LOCATING A GOOD TENANT

Use a home rental application collecting the required information to perform a complete tenant screening process. The fee for this service is typically charged to the tenant.
Engage the services of a reputable tenant screening company.
Order a complete report, including credit history and score, tenant history, employment verification, eviction search and nationwide criminal search. In most cases, the tenant pays the fee for this service.
Set your boundaries and policies before attempting to rent your property. Don’t be a charity for the many stories you are apt to hear. Rent to financially stable, good rental history, clean background persons. Do not make exceptions.
Make your expectations known clearly and up front before making an offer to rent. Do you allow pets, inside or outside smoking, date the rent is due and payable, late fees, tenant lease term, yard care, guests, payment of utilities. Each one of these items and others you may include must be provided in writing, signed and agreed to by all parties. No exceptions can be made to this very important policy.
Use a detailed form as a move in condition. This form is to note each and every defect the property has prior to moving in a tenant. You can go through the property with the tenants or allow them to fill out the form sending it to you within a set time limit. Take photos or a video of the property showing the defects along with the move in form. These items can be of great assistance if you end up in court. Save every piece of documentation.
If the renting process seems to overwhelming hire a property management company to compete the renting process for you. Inquire in your area, locating one best suiting your needs.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource

Collection At Tax Time

As a property manager, you took an ex-tenant to court for non-payment and were awarded a victory and now you want payment. This also may be a requirement due to the contract agreement with the owner of the property. But, despite your faithful attempts at collections of this judgment you have been unable to do so and now your only recourse is to forgive the debt which is passed on to the owner.
Here is a thought to help collect and soothe the owner at the same time. The Internal Revenue Service treats these uncollected funds as debt forgiveness and you can send a 1099-MISC IRS form to the renter for the amount of the uncollected rent. Property Management Companies are required to mail a copy of the amount of funds past due to the last known address (which may be your rental address) prior to January 31st, then send a notice to the IRS and let them take action. It doesn't matter if the notice is received as long as one is mailed. Mail this certified mail and retain the receipt of mailing for your records. On April 15th, the IRS will match up the 1099-MISC tax form to the renter’s taxes and ask for more tax money. They technically received a month's free rent and will be required to pay the IRS taxes on the unreported money. This money is regarded as income to them.
The negative (sort of) aspect of this scenario is that after sending the notice to the IRS you no longer have any legal recourse to collect the rent and neither does the owner. In many instances people may not want the IRS to know about the unpaid judgment especially if they are collecting public assistance making your chance of collecting much higher.
Notify the tenant you will be mailing a 1099-MISC to the IRS within ten days if payment is not received. Consider adding this as a company policy to the lease agreement. This inspires many renters to make their payments to avoid such notice.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Mountain Ridge Property Management
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