rental property house hacking

4 Replies

Hey guys, I need help.  I just purchased my 1st duplex that I'm going to be house hacking with. I have people interested in the property, but what do I do. 

What kind of thing do I need to screen tenants. When I find the qualified tenant then whats next. I have studied plenty of books, blogs etc. on the topic. But now im really in the game. So any comments concerns and suggestions would be greatly appreciated. 

Thank

you need to define your screening requirements for tenants. Usually 3x monthly rent in income, but also what type of credit do you want to require? Come up with an application. We used mysmartmove.com which was great. Because the applicant can go on the website and they put in all of their personal information themselves. They pay for the service themselves. And it sends you their full credit report along with a recommendation of whether to rent to them or not based on what was found. 

We also had our applicants fill out paper applications to keep on file with rental references we could call.

You can usually pick up paper applications and sample leases applicable to your jurisdiction at staples or office depot. I would recommend going online and printing out your local landlord tenant act and reading through it to make sure you don't miss anything. And then you can actually create a customized lease online with lawdepot.com and put in special contingencies you want to include.

Good luck!

Do a home inspection of where they currently live.  When you show up check their fridge, if looks decent and no mold growing on the food, it increases the chances that they will pay their rent on time and keep your place decent.  Sometimes seeing their car can give a good indication.  Another suggestion is to try to find a couple with a dual income, based on if one looses a job at least there is another income coming in. 

Good Luck