Last week, I introduced you to some common mistakes when real estate investing, such  as not scheduling efficiently, not doing your proper market research beforehand, and  not pre-screening tenants effectively. Today, I’m going to dive in a bit more on what you  can do to screen tenants more effectively. 


 

Common Mistake #3: How To Effectively Screen A Tenant 

Here are some basic questions that are great to ask in the pre-screening phase, so that  you as an investor can get a better sense of who the prospect is: 

 

• Are you currently renting? Where? How long have you been renting that  property? 

 

• Why are you planning on moving? 
 

• What date do you want to move in by? 
 

• What is your occupation? 
 

• What does your current monthly income look like and is this a stable amount  every month? 
 

• How many parking spaces would you need? 
 

• Would your current landlord be comfortable giving you a reference?


• Do you smoke? 

• Do you have pets? 
 

• How many people will be moving in with you? 
 

• Have you recently filed for bankruptcy? 
 

• Is there anything you wanted to let me know before I run a background check?


• Do you have any questions for me regarding my selection criteria or the property 
 

A great way of doing this that a lot of investors are utilizing are online surveys. This  helps tabulate closed ended answers that the prospects give, so that you don’t have to! 


 

While a great idea to get to know the prospective tenant, many investors, especially  new ones, take it a step too far and ask questions that can be considered  discriminatory, such as asking about their race, sexuality, what country they were born  in, religion, etc. Ignorance is not considered an excuse for laws for screening tenants,  so it is important to learn what to say, and what not to say beforehand.


 

Common Mistake #4: Not Having A Back Up Plan 

Things happen unexpectedly all the time in real estate. It is important to take into  account all of the possible outcomes of each state of real estate investing. When an  investor is new to the business, it's obviously hard to account for all of the outcomes  beforehand and they are bound to run into common mistakes in real estate investing.  


 

This is why it is important to learn as much as possible before making the leap. Learn from other investors' horror stories and learn ways to avoid the mistakes that  others have made. This will help you, as an investor, know what to do in situations that  aren’t working in your favor. These are bound to happen, but it’s a fantastic plan to  have a backup plan so you can get right back up when you make your first, second, or  even third fall. 


 

Failure is not permanent. There are always going to be hardships, with whatever  venture you set yourself towards. The important thing is being able to get back up and  believe in your own ability. This is why a backup plan is a great idea. It helps provide a  sense of security, so nothing is much of a surprise. 


 

Common Mistakes Real Estate Investing #5: Not Having A Great  Team Behind You 

Getting involved in real estate is hard enough, but it can seem unbearable if you don’t  have a good team to back you up. Real estate agents, contractors, property managers,  mortgage brokers, there are so many people you have to interact with and its  impossible to learn if everyone has the best intentions. Sure, there is the backup  research you can do. But when you have so many other things to do, finding people  that you can trust is a frustrating and time-consuming ordeal. 


 

This is a massive mistake many real estate investors make. There are horror stories of  contractors abandoning jobs halfway through or major conflict over financial  compensation for projects. This is the biggest factor that causes investors to lose hope. 


 

I hope this list was helpful! If you still have more questions, I would love to help  you on your journey to real estate investment. 


 

I have been a Real Estate agent for over 3 decades and have helped my clients  purchase homes as their primary residence, as a Buy/Fix and Flip investment as  well as a Buy/Fix/Hold and Rent investment.  


 

I’ve also helped my clients buy builders New Construction and Inventory homes  and condo’s and just about any other real estate out there.  


 

Let me leverage my years of experience to help you buy the perfect property,  whether it’s as your primary residence or as a real estate investment property, that suits you and your lifestyle.  


 

My number is 905-683-7800. Please ask for me, Brian Kondo.






 

Thanks For Reading Today’s BLOG!

Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com

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