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How to Find Great Tenants

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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

Very simply

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"

Now,

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 ...

Thank you.

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