisfied, then you may have a difficult time denying these professional tenants. i would then request they allow regular inspections of the home so you can confirm the place is being maintained properly.

Good luck. I hope the above helps.

Regards,

Joe

To debut my new launch on YouTube, I invited a very special guest, Brandon Turner, for a dynamic conversation. You may know Brandon as a former Bigger Pockets featured podcast host and Founder of Open Door Capital. Brandon owns over 5,000 units and has taught and mentored investors for years, particularly on the BRRRR (Buy Renovate Rent Refinance & Repeat) strategy.

Dr. Joe's Wealth Wednesday.

Wealth Wednesday is a must-watch weekly livestream for new and next-level real estate investors who want to start, systematize and scale an income property business. Joe Asamoah is a 30+ year full-time buy and hold real estate investor who shares his wealth of knowledge and experience through 4 real estate cycles. He not only survived previous market downturns, but using his Buy Renovate Rent Refinance Repeat (BRRRR) method with a Section 8 twist, he thrives in the always expensive capital city market of Washington, DC while helping underserved families find beautiful (HGTV-quality) affordable homes in good neighborhoods in which to raise their children. Using his time-tested Tenant Screening Playbook, Dr. Joe's a happy landlord because his tenants are the best of the best, "Tier One" tenants, who pay on time, are pleasant to deal with, take great care of his properties, and stay a long time. Follow his methods and you too, can be a happy landlord who's building wealth and doing good.

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Greetings Alex, 

I'm interested in being a part of your "Meet the Real Estate Investor" series. Let me know your next steps. I have several on-going Washington DC projects we can preview. 

Regards,

Joe Asamoah