CO Newbie: what screening, payment services?

Question

Hi, I'm new to RE Investing and am about to rent out a house near Boulder Colorado.  What client screening services do you recommend?  What online rent payment services do you recommend?

I've read many web pages on both, but most of the services seem be for huge property managers.  I don't need a huge solution package -- I have only one house to rent!

My main concerns are a thorough background check and easy rent collection.

Many thanks!

NIkki Dugas · Answer

I use my smart move dot com. Really easy and fast and they check credit, criminal, and evictions. Here is Boulder it's normal for the potential tenant to pay for the check, and they make that easy too. We use buildium dot com for rent collection but I wouldn't recommend it for just 1 property. Good luck!

Nathan Waters · Answer

Which screenings do you select? So through the application? they input their own information? Such as income and other info?

Adam Kroll · Answer

I have anyone that comes through submit an application, which is free.  I select the most qualified renter and have them pay for the screening.

Nathan Waters · Answer

@Adam Kroll, Do you have the applicants pay the application fee? Is there a bundled option? It looks like it can get pretty expensive. I was paying $15 per adult at buildium but they keep jacking up their monthly fees. Which checks do you make your tenants go through?

Steve Sullivan · Answer

Many thanks for the suggestions!

Adam Kroll · Answer

lease runner dot com

Adam Kroll · Answer

I didn't realize that BP blocks websites.  I use leaserunner dot com

Mindy Jensen · Answer

Hey @Steve Sullivan, welcome to BiggerPockets from just down the road.

Brandon Turner wrote an article called How to Screen Tenants. Make sure you check that out. There are also many threads in the forum asking what criteria people use to screen tenants.

In order to not run afoul of the housing laws, decide your criteria, and then do not make any exceptions. Never go with your gut.

I've read some landlords will write out their criteria and post it prominently in the unit, so anyone coming to see it will know what they have to have to qualify. I like this idea a lot. Put it in a cheap frame, on a little table next to the applications.

You're in Boulder, so you have a slightly different clientele than most, but you can still find a bad apple. Good luck! (PS, there's a meetup on Wednesday, July 20 in Erie hosted by Dan Mackin at The Old Mine, 500 Briggs St.)

Adam Kroll · Answer

I use leaserunner.com. they also handle rent payments for a very low fee ($3.50/transaction of I remember)

CO Newbie: what screening, payment services?

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