I just bought a 2 unit house that is fully occupied. Should I re-screen tenants in this house with a credit check, background check, etc., should I get thier Social Security #???
How long have they been tenants? Have they been keeping up with payments? If they've been there for a while and are keeping up with payments, would you really kick them out if they don't have the best credit?
You should have screened them BEFORE you bought the property. You would have done that by reviewing the documents the owner had (application, credit report, rent history, etc.). You do this to make sure you are not buying someone else's headache.
Unless you have something in writing from them, you can NOT pull credit reports, etc.
With all of that said, if they are on leases, what is the point of doing this? You can't void the contract based off a bad credit report.
If they are on Month to Month, you could pull this information (with their premission), but if they are paying I don't see the point.
How long have they been tenants? Have they been keeping up with payments? If they've been there for a while and are keeping up with payments, would you really kick them out if they don't have the best credit?
in the duplex I'm doing now, 1 unit was empty and was had a tenant who had been there for 17 yrs.
His rent was 800/mo v. a market rate of 1600. I didn't want to impact my revenue stream, just since he was a long time tenant.
I req. it be deliver vacant at COE.
Hey,
You should have screened them BEFORE you bought the property. You would have done that by reviewing the documents the owner had (application, credit report, rent history, etc.). You do this to make sure you are not buying someone else's headache.
Unless you have something in writing from them, you can NOT pull credit reports, etc.
With all of that said, if they are on leases, what is the point of doing this? You can't void the contract based off a bad credit report.
If they are on Month to Month, you could pull this information (with their premission), but if they are paying I don't see the point.