Little Rock - First Time Landlord

10 Replies

Hello Everyone,

My wife and I recently purchased our first rental house. We are days away from putting it on the market, and I'm starting to get nervous about the tenant screening process. Does anyone in Arkansas have a Rental Application and Lease Agreement they have had success using? I would love it if you could help point me in the right direction. I've read through dozens and don't know what is necessary to include and what can be left out.

I'm really excited about joining BP and I look forward to reading more and contributing soon!

Thank you for your help!

Brady

Hey @Brady Bulmanski ,

There are definitely plenty of leases out there and BP is a great place to find one.

My only advice is not to short cut the application portion of this.  It is so important to get the right person into your house.

Because finding a place to screen your tenant is a little bit of a pain, people often skip the step.  DON'T do it!

Best of luck on your first property!

mw

I find screening tenants is easy.  I typically use www.cozy.co (not .com).  You can sign-in and request a background check using the prospects email address.  For about $45 you get a credit report and background check in just a day or two.  Cozy is also how I collect rents from my tenants.  My favorite feature is an automatic late fee that gets added if they are 5 days late -- you set the fee.

@Brady Bulmanski - As @Stephen Tonguis mentioned earlier Cozy is your best bet on the screening/collections.  I'm slowly getting everyone out of my PO Box and making them go more online.  Younger generation obviously prefers it but not always the case.  The times of running by the post office to open an empty box is very frustrating.  Cozy emails you when they schedule and also when it is expected to hit your account.  Very friendly.

As for your lease, I would get a lawyer just to look it over IMO.  I have one that doesn't charge crazy numbers and keeps my mind clear dealing with this stuff.  This isn't something to skimp on as you can lose everything in a hurry.

Feel free to reach out if you have any other questions, I'm in the Conway area mostly.

@Cory Cox , @Jill Curran , @Ray Fisher , @Matthew Whitaker , @Stephen Tonguis

I wanted to say thank you to all of you that helped and offered advice! We now have a tenant and are very pleased with them. It was a great feeling getting that first check right before the first mortgage payment was due!

We ended up using RentPrep to do background/credit checks and just registered with Cozy for all future payments.

Thanks again for all of your help!

@Brady Bulmanski - Congrats!  It truly seems like a never ending race on getting that first tenant in there with the purchase, rehab, listing, screening, etc.  Soak in the moment, go celebrate, go withdraw the 1st dollar from that transaction and keep it somewhere...I promise you will want to look back on this moment in the future and reflect back to the emotions you are feeling now...ESPECIALLY when you get that 2a phone call haha!

Best of luck in your future endeavors, if you need any help feel free to reach out!

Cory

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