Episode 346

Tenant Due Diligence

Transcript
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Welcome to the REI Mastermind network, where host Jack has gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level now, here's Jack with another value packed episode.

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Everyone this is Jack with another tip Tuesday and this week, let's talk a little bit about self-managing.

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I was reminded again of a situation that happens on occasion and I do have a tendency of falling into really wanting to help individuals.

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Well, what happens is sometimes on occasion I get.

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People who are very aggressive and they really want to move quickly, and I sometimes will want to help them out.

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Providing them a little shortcut.

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To get them into a unit really quickly, and they'll probably likely give you a story associated with why they need to move well, I want you to take a minute and slow down.

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If you're doing a self-management in this case because every single time that I've had somebody who really needs to move and wants to move now it.

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Typically means that they are wanting to get out of a situation, or they're being forced to move quickly, so make sure that you don't break your protocol.

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Don't break your guidelines associated with that resident.

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Take your time.

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Make sure you do your underwriting, your credit.

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Check your background check, but most importantly, start asking questions not of only them of why they're moving and what's the urgency, but also reach out to their current landlord.

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And see what is up.

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More times than not, you're going to find.

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That this might not be the best situation, and you frankly don't want to inherit a bad tenant.

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Well, that's my tip this week.

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I really appreciate you tuning in head over to REI mastermind.net for the show notes along with any of the past episodes. I appreciate you and we'll see you next time.

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See you next time.