Before buying a foreclosure either from the court house steps or from a real estate agent it is very important to know how much it is going to cost to fix it up rent it out. Cosmetic improvements are not very costly but structural ones can be very costly and before you know it you have put a lot of money into the house you just bought as a bargin. Obviously tenant screening is a critical part of pre-leasing your properties. This can save you a lot in debt collection later. www.instantbackgroundchecks.us is who I have used in the past and always been happy with the fast results. I have also reported deadbeats to them in the past
Monthly Archive for October, 2008
I just bought my first foreclose on the courthouse steps. I have been working on it for the past few months to get it ready to rent out. I have been to Landlord.com for some tips on checking out any potential tenants. Police check seem to be high on the list of priorities. Credit checks seem to be a necessity also. Any advice out there on what to look for?? I do not want to inherit someone else’s problems.
Employment background checks are routinely done for hiring of new employees. Most employers will run a criminal background check and credit reports. What you don’t know WILL hurt you. If a employee will be handling money you will want to run a criminal background check to see if they have ever been convicted of theft or embezzlement. If they will be driving a company car you will be required to do a driving record on this individual to make sure his driving record is clear. I always get a signed release at time of application it is also a good idea to routinely run a updated criminal check yearly for any new offenses. I go thru a company called quickbackgroundchecks.com for my background checks they have been in business since 1982 and have always done a good and absolutely saved me thousands of dollars in potential problems. See ya
Credit report with a score of 640 or above is a acceptable number when doing a tenant backgroundcheck. It has been my experience if you lease to some with a low credit score you just take on their problems. They lost there job they cannot pay the rent it is a downward cycle. This is not being cold hearted it is just a good credit decision. This is what has happened to this country too much credit extended to people who really did not qualify based on their credit score. Quickbackgroundchecks.com is who I use to screen my tenants they have made my job a LOT easier. They always provide a credit score with their credit reports.