Renting to Out Of State Tenant

Renting to Out Of State Tenant

Chicago, IL · Member since 2015 · 414 posts · 94 votes

I listed the bottom unit in the duplex my wife and I just bought two days ago and haven’t gotten any good prospects yet. I found a tenant through Zumper who’s a business guy in his 50s who’s moving from AZ to Chicago and whose family will follow when the school year ends. He probably wouldn’t stay more than 9 months, but sounds like the perfect tenant.

I signed up with MySmartMove and sent him a link. He completed it and his report is spotless and he makes way more than enough to rent this place. He wants to move in November 1. I’m not sure how to proceed from here. I don’t want to look as inexperienced as I am in front of my prospective tenant.

  • 1.When I click the “Accept Applicant” button on MySmartMove, what happens? Do they facilitate a lease signing too, or do they only screen?
  • 2.Should I have him sign a lease over the internet and he can just move in November 1?
  • 3.Where would you suggest I find a lease without branding?
  • 4.Would you go with this applicant or try to find someone who wants to stay for longer? If he leaves in the summer, re-renting it should be easy. And one middle aged guy should be pretty easy on the unit.
  • 5.Once the lease is signed, is that it? I just hand him the keys when he arrives?

Thank you!

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  • Englewood, CO · Member since 2014 · 101 posts · 44 votes
    9y

    Hi @Art M.

    I'm a representative with TransUnion SmartMove. When you hit "Accept Applicant" your applicant will receive a notification that they've been accepted. The status on your SmartMove dashboard and the applicant's dashboard will also indicate that they've been accepted. At this time SmartMove does not provide a lease. If you have any other questions about SmartMove feel free to email me or send me a note on BiggerPockets. Thanks!

  • Chicago, IL · Member since 2015 · 414 posts · 94 votes
    9y

    @Andrea Collatz

    Thank you, Andrea! I'll probably have questions as we move along. 

  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    9y

    It's not rented until you have a deposit so  did he look  at the place?   did you verify the new employer 0r enough cash t0 pay the rent?  did  you verify the length 0f the lease with him?  It is 8 months until next school year so does he plan to stay 0nly until then?  d0es that w0rk for  you ?  As for the lease I w0uld find y0ur state specific real estate association  lease and modify but typically you do this bef0re y0u find a tenant.  Y0u can certainly email the electronic  PDF version 0f the lease but I w0uld have him fedex back the signed version with checks (0r send electronic  payment but it must clear bef0re keys).  In my opinion determine the terms and length of the lease before you accept him and check previous landlords, if any. Also keep marketing until you have lease deposit and first months rent.  

  • Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    A lease without branding.. 

    Cut paste, rearrange and make the lease what you want. or go to office supply and get a generic one. really it's best to have your lease and paperwork ready before you market your rental. and addendum's for crime free/ drug free,. lead, pet, security deposit should really be first priority to have set. 

    Email him a copy, have him sign it. have him include a  photo ID copy of drivers license. He includes the payment for security deposit.

    You can have him notarize it also if you want. 

    He returns it Fed Express or express mail. once received you sign the lease and send him back a SIGNED copy express mail  so it is a completed contract.

    The day he moves in you get first month rent and he gets keys,, if he wants to prepay first month rent, or you require that, before move in, that's even better.  He can sign and go over any of the misc stuff once he's face to face.

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