Austin, TX · Member since 2016 · 24 posts · 3 votes
I’ve just completed the rehab on a property and started taking rental applications.
I’ve received an application via Zillow (with their credit/background check), and received what appears to be a very qualified application from someone out of state who is planning to move in next week.
I’ve never agreed to a lease in the past without meeting the tenant face to face, and naturally have concerns.
Am I being overly paranoid? Have any of you done this and what recommendations would you have?
Background check came back clear and the credit was acceptable. I was thinking of requiring a notary for the lease agreement (if I decide to accept them prior to meeting face to face.) They are very anxious to confirm the leasing ASAP to ensure they will get the house (in Austin,TX), and their “aggressiveness” has got me a little concerned.
*aggressive is not the right word. They’re just really on top of it and want to secure my rental.
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
6y
My experience is to avoid potential applicants living 100+ miles away. They generally move again within 12 months after they learn the area or things did not work out like that expected. Turnover is my biggest expense. It's just too easy to wait and find great local tenants.
Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
6y
I had a tenant who I didn't meet until she moved out. She lived in one of my apartments for almost two years.
She applied remotely as she lived out of state. I accepted her and she moved in (I am an out of state landlord and my family helps me from time to time - mainly with new tenants).
She was studying at the local osteopathic hospital and she even had an eviction against her (during college she had broken up with her boyfriend at the time and moved out and he took her share of the rent and didn't pay the landlord).
Her credit was good and she had no criminal history. I had her dad cosign the lease and she turned out to be a great tenant.
Flipper/Rehabber · Memphis, TN · Member since 2019 · 37 posts · 36 votes
6y
@Justin Phillip I see this with my apartment costumers all the time. Don’t freak out over a long distance lease. It happens all the time . Just do your diligence. I’ve seen some good comments above . Me personally, I would take a non refundable application fee. If they come back with a good credit check and you decide to rent/lease to them , let them know you will be waiting at the office for them to come and sign the lease. AND most importantly, grab that first months rent and deposit . As far as the length of the lease , I prefer a two year with an automatic renewal on month 24 and from there on its month to month . If your cash on cash return is really high and you just want to do a 12 month lease , then do it . It is your business, not theirs. You have protocol . You run your operation on how it works for you the best whether it be in six months or five years .