Attention Landlords: Finally, some good news on the rental home front.

Have you heard the latest saying? “The New American Dream” – “Renting”

That’s right, many financial publications are suggesting people rent instead of buy. Foreclosures are at an all time high leaving people who once owned real estate in a desperate situation. The rental markets are tightening on properties where landlords are in a good financial position and can attract long-term tenants who will take good care of the property and are just thrilled to live in your home.

As a landlord you can increase the odds of being successful by following these simple steps.

1. Screen your tenants fairly.
2. Have them sign a credit authorization before you pull any credit.
3. Do a criminal background check to make you feel comfortable.
4. Use the internet to research them and,
5. Don’t discount their hardships but be sure to get the full story. If there are any dings on their credit it’s important that they are truthful of why they were foreclosed on or what their existing circumstances are.

Now may be the time for the long term buy and hold strategy is finally coming into vogue.

We are seeing a market of tenants with quality that has not been seen in years. However, as with everything in life, do your due diligence.

This entry was posted on Wednesday, October 21st, 2009 at 12:29 am and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.