Looking for that next great tenant for your investment property or home while you are away? Bought that house so someone else can pay your mortgage? Great idea! Now, in order to make the most of your investment, you need to be sure that whomever lives in your place, is really who they say they are. My most interesting case in point just made CBS and WGN News because my client's tenant was running a meth lab and counterfeit money operation out of the house.
You think that is the worst part? Possibly not! My client lived next door to his rental property, so danger was very close by! The tenancy started simply enough, with a man and a woman responding to an ad for a house in Chicago. They paid the rent and the deposit and signed a lease. They provided id and social security numbers. When they stopped paying rent a few months later, some digging around revealed that everything they provided was a lie. In fact, the man had a complete other identity and landed in jail for impersonating a police officer. Later, after securing an order of possession, my client discovered tools for making a meth lab, counterfeit currency, and a very large cache of condoms (suggesting some other kind of activity as well!). Luckily, this individual was apprehended during the actual sheriff's eviction and it all happened here in Chicago yesterday. I was face to face with this person a few times (and the woman later turned out to be a man named Laura). Fantastic story for the books.
How can this be avoided? Tenant screening is a must. I work extensively with NTN Chicago and its principal, Mark Madorin. Their office is in Oak Brook, and for a mere $20-30 per application, you can obtain rental history, criminal background checks, credit reporting and other information. You can determine rental history and prior evictions. You can find alias names and prior addresses to call prior landlords. You can avoid renting to a man named Laura, and you can prevent someone from operating a meth lab out of your house! If you think it can't happen, it can! Spending a few dollars on tenant screening services can save you thousands in Legal fees, court costs, and prevent you from having to evict a convicted felon from your place.
For more interesting stories from real estate law trenches in Chicago, call Alisa Levin at 312-720-0082.
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Nice I also share with you something hope this helpful for you my friends. This is a matter of personal preference. Some landlords find that charging an application fee, such as $15, to run a credit check saves them money in the long run because prospective tenants with poor credit will usually not consent to pay a fee. Other landlords are afraid that charging a fee will deter even good tenants from applying to rent their property. Another option is to charge the fee, but if the tenant rents the apartment, you will deduct the fee from the first month’s rent or will add it to their security deposit. A final option is to only perform credit checks on applicants that first leave a deposit for the apartment and have completely filled out your application, so that you know they are truly interested in the apartment.
ReplyDeletelandlord tenant screening