@Elijah Williamson congrats on your first property. I totally agree with @Chris Baxter.
You definitely want to run background checks before accepting any tenants.
1. Google their names
2. Check their current living space - drop by with whatever reason you have to use.
3. Call their past landlord - not the current one - ask them if they would rent again to these tenants.
4. Review the application - how does it look? Is all information there and is it neat and complete or messy and missing info? Do they make at least 3 times your rental cost to them? How long have they worked at their jobs? How old are they? How many people will be living in the house? Do they have pets they are bringing? Why are they moving from their current rental?
5. Check their work references. First, verify the phone number as a business number and not a friend's cell number. Ask them to provide an employment letter from their employer.
6. Have them provide you with a copy of their full credit report for all people that will be living at the home. They can get a free report from CreditKarma.ca. Review all sections for any poor credit history. Also, review the amount of money owed to creditors on this report. If they owe too much then they may have trouble paying you. If they have a score of 680 and above and no late payments then they are a better risk for you.
If you have any doubts, then move on to other tenants.
The difference between enjoying being a landlord and NOT is the tenants that you accept for your property.
Good Luck!
