Starting in real estate.

6 Replies

Although I love the whole process of renovating, I do not flip properties.  At least not yet.  My start in real estate happened when I moved to Fl. 8 years ago and rented my property in Massachusetts where I've spent my life till the move. I then purchased a property in Palm Bay Florida and renovated and rented it out.  The renters left the condo in shambles.  The place had to be redone from floors to ceilings.  The security deposit did not even start to cover the costs.  The smells...ugh!  

Suggestions would be welcome on picking better renters.  

Is asking for advise against the rules?

@Deb Allis

I screen my tenants very thoroughly. I run a background check, criminal history, and credit check. I make sure their gross income in 3x the rent per month. Also verify they have steady employment. I call their work references to confirm their employment and previous landlords to confirm there was no problems. I also ask 10 pre-screening questions before I even show the place to the prospective tenants. 

This is just some of what I do for screening. 

Hello Scott, 

Thank you for the welcome.. This site seems to be full of friendly helpful people.  I am exploring the site and already picking up useful info.

I am currently using a realtor to sceen and rent the properties.  I am hoping to learn enough to be able to do it better so as to save money and get long term renters.

Hi Mike, Thank you for the great advise.  I am taking notes and hope to be an expert in less then 50 or so years.  LOL

BTW Mike, My property in Ma is in your back yard.  Ware Ma.

@Deb Allis

Ware is not too far from me I go up in that area once in awhile but don't have any rentals up that way. 

I don't use real estate agents to fill rentals I own, I do all the screenings myself. I feel I can find better quality tenants myself, but it does take time to do that. 

@Deb Allis - Welcome to the vibrant BP community as you have realized.

I am very sorry to hear about your ordeal with the tenants in Palm Bay. Although you did several layers of checks to determine their eligibility ot rent. But, that didn't uncover their personality for keeping your property in a livable condition for the next tenant.

I am unsure if you were making bi-yearly inspection, as that would have certainly raised the red flag that something is amiss.

I am sure this expensive lesson will make you think of improvements in your checklist for administering future tenants.

Good luck with your future REI activities.

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