How to Find Great Tenants
Hi, I'm Martial Arts Master Bill FitzPatrick
I have been a landlord for over 40 years
I have had hundreds of tenants
95+% PLUS - of those tenants were/are wonderful people
I am a landlord
I borrowed LOTS of money to become a landlord
Then I had all these wonderful people -
every month -
pay me money -
their rents -
which I could then use to pay back all the money I borrowed
I borrowed money
Then use other people's money - my tenants' money
To help me pay back all the money I borrowed
I LOVE my tenants
You SHOULD buy six properties
You SHOULD love your tenants
Let me cut right to the chase
To find a wonderful tenant
It's the CREDIT REPORT stupid
Let me say that again - S-L-O-W-L-Y and a little nicer
It's the CREDIT REPORT
No - IFs - NO ANDS - NO BUTS
It's the CREDIT REPORT
References are next to useless
Charles Mansion could probably find two bleeding heart morons to swear that he is now reformed and would make a nice tenant
What about the current landlord's reference?
The current landlord may say ANYTHING to get rid of a bum tenant.
What about a work reference - talking to Someone's boss?
The boss has to work with this person every day,
SO What are they going to say but nice things
Other than for collecting facts
Most references are NOT really reliable
There is ONE permanent UNBIASED history of personal FISCAL responsibility
It is the CREDIT REPORT
If the credit report is GOOD,
the odds are overwhelming that the tenant will be wonderful.
If the credit report is BAD, the odds are overwhelming that -
in the very near future -
you will be chasing that tenant for rent
and eventually you will get stuck with months of non-payment
and legal expenses before you can get the BAD tenant out
Yes, every BAD applicant - EVERY one - will have a heart wrenching story
AND you know the story
The reasons for bad credit will NEVER be their fault -
never their fault -
it WILL always someone or something else's fault
It's the old "Dog Ate My Homework"
"I know my credit SUCKS - My boyfriend stole my credit card"
"I have work fatigue syndrome and can't hold a job'
"My husband worked for Grand Slam Video and the company went belly up"
All of these stories may be sad and even true
But, these problems aren't YOUR problems
They aren't YOUR problems until this person becomes YOUR tenant -
then - THEIR problems become YOUR problems.
You are a business person
You are a nice person
You are NOT a social worker
You are NOT a job coach
You are a landlord with a rental unit probably worth tens of thousands of dollars
Be VERY careful of your very valuable investment
Be VERY careful because DEALING with a bad tenant is MORE than money
A bad tenant can be STRESS
YES, it can be difficult for some landlords to talk to prospective applicants
And REJECT them
SO, do what MOST smart experienced landlords do
Hire a top local RENTAL agent -
paying a half month fee on a one-year lease is a good investment
Tell that rental agent that you will ONLY rent to people with good credit
NOTHING is more important than the credit report
Now, let me end by saying that the overwhelming majority of people make GOOD tenants
Remember, YOUR investment is THEIR home
Now, my pitch
This teaching is a non-profit effort -
however, we still have expenses and we ask for your consideration
Yes, you and I working together
If you can afford to buy real estate, you can afford to help us - help others
If you are a landlord, you can thank me by making a small donation right here - right now - $10 or $20 - come on ...