So it's been 1 1/2 years and thanks to BP my journey is getting off to a great start! I've done one wholetale (flip without any renovations) and made 50k! (separate post about that coming soon). I now own 3 buildings with a total of 9 units and am under contract on my next flip.
I have a property manager for 2 of the apartment buildings, and I just finished renovations on my 3rd building. I'm managing this one myself and finding tenants will be a first for me. I could use some advice.
I've started to create the listing in cozy and i plan to also list it on facebook, craigslist, and possibly zillow. I know my screening criteria, but how much should I be telling the tenants up front? I don't want to tell them everything, have them meet all requirements, but then ask me why they didn't get the apartment if there was someone more qualified. What do you tell tenants in the initial ad? Do you tell them 3x rent is required for income? Do you tell them not to bother applying if they've been evicted? Any advice for posting an ad for a vacant unit would be much appreciated.
If you post on Hotpads, it also posts to Zillow and Trulia. I'm on my first also, but did state 3x rent for gross monthly income and good credit and renter's insurance required. I only said good credit rather than a specific number though. I've actually gotten more responses from my "for rent" sign out front, but it is a main road and a lot of people have been watching our progress over the past year so thinking many of those are more of an interest thing.
I read through a bunch of ads for similar properties and tried to word mine similarly. Good luck!