The Daily Item, Sunbury, PA

Business

August 19, 2013

Real estate Q&A: Poor credit score shouldn’t necessarily disqualify tenant

Question: I relocated overseas for my job and want to rent out my house while I’m gone. Who can I get to help me do this and what should I watch out for?

Answer: Being a landlord is not without its difficulties. But with proper planning, and a little luck, it can be very rewarding.

As an absentee landlord, you’ll need to find a licensed real estate broker to help market and lease the property. You’ll want to look for a broker with plenty of experience in screening potential tenants and managing properties. The most important part of renting a property is finding good tenants.

I recommend reviewing their credit histories. But remember that people are more than a credit score. The Great Recession forced many consumers into bankruptcy and foreclosure, so don’t let that automatically disqualify a prospect. But you should find out the circumstances behind the problem and whether the issues still exist.

Do background checks to see if they had prior evictions or other warning signs that they might not be the best people to live in your home. Be picky. It’s much better to leave your home vacant a few extra weeks than spend months evicting a bad tenant and repairing the house.

Once you have rented the home, make sure your property manager gets all repairs done quickly and keeps the tenant happy. By showing that you care about the house, your tenant most likely will take better care of it, too. If your tenant does miss a payment, it’s best to take swift action. While I do recommend trying to work with your tenant during a temporary hardship, don’t let him or her take advantage of you.



Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program. Send him questions online at http://sunsent.nl/mR20t7 or follow him on Twitter GarySingerLaw.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.


 

1
Text Only
Business
  • Is what my employer is doing legal? Yes or no

    Q: Welcome to the @Work Advice lightning round, answering one question: Is what my employer is doing legal? A yes answer means the described situation is generally legal. The reader can protest or refuse to participate, but not on legal grounds. A no answer means the situation seems to violate at least one labor law.

    August 1, 2014

  • Career Coach: Shaping your own future

    In our hyper-dynamic and complex world, it is easy to confuse means with ends, activity with progress, efficiency with effectiveness, and busyness with importance.

    August 1, 2014

  • A checklist for keeping you focused at work

    A quick check of Facebook and next thing you know, a half-hour’s passed. Start chatting with a co-worker and suddenly 20 minutes is gone and the report you were supposed to finish by lunch is late.

     

    July 31, 2014

  • Fancy management systems won’t fix bad managers

    In violation of my long-standing “only watch TV” rule, I read an article recently about how Zappos is adopting a management structure known as holacracy.

    July 30, 2014

  • Your Office Coach: Supervisor-employee boundaries must be honored

    QUESTION: Two weeks ago, my husband “Barry“ unexpectedly came home from work with a large flat-screen television. He explained that one of his employees gave it to him as repayment for a loan. I was shocked, because I had no idea that Barry was lending people money.

    July 29, 2014

  • Silly mistakes that sink job applicants

    Some employers won’t care - or won’t catch them - but mistakes in word usage can put your application in the reject pile.

    July 29, 2014

  • Watercooler: Raised to the roof

    Q: Over 15 years, I have worked my way up the corporate ladder with the same organization. I have been given a raise every year and excellent reviews, as well as several promotions.

    July 25, 2014

  • Career Coach Q&A: job search follow-up; introverts as leaders

    Starting a business:

    Q: I have a stable job that I don't hate, but I have an idea for starting my own business.

    July 25, 2014

  • How to become a leader

    QUESTION: I’ve just been promoted into a leadership role. I’m excited, but also kind of overwhelmed. What do I need to do to be good at my new job?

    July 24, 2014

  • Balancing Act: How much is your time worth? Consider outsourcing some tasks

    Todd Paton has a booming business getting customers noticed on the Web. One tool he uses is generating online press releases to build brand awareness and create links that will send traffic to a customer’s website. But Paton, owner of Paton Internet Marketing, acknowledges that writing the releases is not his strong suit. Rather than spend his time doing it, he hires out the task.

    July 23, 2014

Business Video
Stocks