New member: First Post -- Best way to find potential tenants

Birmingham, AlabamaWantProfessionalsOther
Classifieds
2yFollow

New member: First Post -- Best way to find potential tenants

Noah Lawler
Investor · Birmingham, AL · Member since 2023 · 3 posts · 0 votes

I am just south of Birmingham (about 20 minutes) and just closed on a property that I will rehabbing and also house hacking in the process of doing so. 

I am actually not from the Birmingham area and do not have many strong connections regarding potential tenants so I am hoping I can lean on some of the BP community to maybe point me in the right direction or maybe even providing me with a potential tenant!

I am open to any discussion and would love any advice!

0Reply
39 views

Most Popular Reply

Maureen McCann
Investor · San Diego, CA · Member since 2024 · 78 posts · 54 votes
2y

Noah...Congrats on your first investment property! Welcome to the game of investment real estate. 

Some tips on screening prospective residents

1. Pull their credit. Don't just look at the credit score, comb the credit report to look for any unpaid utility bills possibly trailing them from previous rentals. Look at their last 3 years of credit card payment history and look for any late pays or missed pays. 

2. The total household monthly income needs to be 3x the rent to ensure they can afford the rent. 

3. Verify income, verify identity, verify employment.

4. Check with 2 previous PM Co for references 

5. Pull criminal history in all 50 states. Felonies are an automatic disqualification. 

Remember that the data an applicant enters on their rental application needs to be verified.  Do not trust what they wrote down without thoroughly checking into their background. 

Hope this was helpful and Good Luck!
 

1Reply
See this reply in the discussion

6 Replies

Jump to latestLatest
  • Benjamin Sulka
    Cleveland, OH · Member since 2022 · 826 posts · 578 votes
    2y

    Noah,

    I'm not from your market but there are tons of platforms that you can use to market your unit! 

    Make sure you have some of the basic pre-screening requirements in your listing to avoid wasting time with tenants who you aren't going to allow in your property anyways. 

    Go seek out some posts in the "marketing your property" or "landlording" section of the forums. There will be some awesome information on there about finding tenants. 

    You got this man. 

    0Reply
  • Noah Lawler
    OP
    Investor · Birmingham, AL · Member since 2023 · 3 posts · 0 votes
    2y

    Benjamin,

    Thanks for the insight! Will definitely look into the Forums and utilize the online platforms to market the property.

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2y

    @Noah Lawler

    Congratulations on your recent property acquisition! House hacking can be a fantastic strategy to offset living expenses and jumpstart your real estate investment journey.

    To find potential tenants for your property in the Birmingham area, consider these strategies:

    List your home on well-known rental websites like Craigslist, Apartments.com, Zillow, and Trulia. Make sure the characteristics of the property are highlighted in your listings and that they are comprehensive.

    Make contact with neighborhood rental specialists in the real estate industry. They might be able to recommend possible renters to you or provide you advice on local rent trends and tenant preferences.

    Make use of social media sites like Twitter, Instagram, and Facebook to advertise your home. Participate in neighborhood forums and groups to spread the word about your listing.

    Participate in real estate investing clubs, meetings, or networking events in your community. Making useful contacts through networking might result in recommendations or connections with possible renters.

    Speak with nearby property management firms. They frequently have a pool of pre-screened renters searching for available properties.

    Inform your personal network and solicit recommendations. Personal referrals are a great way to find tenants that are trustworthy and dependable.

    Additionally, think about writing an engaging and educational rental listing that emphasizes the special qualities of your home, such as its close access to services, public transit, and any recent upgrades.

    Feel free to provide more details about your property, and the community here on BiggerPockets may be able to offer specific advice or even potential tenant leads. 

    Best of luck with your house hack and rehab project!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    0Reply
  • Noah Lawler
    OP
    Investor · Birmingham, AL · Member since 2023 · 3 posts · 0 votes
    2y

    Wale,

    Thanks for your insight.

    I have posted on all listings sites, communicated with nearby colleges, and spread the word within my internal circle and I think I have managed to get a tenant from it. Confirming their information and credentials this week.

    0Reply
  • Jessie Baldwin
    Member since 2023 · 3 posts · 0 votes
    2y
    Quote from @Noah Lawler:

    Wale,

    Thanks for your insight.

    I have posted on all listings sites, communicated with nearby colleges, and spread the word within my internal circle and I think I have managed to get a tenant from it. Confirming their information and credentials this week.


    Noah im glad you were able to find a potential tenant! If you're looking for more off market deals to BRRR in Birmingham, I've got them!

    0Reply
  • Maureen McCann
    Investor · San Diego, CA · Member since 2024 · 78 posts · 54 votes
    2y

    Noah...Congrats on your first investment property! Welcome to the game of investment real estate. 

    Some tips on screening prospective residents

    1. Pull their credit. Don't just look at the credit score, comb the credit report to look for any unpaid utility bills possibly trailing them from previous rentals. Look at their last 3 years of credit card payment history and look for any late pays or missed pays. 

    2. The total household monthly income needs to be 3x the rent to ensure they can afford the rent. 

    3. Verify income, verify identity, verify employment.

    4. Check with 2 previous PM Co for references 

    5. Pull criminal history in all 50 states. Felonies are an automatic disqualification. 

    Remember that the data an applicant enters on their rental application needs to be verified.  Do not trust what they wrote down without thoroughly checking into their background. 

    Hope this was helpful and Good Luck!
     

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free