Delaware Real Estate Investing Without Being Landlord
If you want to get involved in investing in Real Estate in the Delaware Market, but don’t relish the idea of becoming a full time landlord then your next best option is to find a Delaware property management company. But what should you look for in a property management company? The biggest problem with being a landlord is finding good tenants and avoiding tenants that know how to work the system so that they don’t have to pay you and don’t have to move out either!!
Here is what a prospective property management company should do when looking for tenants for you;
LANDLORD REFERENCES – They should personally talk to past landlords and ask detailed, open ended questions about the applicant’s past performance.
CREDIT REPORT – Their property manager and leasing agent should have a direct connection with the a credit reporting service. They should obtain a credit report which tells them the applicant’s current and past performance toward meeting their financial obligations. It also tells them their monthly debt, credit score, and shows their previous addresses (which they should compare to addresses listed on the application). An applicant must meet established credit standards.
DRIVER LICENSE VERIFICATION – They should pull a copy of the applicant’s public drivers license data. This tells them not only if the addresses given on the application are consistent but also when and what the last drivers license activity was, such as a renewal or change of address. This is important because if someone says they have been living at a certain address for the past three years, but then we see they renewed their drivers license a year ago at a different address, a red flag goes up because often in that situation the applicant is trying to conceal bad rental history.
PROPERTY TAX SEARCH – If a private individual is listed as previous or current landlord, they should pull the tax records and verify that the person listed actually owns the property.
The property tax record crosscheck, along with pulling driver license data, is what reveals most of the fraud attempts that are encounter and is a level of scrutiny that most property management companies do not even perform.
EMPLOYMENT/INCOME – They should contact the employer to verify length of employment, status, and income. An applicant needs to earn at least 3 to 4 times the monthly rent in gross income to qualify for rental and they should want to see a copy of their pay stub. Verifying the employment status is extremely important for vetting good tenants as it is one of the biggest indicators of whether a tenant will be able and willing to pay the monthly rent.
If you are looking for a good property management company in Delaware then check out
If you need help finding a Delaware Mortgage Loan for investing in Real Estate, then give me a call at 302-703-0727. I can find you the best Investor Loan that meets your unique situation. I can find you the best Delaware Mortgage Rate for your purchase or refinance of a Delaware Investment Property.
If you would like to apply for a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.
John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713