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The first thing you need to do is to be ready to market your property immediately after a tenant tells you that they are going to move out. You don't want your property to sit vacant at any point in time, and we help our clients secure great tenants with our marketing program and very thorough screening process.
The first thing we do in the screening process is to run a credit check report and look for scores in the 700+ range. We want to ensure that they can pay rent on time and that they have a good credit history.
The second thing we ask for is a letter of employment, indicating their salary and whether or not they have solid, full-time employment.
References from previous landlords are important too. We want to make sure that previous landlords didn't have problems with them and it's also important to meet with the tenant before you sign a lease just to make sure that you get a positive first impression.
If you are thinking of completing any renovations prior to your next tenant moving in then you can consider such items as replacing old carpet or floors or painting to allow you to keep your property at a good level or repair and possibly even increase the rent.
Before the tenant moves in it is a wise idea to take pictures of your property to ensure that the state of the property at the end of the lease is the same as when you rented it to them.
One of the most important parts of the process is preparing the lease, and we will do that for you. Because the Landlord And Tenant Act favours the tenant, we want to make sure that you have all the appropriate clauses in your rental agreement to best protect you.
Please don't hesitate to give us a call if you need assistance with buying an investment property. We would love to help you make a profit with owning real estate investment properties!
