Perhaps you’re one of the many who look through our Orlando Real Estate listings to find a property in Greater Orlando area that would be suitable as a rental property. Choosing rental property as an investment can be a great way to earn a little on the side as well as putting a roof over the heads of people who haven’t yet been able to buy their own place (note to all those who are currently renting: have a look at our listings. You might find something that you can afford).
When you go into rental property as an investment, you’ve still got a few responsibilities. As a landlord, you have to be responsible for maintaining the property. And if you’re doing that, then it’s wise to check the credentials of your potential tenants to make sure that they’re going to treat YOUR place with respect.
You’ve probably got a mental picture of the tenants you want. Maybe a young couple just starting out, a lower-income family or a group of students sharing expenses. And when you choose tenants, you’re probably likely to try to let your property to people who fit that mental image. However, there are some things that you have to bear in mind.
Firstly, be careful that you’re not discriminating against anyone unfairly. This is illegal. You cannot refuse to let property to people on the grounds of race, gender, religion, age or sexual orientation. So you cannot turn people away for these reasons. “Age” includes children, so you cannot stipulate “no children” in the contract the way you can stipulate “no dogs”.
But you can decline tenants on the basis of employment or income. If people look like they’re not going to be able to pay their rent because they haven’t got a big enough wage packet or if they’ve changed jobs very frequently, you can turn them down. You have the right to be paid your rent, so it’s wise to make sure that your prospective tenants can pay it.
You can also request that your tenants be non-smokers, as cigarette smoke has a tendency to linger and leave unpleasant smells in a house, even months after the smokers have left. And some smokers often have the unpleasant habit of leaving cigarette ends in the garden where they can kill plants.
Using a pre-tenancy check can be a good way of screening out the “bad apples” who are likely to be a poor “investment”. Or you can let us do it…
At Bahia Realty Group, we can do all this for you. We are highly experienced in the Property Management field. We will take care of property and building maintenance, rent collection and selecting tenants.
Raul Aleman