Had an applicant who whizzed through with flying colors on online screening site. Perfect on the interview, paid fees/deposits in full...everything was great. For 9 days. He never stayed a night. Rented for a felon friend of his, who ran a drug business out of the newly renovated unit. To make a long story short, the cops were tipped off by an aquaintance of his, raided the unit (battering down the front door), and trashed the place during the ensuing search. I had a stripper pole mounted in the dining room, mounted safes, and an entire closed circuit video recording and alarm system (inside and out) placed by the tenants. Again, in 9 days.
The cops even kicked in interior doors. They were very professional and helpful when I arrived though, I must admit. There were four copies of my lease, all created for people I had never met. The person who was arrested was chased across the front lawn in his truck to boot. I used to love the little horror stories, wondering if I'd experience anything close. I've since changed my outlook.
Be wary of the straw lease.
I havent had that one, and I was pretty sure that I had seen them all.
I do a first month inspection// meet up with new tenants and quarterly surprise inspections to keep my people from causing havoc. I have it written into my lease so there is no argument, they know I am coming.
In the neighborhood where I own most of my rentals, I occasionally stop in at the police station to see if any of my tenants are causing the police a problem. I have an illegal activity clause that I can use to evict them as well.
Sadly in today's world you need to keep you gaurd up
I hope this helps
Ps feel free to connect on BP
that's a great idea, another to incorporate. I dropped a copy of the lease off two days later...no answer. I saw the video cameras at the entrances, but thought that he was just concerned or had nicer things, or both. I think I was clouded by my desire to have an easy tenant.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.