Hey everybody. This is Liz.
And this is Andresa.
And we're excited to be here with all of you, for Mentorship Monday this week. I know you
get tired of seeing Matt's face. And our faces are just much more lovely. So as you know,
I'm Matt's wife. I also help run the DeRosa group, but I'm also involved with a really
great initiative with my partner here in DeRosa.
Yes.
We run The Real Estate Investher podcast, and it is a podcast dedicated to women investors,
who are interested in increasing their financial well-being, becoming financially free and
living a balanced life.
Yeah.
So anything I'm missing?
Well, we also have a Facebook community called Investher community. So if you didn't know
about it, check it out. We have about 500 members. Basically, they are women from around
the world, basically, that join us and offer support. It's instant. We have big time players
there and just folks that are starting out. And when somebody jumps in and says, "Hey,
this is my issue." A lot of ladies are going to jump into to answer the questions and give
the support that you need. So check it out.
Yeah. So we'll put that in the link below.
Yeah.
And the podcast is a weekly podcast, comes out on every Friday and it's called The Real
Estate Investher podcast, but you can find it, we'll put it in a link below. It's just
therealestate investher.com.
Yes.
So without further ado, we're to answer a Mentorship Monday question from Adam. We don't
know where Adam is from, but thank you Adam, for asking the question and for anyone that
has any questions, please send them to HelpMe@DeRosaGroup.com. And we will answer them on our YouTube page.
Every Monday we do this. So he asked a question, I really liked the tenant standard sheet that
you've sent. So we managed property for many years. We put together almost like a standards
of which you should be evaluating tenants. You got to be consistent and use the same
standards.
Yeah.
And that's a whole other Mentorship Monday. But anyway, he looked at some of the standards
that we've used and we sent them to him. Basically, his question was, when you have multiple tenants,
you have multiple people that you're evaluating, so to speak or it's not evaluating, what's
the better word, not evaluating, you're...
That they're applying, right? Okay.
Applying. That's the word. Sorry. So here's my question, is it right or ethical to ask
all qualified tenants, they're all qualified, people interested in the unit, to fill out
the application and pay for the background check, before you would check the references?
Or do you simply think of this as a weeding out process? So his basic concern is, he doesn't
want to necessarily make people pay, right, if you're not going to accept them. And I
get that.
However, few things, you definitely want to check out people's references, but like with
all references, you have to take them with a grain of salt, right? So if you're asking
someone, "Hey, how did Joe Schmoe." Whatever the questions are that you ask consistently
to someone, they may or may not be honest. So always your best tool that you have is
obviously evaluating credit score, evaluating employment, and evaluating their criminal
background check. That's the best stuff you've got. Everything else is secondary.
Yeah, absolutely.
So my point in saying that is, yes, you do want to have every person that's going to
be on this lease complete an application and pay for the application fee, which goes to
really running their credit and their background check. And then what happens from there is
what happens from there. I mean, you can't feel bad if you don't accept them, because
they may not be a fit for your unit.
Yeah. I want to touch base, when he says about the feeling of guilty. Sometimes we want to
be compassionate with people and understanding and make sure they were being fair. This particular
landlords have to have that emotional side put aside for a second, especially when you
were "evaluating" people to be at your property. Being rational and fair does not mean that
you were treating people less. It's just part of the process. And I think that when you
do that with every single person, so there's no, "Okay, I'm just going to do this for you,
because X, Y, and Z." Then it gets very emotional. So when we put that emotion aside, every single
feeling. And just follow the process, it's just business. And then it is just part of
the process.
Right.
There's nothing that you can do. And this will, as you already said to yourself, well
eliminate the people that won't qualify regards.
Yep. I will add one more thing too. It's really helpful to share with people who are prospective
tenants, your standards.
Yes.
So depending on the credit score that you accept, what you have to say on the criminal
background check, whatever your requirements are and your standards are share it with them.
Yeah.
Because then if know that and they fill out the application and they say, "Yeah, yeah,
I have no criminal issue." And then it comes back to that's not the case, you can't feel
too bad, that's on them. So you have to give people upfront information to give them your
own standards. I think that helps.
Absolutely.
You got to be very transparent. So this is the standards, bingo, bango.
Done.
Understand them? Good. Now. Well, thank you Adam, for submitting a question. And for everyone
watching this submit questions at HelpMe@DeRosaGroup.com and we will answer them for free on this series
we have, Mentorship Monday. And then lastly, please check out for the ladies watching this,
for the lady that you know in your life, ladies that are interested or current investors.
Yeah.
Check out our investor community and show, The Real Estate Investher.com and learn more
about what we're up to in all of our great episodes.
Awesome.
Thank you for watching.
Thank you. Bye.