Every year, thousands of entrepreneurs begin investing in real estate. Many landlords adopt a "buy hold" strategy in hopes of building long-term wealth with a rental portfolio. Others quickly sell their first rental property within the same year of purchase and never look back. While there are several factors toward implementing a successful rental portfolio, the one essential skill required for preserving profit is selecting preferable tenants! This is known as Tenant Selection in the business! This objective, however, is by far the most burdensome feature to master for a few reasons.
A primary complication landlords suffer from is lack of follow through. Anyone who has sat in eviction court for a few minutes will soon hear the word, "repossession," from multiple property owners. This is especially common with smaller, private landlords. They are there to get an unsatisfactory tenant evicted to reclaim their property. As proprietors well know, their judicial involvement rarely produces any financial gain whatsoever. Sadly, lack of follow through on the part of the courts quickly accords multiple evictions before they begin to surface in court databases. Therefore, records of unreliable renters - into the thousands - can appear wonderful when in fact the reality is they can be "dead- beat tenants." This is not what you want to happen in that fresh painted condo or recently renovated apartment!
Another obstacle to overcome is most humans want to see the good in people. Generally, we attempt to be fair and honest; therefore, we assume everyone else possesses the same traits. Unfortunately, this is too often not the case in the rental business. At the initial meeting phase, you cannot imagine being forced to hire a landlord tenant attorney, but many contracts end exactly that way.
A third difficulty in the rental business relates to how tenant screening yields so many meaningless bogus references -- AKA lying! Less than desirable tenants convince friends and family to pose as recent landlords, and you are stuck with faulty references! Unfortunately, many become adept at fooling others, and can seem very credible during the interview. You then assume you have a prize jewel of a tenant only to find out you have been greatly deceived. Soon you are three or more months in arrears and end up coughing up your money to evict a nonpaying tenant. No doubt it stings a bit!
Here at Underground Landlord, we have developed a carefree solution to many of those problems. That's right! Our platform is designed to help both the rookie and the seasoned landlord make better choices! How you ask? I'm glad you did. Allow me a few brief moments of your time to explain:
Simply click below and sign up onto the platform. The portal will integrate with your mobile device when you provide input. It costs you NOTHING to be a User, but we do require you to NAME & describe at least one bad tenant experience for the benefit of other landlords. We would be most grateful if you would add more "horror stories" with appropriate identities and details. Next, please invite other landlords you know in your area to sign up and make entries of their less than desirable tenants. Also encourage them to invite other landlords as well.
Now, as you receive applications, run them in your search bar against the database. If another landlord in the system has a matching person in his or her database, it will connect you to that landlord. If several landlords pop up with a matching tenant. then there is no point to even worry about it -- you don't want a tenant multiple landlords have already evicted!
Is this legal?
Yes, this is perfectly legal. All the information you are inserting was giving to you freely, and you are only entering it into your own database. No one's personal information is ever displayed, emailed, or even seen. If a landlord runs a search of a prospective tenant that happens to be in your database, it shows you the landlord and allows a free speech dialogue to occur between the two of you. All is perfectly legal and within lawful boundaries.
Can the site be wrong?
Of course! Searches are comprised of input strings of data and the return is based on a weighted search. It is important that you verify with each other's landlords that your applicant is truly the same as the name that was returned in the search. Ultimately, there is no substitute for due diligence. Our service simply provides the relevant landlords you otherwise would not have known.
Is this worth the time?
Absolutely! Think back to the most recent bad tenant who caused you great displeasure. If you could have sidestepped just that one individual and the resulting negative experience, what would it have been worth? Instead of confirming such a disturbing selection, you could have chosen someone with at least an acceptable record - or better yet - signed on a great tenant!
Is there a cost for the site?
No, not for landlords! The site is FREE nationwide to all landlords, although it is imperative that you place as many "less than desirable" tenants into your database.
Do you sell my personal information?
No! All your profile information is stored EXCLUSIVELY for the use of this site only. Your tenant database is exclusive as well, and both pieces are encrypted for your protection.
THANK YOU FOR YOUR CONSIDERATION!