Rental Open House

[KEVIN FLYNN]

Hi Biggerpockets,

I have been living in my first multifamily property for over a year and have decided to purchase my second one.  I am going to move into the new property and am renting out my old unit.  I read on the site that rental open houses might be the best way to go, so that's what we are having this upcoming weekend Friday and Saturday.  

Before I posted the description I researched my market for price and keywords.  So it was posted last Friday and I already received 60 messages.  Now 1/3 of the messages were people trying to pay less or different move in date or other requests that I don't feel willing to accommodate.  Also I assume another 1/3 will just not show up.  So I'm looking at 20 or so people coming through.  

I downloaded a rental application from the site and plan on using it to answer basic questions so I can narrow down to about 5 serious renters and from there I will pick the best one to have them run their credit through mysmartmove.com.  I plan to have them do all this and sign the lease and send in first months rent and security deposit within the week. This will lock them in for 12 months starting May 1st.

I'm not sure what to expect since my unit came with inherited Tennants who are amazing.  This will be my first time vetting Tennants on my own.  I'd like to think I've done all my due diligence but would love any feedback from members.

Some additional details are this is a B rental, stainless steel appliances, new washer dryer in unit, nice area.  We are allowing people with pets to apply just incase we get an outstanding tennant that just happens to have a dog or cat, but I would prefer to have a tennant without pets.  

Thanks for any feedback!

Kevin

Warwick, RI

[Steve Vaughan]

This is also going to be your primary residence? I don't do open houses with my regular rentals and I wouldn't recommend an open house of unvetted folks at YOUR house.  I schedule specific folks I like at specific times, say 15 minutes apart.  I tuck my apps away in a cupboard in case I get a feeling and would rather e-mail/mail them one.  Or not.  Crazy may show up.  

I vet thoroughly by e-mail, then phone calls prior to scheduling.  Unless your rental market is extremely soft (not the case with 60 msgs!), an open house sounds like a lot of drama and trouble @KEVIN FLYNN!