Burt M. Polson - Commercial Real Estate Broker

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Filtering by Tag: qualifying

Qualifying tenants - part 2

You are familiar with qualifying tenants and administering leases if you own investment real estate.  Whether your rental property is a house or a big box STNL (single-tenant net leased) property occupied by an Office Depot or Whole Foods you have qualified a tenant and executed a lease.

In part 1 of our focus of discussion was for a residential tenant, which is usually an individual or several individuals. Qualifying a tenant of this type is a simple process where you have the applicant complete an application, and as the landlord, you obtain credit, eviction, and criminal reports as well as contact their employer, past landlords and references.

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Qualifying tenants - part 1

Investment property owners must evaluate prospective tenants’ creditworthiness as an essential part of creating a solid return on their investment while mitigating any future potential issues.

It is essential to be thorough in evaluating and qualifying a prospective tenant for single-family rental homes. Many issues can develop from a tenant who may lack integrity in paying rent on time or even worse damage the property.

In commercial real estate investments, the value of the real estate is directly tied to the income derived, and therefore the tenant’s creditworthiness is essential. However, as in residential real estate much can go awry with the tenant’s use of the property.

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