BBQ Capital | Kansas City Real Estate Investing

Today we have an eviction at noon.  And that is not fun.  The tenant has not paid rent since September 17  nor has she made any attempt to contact me to make arrangements.  My calls and emails go unanswered.  It’s currently 31 degrees outside and she has two children 10 and under.  Yet, at noon, we have to put her out.  What choice do we have?

I realize people think a landlord may enjoy this.  But the owner of this building has kids and mortgages and financial responsibilities, as well.  He’s not looking to support an additional family of 3.

And why won’t they leave before we come over?  When we put her stuff out on the street it will be picked over by passer-byes making the situation worse for her.  Denial?  Probably. I’ve seen it before.

We talk a lot about the benefits of owning investment property.  This is one of the downsides.  It takes a human toll.

I never cease to be amazed at the awesome stuff our tenants (and tenant prospects) have.  Huge furniture is popular.  And new, too.  Fantastic hi-def televisions come in second along with pricey game systems.  And don’t forget the walls of video dvd’s and games.  Yet, so many have credit scores in the low 600’s and mid to high 500’s.

Some of them have much nicer stuff than me.  But sadly (?) my credit score is in the 700’s.  If I didn’t have to worry about paying all my bills, maybe I could get some cooler stuff for my kids.  🙂

DISCLAIMER:  Obviously this doesn’t include everyone.  But you’d be amazed.

I wrote the following back in 2007.  It still holds true today.

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As a real estate investment counselor I have the opportunity to interact with a lot of tenant/landlord situations.  Of course, I manage my own properties and I help others to do the same if they choose not to go down the road of hiring a property manager.

I believe proper tenant screening is the best way to avoid troubles down the road.  You should subscribe to a service that will run credit reports and criminal background checks and the sexual offenders list.  But sometimes the best way to get a good feeling, or bad, about prospective tenants is just have a conversation with them.  And throw in these questions.  Not in bullet form as presented here.  But in the course of showing the rental property and going over the lease application.

6 Questions to Ask Prospective Tenants

1. Why are you moving?
2. Lived there long?
3. Ever considered buying your own home?  (comment: I don’t ask because I’m a REALTOR.  I ask because they will bring up credit issues, divorce issues, criminal issues, everything under the sun.)
4. What changes made to your current residence would make you want to stay?
5. What would your commute be from here?
6. Is there anything you need to explain before I find it on the credit report?

Seemingly innocuous questions designed to generate conversation.  Give it a try.  You’ll find out a lot about the people.