Bought my first rental property

[Darius Howell]

Hi everyone,

I closed on my first rental property today. Looking forward to building my portfolio but right now I wanted to know is there anything I need to know about how to screen prospect tenants. Any advice would help.

[Brian G.]

@Darius Howell Congrats! You should buy the BP book on property management. To screen applicants you will need an application, a background screening service, income criteria for applicants (ie 3x monthly rent), credit score criteria, etc. Make sure you verify their income (ie paystubs) and call their references they give on their application. Of course you will also need a lease for them to sign once they are approved. Once a tenant is approved meet with them to sign the lease. I recommend asking for a Cashier's Check or Money Order at the time of signing the lease. They receive the key upon a signed lease/security deposit/first month's rent. Search BP for "tenant screening" and you will get tons of info and recommendations. Welcome to property ownership!