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Should I Hire a Private Investigator to Do Tenant Background Checks?

Should I Hire a Private Investigator to Do Tenant Background Checks?

A rental property can be a wonderful investment. However, one bad tenant can make your life miserable. He may also cause thousands of dollars worth of damage and not pay his rent on time, if at all. While you certainly have the option to hire a real estate agency to rent out your property, the fees make this option pointless. What you need to do is a thorough background check on each tenant. This can be very time consuming and you may not be able to get all the information you need. The good news is a private investigator does have the time and resources to make sure each tenant is top-notch.

Why a Background Check Should Be Done

It’s a bad business decision to rent to tenants that won’t pay their rent or trash your investment property. While some people rely on first impressions, this can come back to haunt you. Someone may know just the right things to say and what to wear to make you think she is the perfect tenant. You have to dig deeper to determine if a tenant is going to be a good match and whether or not she’ll be responsible. A background check can give you insight into not only employment history, but rental history as well as credit history.

Areas That Need to be Checked

As a responsible landlord, you want to check several areas to determine if someone will make a good tenant. You want to know previous rental history. This will give you an idea if the tenant paid on time and why he left the previous property. You should also check employment history to determine if the potential tenant has a good work history. A credit check can also be done to determine how good the person is at managing money. Last, but certainly not least, you want a criminal background check. The absolute last thing you want is to rent to someone that has committed crimes in the past.

How a Private Investigator Can Help

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Chances are you can already see that running a background check can take a lot of time. It can also be difficult to find the information you need because you don’t have access to the right resources. That’s where a private investigator comes in handy. Not only does he have the time, but the resources to do a thorough background check on potential tenants. Yes, it will cost you, but it’s a one-time fee that will give you peace of mind.

Don’t let your rental property turn into a losing business. Take the time to hire a private investigator to do background checks on potential tenants. This will save you time and, in the long run, it will also save you money.

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