Quick tips to start self managing rental

[Sam Booth]

Hi all!

I currently use a property manager for out of state rentals. Can you recommend some things to so when vetting a local self managed tenant? How do you run a credit check? Call previous landlord of prospective tenant? Call references and prospects job? Anything you can help is appreciated!

Thanks so much!

[Jonah Hartsburg]

Hi Sam,

I'd first recommend utilizing property management software. The vast majority of them provide screening tools where the tenant pays for the credit and background reports. 

My process includes securing a copy of their ID, a previous landlord reference, employment verification through documentation, and secondary employment confirmation such as an employer reference. I also establish income, credit, and background screening requirements that are customized to my market and property type. 

Establish a procedure that works for you, then write out that process so there's a baseline for each tenant application and a repeatable guideline for future scenarios.