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1. Always run credit reports . Try Landlord Credit exchange (262)783-5025. Also if you join the Apartment Association of Southeast Wisconsin you can have credit reports run. Their # is (414)276-9637. Join the Apartment association and learn from other successful landlords about managing properties. 2. Require income to rent ratios. Such as monthly rent cannot exceed 1/3 of gross monthly income or rent plus monthly installment debt shall not exceed 40% of gross monthly income. 3. Source of income has been continuous for the last 8 months or year. 4. Reasonable occupancy restrictions would be allowing not more than 2 persons per bedroom. Milwaukee has an occupancy code of not more than three unrelated adults in a living unit. 5. Dogs never did anything for increasing property values or making a landlords life easier. Not to mention liability if a dog bites a neighbors child, there are potential noise complaints, damage to property, and difficulty doing showings near lease expiration. Have a no dog policy, unless it is for a qualified handicapped applicant. 6. Always require a holding deposit with an application, unless you enjoy wasting your time. 7. Never end a lease during a cold month. This is a seasonal rental market here. Much of the pool of applicants moving during the dead of winter are usually doing it because of some adverse reason. End leases June 30, July 31, August 31 for the best pool of applicants. Most of all treat everyone fairly and consistently. Learn the Fair Housing laws. This is just a small part of the criteria we use, but these will get you on the right track. |
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Terapak Realty & Mgmt., Inc. 1693 N. Humboldt Ave. Milwaukee, WI 53202 |
Equal Housing Opportunity