Closed on our 1st two rentals today!

12 Replies

Today we closed on our first 2 rentals today!!!  Now the screening process begins!  Any good tips or recommendations for screening?  We are new to this process and would like to get good tenants to make the first experience a good one.  

Use a company to get credit scores/background checks.  The higher the score, the more likely they will be great renters.  You can offset the cost of this by charging an application fee for your properties.  Also, my advice is to get paystubs and their company's HR information to help verify employment.  A 720 credit score, nurse, who has been working at the hospital for 7 years is much more attactive than a 660 credit score who has little work stability and low pay.  On a positive note, this allows you to also catch them in a lie right off the bat.  You will be able to see if they told you the truth on where they work, how long they worked there, and how much they're getting paid.  If they lie right away, this isn't a good sign.  Further, if they are able to provide you with prior landlord references, this is always a bonus.  Best of luck @Ryan Billingsley  

@Kyle H.

Thank you very much for the great recommendations and examples!  Excited to start the screening process and get the cash flow started.  The area the houses are in is C class neighborhood so the quality of tenant will not be the best.  

Originally posted by @Ryan Billingsley :

@Kyle H.

Thank you very much for the great recommendations and examples!  Excited to start the screening process and get the cash flow started.  The area the houses are in is C class neighborhood so the quality of tenant will not be the best.  

@Ryan Billingsley .  My 4-family is in a C class neighborhood.  My advice would be not to rush into a tenant decision if it looks like it's the best option.  Wait for the one you know is right for the area.  Another month of patience normally means less personal costs later on...

Originally posted by @Ryan Billingsley :

Today we closed on our first 2 rentals today!!!  Now the screening process begins!  Any good tips or recommendations for screening?  We are new to this process and would like to get good tenants to make the first experience a good one.  

Congrats, Ryan.

I just purchased a property, all cash, in Ferguson a couple of days ago. I plan on getting renters in right away, but I'm using a PM. 

Kyle's advice is an excellent start. 

@Kyle H.    Thanks!  We plan on having a open house for people to come and walk through and fill out a application on Sunday for both properties.

@Guy M.    Our two properties are in Hazelwood MO.   Not to far from your property.  Exciting to go through the process for the first time.  

Originally posted by @Ryan Billingsley :

Today we closed on our first 2 rentals today!!!  Now the screening process begins!  Any good tips or recommendations for screening?  We are new to this process and would like to get good tenants to make the first experience a good one.  

Congratulations! Prior to screening, be sure to establish your minimum criteria to rent. It is also very important to comply with fair housing laws to avoid unlawful discrimination. Also give some thought as to how you plan to advertise and how you plan to handle inquiries. I uploaded our "Rental Criteria" and "Tenant Screening Questions" to the BP File Place under the Resources Tab... you'll find them in the Other Documents category. Feel free to modify them for your own use. Good luck!

@Marcia Maynard    Thank you for sharing!  I will download that from the file place!  Can't wait to start the screening process.  We will be starting this Sunday.

Updated over 3 years ago

Just downloaded them! Very helpful! I adjusted the Criteria as needed and will really help us get started.. Thanks!

Originally posted by @Ryan Billingsley :

@Guy M.   Our two properties are in Hazelwood MO.   Not to far from your property.  Exciting to go through the process for the first time.  

 It is exciting! Addicting too. 

@Guy M.   Very addicting!  I am ready to buy more even though we have not got the 2 we have rented out yet..

@Ryan Billingsley  and @Guy M.  my company has bought 6 properties in North County. 4 in STL City, one in Ferguson, and a condo in Florissant. I would appreciate any referrals you guys can send my way.

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