I am new to being a landlord and I had a military member just contact me about viewing my property and he has to go back to Japan tomorrow because he is on house hunting leave. He said if he likes the property he will fill out the application right then and there. What should be my process during this? If he likes it, have him fill out my online application which has links to his criminal and credit reports, then tell him if he qualifies and have him fill out a holding contract for $350 that would go toward the security deposit when they actually move in. Then when they move I have them sign the lease and have them give me security and 1st months rent in guaranteed funds? I know he wants to secure the place for himself but I also want to look out for myself and have the house still on the market unless he pays to hold it.
Hi @Jeffrey Vlk . You're on the right track, but you didn't say when he wanted to move in. It's end of October now, if he wants to move in November 1, this is fine. If he wants to move in in December, I'd continue to look for another tenant who can move in sooner.
I love military tenants, because they pay their rent. If they don't, you can contact their superior officer, who will make them pay.
Have him give the holding deposit to sign and pay the depoist, and also HE pre-signs the lease documents.. if his credit stuff is approved all you have to do is counter sign the lease and mail him or scan and email him a copy of the completed lease. You only give him the completed holding fee documents to start with.. once approved then get him his copy of the lease... and notify him one way or the other.. his rent isn't due till the date of the lease, he can either give you a pre-signed check for send you one in the mail so you have it when it's been set up for.. keys as soon as he has all funds in.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing