So, you’ve been working for years, you’ve saved up some money, and you’ve decided to invest it in a more secure market, the myth of the unsinkable real estate investment, by buying certain residential properties, houses or an apartment complex, in order to generate some steady, passive income, so you think.
You spend additional money, let’s say $45,000, improving the property; you paint it, put in new carpets, new kitchen cabinets, washer and dryer, and everything else, hoping to entice your prospective tenants. So, you’ve bought some ads in your local newspapers, and little did you know, you’ve finally found someone who’s willing to sign your lease agreement.
Now that he or she has moved in, you don’t have to worry about fixing stuff inside the property, because everything was new and in super working condition when your tenant first moved in.
You’re now reaping the benefits, just as you’ve planned it. Your tenant pays the rent on time each month; so you have nothing to worry about. The money is good, right? Yeah, right. A few months later, the police is called for domestic disputes at your property, but no big deal, right? Right! A few more months, the neighbors complain about loud music from your property, but it’s okay, no biggie.
The time goes by real fast, sooner than you thought, the lease comes to an end, and it’s time for him or her to move out, and you go do the final walk through, inspecting the property. To your surprise, the house is a mess, it looks like a zoo, there’re holes in the walls, the carpet looks nasty and filthy, the new kitchen you had renovated is gone, the walls are red-and-brown from cigarette smoke, and everything in the house needs to be replaced.
Wow, what went wrong? He or she always looked clean, drives a nice car, and paid his or her rent on time. So, what went wrong? You’ve charged the fair market price value, let’s say $3,450 a month in rent, plus a deposit of one month’s rent, that’s $44,850 a year, and that’s good, right? Right!
After your tenant has moved out, you called up your contractor to give you an estimate of how much it will cost to fix up the property and get it ready for the next tenant. The quote your contractor brought you is in the amount of, let’s say $56,940, that’s how much it’s going to cost you to fix up the property, again, in order to make it ready for the next move-in.
But that’s $11,940 more than what you’ve initially put in, so did you make any money from your first year of rental property? Then, what went wrong? What is it that you did or didn’t do before signing the lease agreement? But you checked his or her credit report, and he or she had great FICO scores? Then why? But you’ve also checked his or her prior rental history with the former landlord?
Yes, you did, except, it was not as a detailed rental history report as it was supposed to be. RentersQ™ (www.rentersq.com) makes all that painless possible, so you know exactly whom you’re renting to, before you rent.
RentersQ provides the RentersQ Record, a patent pending web-based comprehensive and innovative rental history reports which may contain complete and personalized rental history, tenant screening, and prior rental report for every tenant from anywhere in the world.
The RentersQ Record is easy to use and the best of it all, it’s fast and free. It helps you get to know your tenants, any tenant, in great detail; it even warns you if the tenant smokes, makes excess and unwanted noise, reveals his or her housekeeping habits, personal characteristics and behavioral traits towards other tenants.
So, be smart, be well-informed, next time you rent to anyone anywhere, just run a RentersQ Record, get to know your next tenant better, before you rent, it’s easy, safe, free, and fast.
Property Owners and Managers
Property owners and managers, fill your vacancies faster, RentersQ offers free listings for all types of residential and commercial properties for rent, sale, lease, and foreclosures. No success or commission fees – it’s all free.
How’s your former or current landlord? How long does it take for your former or current landlord to repair your maintenance requests?
RentersQ operates the RentersQ Rental Ratings and Research System, a free online rating service for the rental housing market that collects feedback and reviews from current or former tenants for their landlords and properties, worldwide.
Next time before you rent from any landlord, anywhere, first check with the RentersQ Ratings to instantly learn more about the advantages or disadvantages of renting from your next landlord and neighborhood. It’s easy, fast, and free.
RentersQ on the Web: http://www.rentersq.com.