Don Conrad asked:




Whether you’re buying groceries for the family, building a website, or placing tenants in your rental, things seem to go better when you have a way to document your process. Once I discovered that this was true, I decided to start using a checklist to get me through my tenant selection process. I now use this checklist for each and every new tenant that I place in my rentals. This checklist has made my life a lot easier and saved me from missing critical information or skipping an important step.

The checklist I’m about to share with you is designed to be used from the time you meet with the tenant prospects to fill out the application, and continue through the lease signing process. A couple areas may seem unfamiliar to you. If so, please make reference to my book, “How to Find that Quality Tenant”, for an explanation. (If you have trouble locating this book, visit my website at http://www.findthatqualitytenant.com)

Checklist: part 1– This part of the checklist is to be used by you when the applicant fills out the initial paperwork. Do not leave the showing until all required items are checked or verified that they are not applicable (NA).

1. ____Verify driver’s license number and picture

2. ____Verify social security number

3. ____Landlord information complete

4. ____Employment information complete

5. ____Credit application filled out completely

6. ____Credit application signed and dated

7. ____Credit monies received

8. ____Employment verification signed and dated

9. ____Cash Flow form filled out

10. ____Cosigner credit check completed, signed and dated

11. ____Cosigner credit check monies received

12. ____ Cosigner cash flow filled out

Checklist: part 2– This part of the checklist is for when you are at home or in the office, and are processing the applicant’s paperwork. Do not rent to the applicant until all required items are processed.

1. ____Check rental history

2. ____Check employment history

3. ____Check personal references

4. ____Check credit

5. ____Check cash flow

6. ____Run criminal background check

Checklist: part 3– This last part of the checklist is to be used at the lease signing. This is your last chance to get everything signed and organized the way you want it before the tenants take over your property. Don’t neglect using the checklist on this step.

1. ____Rules and regulations initialed and signed

2. ____Fire extinguisher use and maintenance reviewed

3. ____Smoke alarm use and maintenance reviewed

4. ____Tenant given lead-based paint pamphlet

5. ____Lead-based paint form signed and dated

6. ____Property condition form signed and dated)

7. ____Photos/video taken

8. ____Additional/missed information verified

9. ____Tenant received Important Contact form

10. ____Utilities transferred

11. ____Explained property workings:

a. ____Individual water shutoffs

b. ____Main water shut offs

c. ____All gas shut offs

d. ____Furnace filter change

e. ____Appliances

f. ____All others

12. ____Pet addendum signed and dated

13. ____Cosigner agreement signed and dated

14. ____Copies of photo ID/social security number collected

15. ____All lease items reviewed

16. ____Lease signed and dated by all parties

17. ____All monies received

18. ____Key exchange

19. ____Celebrate

copies of this form can be obtained off my website at www.findthatqualitytenant.com

Melanie Hogeveen asked:




Foreclosure homes are a result of the owner’s inability to pay the secured mortgage loan amount. These prove to be a great opportunity for people who are looking for a good property at low prices. Many first time home buyers explore the possibility of purchasing foreclosure homes to fulfil the dream of having their own house.

If you intend to make the best out of your investment, then exploring numerous available options and finalizing the one that suits your requirements the most is the right way to go about with buying foreclosure homes. By spending quality time and exercising diligence, you will manage to get the best deal.

The following points are helpful in purchasing foreclosure homes for sale:

1. Determine your needs: Ascertain your requirements in terms of location, size, amenities, etc.

2. Finance: Analyse your financial position to determine how much you can afford to spend. Also, this will reveal the amount of funds your have with you and the loan amount that you will need to secure. Be careful in determining the amount of loan you wish to procure and make sure that you will be able to make the monthly payments in order to avoid foreclosure.

3. Explore available options: Search for foreclosure listings in real estate magazines, newspapers and internet. Contact the bank if you are looking for bank owned sales. Also contacting the county clerk office will fetch you the latest information.

4. Understand governing foreclosure laws: Procedures and legal framework governing foreclosures differ from State to State. Gain a good understanding of the foreclosure laws governing your State.

5. Enquire about related aspects: To ensure that you are making a profitable investment with purchasing a foreclosed property, it is advisable to enquire about the prevailing market rates. This will help you to determine the true worth of the property and make an appropriate offer.

6. Inspection: Once you have decided the property which best suits your requirements, make a visit and carefully inspect it to ascertain any extra expenses for repairs, maintenance, etc. that you will have to incur. This will also determine the offer price which you will make to the seller.

7. Offer: After carefully analysing all the aspects, make an offer which you deem fit.

8. Closing the deal: Once your offer is accepted by the seller, proceed with signing the contract. Ensure that all the legal requirements are complied with and that you get a clear title to the property. Consulting an attorney is advisable as by doing so, you need not worry about the tedious paperwork involved.

As a prospective buyer, you must keep in mind that foreclosures homes are available for sale as the lenders are keen on recovering their lost amount; hence there is a lack of profit motive. This gives you the bargaining power, so don’t forget to use it to your advantage.

Melanie Hogeveen asked:




With a large number of bargain property deals available through Richardson foreclosures, home buyers and investors can now make a profitable real estate investment by purchasing a home in one of the best residential areas in the country at highly affordable rates.

Why to invest in a Foreclosure property in Richardson?

The city of Richardson is located in the US state of Texas and offers various benefits for home buyers, some of which are listed below:

• Housing Incentives – The Federal Housing Department offers various low interest loans and down payment assistance for first time buyers interested in purchasing Richardson foreclosures which makes the whole deal highly profitable.

• Senior Service centers – A large number of activity centers for the retired and aged people are based throughout the city which provides a wide range of informational and recreational services for its senior residents.

• Vibrant art and cultural scene – The city hosts a wide range of cultural events like the famous Art Trail and the annual Music Festival and several other festivals which have made the region a very active art and cultural hub.

How to invest in a property through Richardson foreclosures?

Buying a foreclosed home is not as difficult as it may seem and the following guidelines will help you in purchasing a suitable property successfully:

1. Clarify your housing needs – In order to carry out a focused and productive search get a clear idea of your housing need such as the budget, size and preferred location.

2. Study the foreclosure process – Research through the web and visit various real estate and bank websites to get a sound understanding of the foreclosure process.

3. Get the most updated listings – Source the latest information on Richardson foreclosures through online listings, local classifieds, real estate journals and the county records office.

4. Narrow down suitable deals – Select a few properties that best suit your housing requirements and fall within your price range as well.

5. Compare features and prices – Now zero in on the most suitable bargain deal by comparing the features and asking prices of various properties.

6. Make a thorough assessment – Before making a final decision ensure that the house is in a good condition and is free of back taxes by getting it inspected by a professional.

7. Submit your offer – Finally make a fair assessment of the property’s worth and submit a reasonable offer to the sellers.

So go ahead and select a suitable property through Richardson foreclosures and make a lucrative real estate investment.