Where do you find tenants?

Question

Now that you have acquired your buy-and-hold investment property and rehabbed it for a rental; where have you had the best luck finding tenants? What’s your process of screening tenants?

Sharlene Mulchandani · Answer

@Robert Neal  To advertise your rentals, I suggest posting on realtor.com and apartments.com. Facebook marketplace is also a good option that is gaining popularity these days.

Chelsea Kline · Answer

Hey @Robert Neal!

In regards to screening tenants, Bigger Pockets actually has landlords resources under the Tools tab, which includes different tenant screening services. I'd recommend checking those out to see which services will best fit your tenant screening needs.

Best of luck to you!

Stewart Beal · Answer

We have prospects apply through our website and then we screen them using Amrent, here are our requirements:

Michigan: We are looking for 600 min credit score, 3x income, no evictions, no bankruptcy within 5 years, 3x income, limited criminal/collection accounts, and a good rental reference.  If you have a 0 credit score and/or no rental history we will likely require a cosigner.  If you credit score is slightly below 600 but you are much stronger in other areas, most importantly rental history, we may still approve you.  We reserve the right to make exceptions and we reserve the right to not approve you if you meet these requirements due to other factors discovered in the evaluation process.

Toledo: We are looking for 525 min credit score, 3x income, no evictions, no bankruptcy within 5 years, 3x income, limited criminal/collection accounts.  If you have a 0 credit score and/or no rental history we will likely require a cosigner or a 1.5 month security deposit.  If you credit score is slightly below 525 but you are much stronger in other areas, most importantly rental history, we may still approve you with a cosigner and/or 1.5 month security deposit. We reserve the right to make exceptions and we reserve the right to not approve you if you meet these requirements due to other factors discovered in the evaluation process

Adam Martin · Answer

I have the most leads through Facebook marketplace but most don’t respond or are unqualified. I have always had good luck through Zillow and even though they plan on charging 10/week I feel it is worth it as that is where all my tenants have came from so far. I also post through cozy to get onto Realtor.com because it’s free so I feel it is worth the few minutes but don’t get many leads.

Mike Mocek · Answer

Hey There @Robert Neal I manage portfolios in Toledo and I own my own properties in Cleveland, Akron and Tampa. Across the board, I find that Facebook Marketplace is a great starting point, it is low cost and it brings in the clientele for properties.  I like Cozy, Lovely and Hot Pads as well but they do not get as much visibility as Facebook these days.  I hope this helps!

Aigo Pyles · Answer

zillow. realtor. facebook marketplace. twitter

Anthony Wick · Answer

@Robert Neal. I get the most inquiries from Facebook marketplace. I get the best applicants from Zillow. I now get almost zero response from Craigslist and/or Apartments.com. I get a few inquiries from yard signs, but most of those are looking for cheaper places.

I use MySmartMove to screen applicants, after I do the initial leg work from their hard application. MySmartMove charges applicants $40 per person, and the applicant pays them directly so I don't have to handle any money. They also make a recommendation on if you should accept them or not, but I have my own criteria. I run one applicant at a time, so nobody comes in 2nd after paying $40-80 in background fees.

Theresa Harris · Answer

Each area is different.  In one town where I have rentals kijiji is the main venue people look at, others it is used(insert city name).  find what people are using in your area.

Zachary Ray · Answer

Great advice in this thread. All very similar to what I do.

Jesse Mancuso · Answer

@James Wise Great (and practical) tips. Prior evictions are most-definitely a red flag that you cannot ignore.

Where do you find tenants?

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