Miami Real Estate - 5 Tenants To Avoid

Renting in the Miami real estate market can be an overwhelming and challenging experience. The best way to avoid bad paying tenants is by not renting to them in the first place. The landlord must avoid renting to tenants that have evictions, bad credit, no rental stability, no deposit, and must move in the same day.

Miami real estate rental market - 5 tenants to avoid renting to

1. Evicted - Avoid a tenant has been recently evicted or worse evicted more than once. The tenant is an expert in the eviction process. This lessee will stay in the property until the end. The Sheriff is the only way to get this tenant out of the property. Renting to a person that has just been evicted is a costly mistake.

2. Bad Credit - The renter with bad credit has nothing to lose. The credit is already ruined so this tenant will not be intimidated with collections and credit bureau actions. Always insist on running a credit check as part of the screening process. Things to look for are evictions and foreclosures. Do not worry about their credit score. Concentrate on the big picture.

3. No Rental Stability - Do not rent to a tenant that has no rental stability. This tenant will leave every year. The tenant does not stay in any property for a long time. The ideal Miami real estate tenant will stay in the property for at least five years and renews the lease each year with an automatic rent increase. Avoid a renter that moves many times in the same year. The tenant will do the same thing again and move out of your property in less than six months.

4. No Deposit - Do not allow the tenant to move in without a security deposit. This is a clear sign that the tenant will not be able to pay the rent on time in the Miami real estate rental market. The tenants will have problems paying the rent if they have not been able to save for a security deposit. If the renters have not saved any money for a security deposit, how can they save money to pay the rent? The renter will move out overnight without paying the rent for they have nothing to lose.

5. Move in Today - It is a red flag if the tenant has to move in immediately. This tenant is probably being evicted for non payment of rent or a Miami real estate foreclosure. Always give yourself time to screen the tenant. Do not let the tenant pressure you into moving the same day. Do not be afraid to ask questions. It is better to ask and verify everything in the beginning.

The best scenario is finding a tenant that will pay on time, take good care of the property and stay for many years. It is very costly to continually having to repair the property, advertise, and finally renting it only to see the tenant leave in a short period of time. The revolving door renters are not good business and must be avoided at all costs.

Screening the tenants and conducting basic checks are the keys to finding a good and more permanent renter. Do not rent to the first person that answers your ad in the Miami real estate market. Always insist on credit reports, employment verification, references, eviction and police reports. The tenant usually pays for the cost of verification.

Learn to screen, qualify, and identify problem tenants before it is too late. Explain all the rules of renting to the tenants so they are aware and avoid potential problems. Do not get desperate and allow yourself enough time to rent to the best tenant possible. Do not even think of renting your property to a tenant that has to move in right away, has been recently evicted, has no money for a deposit. By avoiding these renters your chances of finding a good paying tenant will increase dramatically in the Miami real estate market

Hector Lesende is owner/licensed real estate broker in Miami, Florida. Please visit Miami Real Estate We will sell your home fast. We offer a Foreclosure List. Search Miami Real Estate Blog