Hello landlords I have a scenario for you, let’s say you are managing your own rental property and after a few weeks of vacancy you find the perfect tenants. You feel confident about renting your home to them but they say hey, by the way, I have a pet which is a german shepherd. You can meet my dog and you’ll see how well trained and smart the adult german shepherd is.
Would you still rent the property to the tenants?
If you know about dogs you’ll know this dog most probably won’t cause any damages. You also can charge a pet fee, pet deposit and monthly pet rent that seems to be a good deal right?
Here lies the problem. Did you know that your home owner’s insurance can cancel your policy because this dog lives on the property?
So are you going to deny the qualified applicants just because of their dog?
If your answer was yes. Hold on!! We have a solution for that.
Contact me and let’s discuss these situations in further detail.
Here at Your Dream Real Estate we take the screening process to the next level by qualifying the clients and their animals (service animals included).
Today’s Pro Talk is about flood insurance misconceptions.
Since 1978, the NFIP( National Flood Insurance Program) has paid nearly $50 billion for flood insurance claims and related costs. Don’t be a victim.
Here are some misconceptions about flood insurance you need to know:
your homeowners’s policy does not cover flood related issues. They are two different policies.
Flood insurance is an affordable investment. Imagine a few dollars you spend now to protect your home against all flood related cost which could add up to thousands of dollars, not to mention your irreplaceable belongings, something to think about.
No need for flood insurance with history of no flooding. This does not hold true anymore. In fact, 25% of all claims paid are loses due to homes locate in the neighborhoods effected by flood in the low-to-moderate risk which probably never flooded before.
Is the flood insurance required by mortgage companies? While that is true at times, most companies only demand homeowner to carry a flood policy if they live in a special flood hazard area. You can not afford not to be covered.
There are 3 main areas for qualifying the applicants for your rental property.
First, as a landlord, you should be familiar & practice Fair Housing Laws. You can not discriminate against protected classes. You should also deliver to the applicant the Qualification Criteria form before they apply.
Second, You must run a back ground check including criminal, rental, eviction, and credit. Using the right tools are essential in this process & you must rely on a very comprehensive system that covers a nationwide data base.
Third. A through examination of income& employment will determine the persons ability to make the monthly payment. Make sure the employment is contiguous & not a temporary job and the W-2s & pay stubs are verified as well.