I have been a landlord for over 25 years. I’ve had many good tenants, and only one bad one.
First, I always do a credit check. It costs only a few dollars. If people don’t pay other bills, they won’t pay the rent bill, you can count on that.
Second, I do like to have the lease signing at their current apartment. I don’t look to see that they’re neat and well put together, but rather I look for signs that they have respect for other peoples’ property. The one time I walked out of a lease signing, it was because the tenants were writing phone numbers on the wall paper near the phone. It made me uncomfortable to walk out, but not as uncomfortable as I would have been having them as tenants.
Third, I always price my apartment $50-$100 below market, so I get lots of prospects to choose from. They are going to be my neighbors, and I would like them to be pleasant.
Fourth, I allow dogs (subject to meeting the dog). When I put “pets allowed” in the add, I get loads of nice people beating a path to my door. They tend to stay long periods since it is hard to rent an apt if you own a dog.
Remember that most tenants are really good – you were probably a good one when you rented.
Also, you don’t want a reference from their current landlord, he may be looking to get rid of them because they’re bad tenants. You want a reference from their previous landlord.
Know your federal, state and city fair housing laws. Be very careful not to violate them. Remember that you need not (and should not) give a prospective tenant a reason for not renting to them.
Being a landlord has been one of the most fulfilling jobs I’ve ever had, but you must remember it’s a service job. If a tenant calls you in the middle of the night to report a leak in the basement, be grateful that he is alerting you right away, and not letting the leak continue until it can do more harm.
Hatzlacha rabah.