Closing on my 1st Rental in North Tonwanda, NY with Questions
I am currently closing on a property in North Tonawanda, NY the next step is to gain tenants for the property. I have an ideas as to how I am going to go about the process, but am interested to seeing what other property owners are doing for their tenant leads, websites to post the rental opening on, screening process, and important questions to ask interested tenants.
Questions:
What websites/places are recommended to post my rental property opening?
Any tips on how to go about creating the rental application, and analyzing their credit and background checks?
Target Questions to ask inquiring tenants?
Congrats on the property!!!
I closed on my first 4 units last summer and used Craigslist to fill all the vacancies. This in addition to a a legitimate for rent sign in the yard generated all the calls I could handle. The forms, in addition to the process, came from a book that can be found at the link listed below. It was and still is an invaluable resource.
https://www.amazon.com/gp/product/0932956378/ref=od_aui_detailpages00?ie=UTF8&psc=1
Hi @Tuesday Goodband, welcome to BiggerPockets! Luckily, you came to the right place.
BP has created special resources to answer those exact questions.
Here is the forum where they are linked to: https://www.biggerpockets.com/forums/52/topics/821...
And these direct links seem to be down at this moment but I'm posting them anyway:
http://www.biggerpockets.com/renewsblog/2013/01/27... - Ultimate Guide to Tenant Screening
http://www.biggerpockets.com/renewsblog/2013/01/04... - How to rent your house, the definitive step-by-step guide.
Good luck!
P.S. You can also check out this article: Only Three Websites You Need To List Your Rental
Thank You @Moshe H. for the links they are incredibly helpful. I can't thank you enough for sending the links! I found many more articles that were along the lines and helpful, but these really answered many of my beginners questions.
I'm very happy to hear it!
@Stephen Guilfoil Congratulations on your first 4 units! I can't imagine the so exciting to have the first unit under your belt. Nonetheless, to have the first year under your belt with so much more to come. Are you living nearby, or house hacking? What have your first years experience been like? Have you been outsourcing services or fixing them yourself?
Thank you, I am very excited as for my younger brother already have properties in Jacksonville, FL they don't have any experience with landlording so I am on my own adventure there! I am not sure how you found that book but I am very excited to buy it and continue learning. There are just some books that need to stay on the bookshelf and it looks like it very well will be one of them.
I am not an owner occupant but live within 15-20 minutes of the properties. All of them were vacant at closing. One is a SFH that required some "sweat equity," and the other is a triplex that was "good to go". Fixing up one property and filling four units was a TON of work.
I tried to save money during the renovations via DYI but it took longer than having hired help. Additionally, there was no rent coming in. Analyze your numbers and determine what works for your situation.
Closing of the triplex was towards the end of summer, the vacancy of the last unit in this building did not get filled until November. Winter was coming, interest in the dwelling was limited and I settled on a applicant. DO NOT DO THIS!!! Needless to say, the tenant is no longer with us and I am using this time to improve the apartment. I WILL have an A+ tenant next time around.
I do not use a property management company and perform the work or hire it out myself. Although, I am trying to move away from doing it myself. Making connections with handymen has been the most difficult task yet but I may have found one. He is a referral from a fellow landlord that we came into contact with while screening tenants.
These are all the negatives we've had to date but there were many other things done correctly. To start I would say learn how to analyze the financials of a property and find a real estate agent that focuses on investment properties.
@Stephen Guilfoil, do you working full/part time while also fixing up the property? That sounds like a lot of hard work you put in! Although it stinks to hear that you had a vacancy it's better than having a poor tenant :) My property in the back house (there is a back and front house completely separate from each other) has mold that has to be taken care of. That will be outsourced for sure. My background in fixing things is not nearly the best, but I am looking forward to learning how to fix the small things, and learning to find the best contractors/handymen to work with. I appreciate hearing your experience and lessons from them. I am hoping that I learn from yourself and others in preventing as many problems as I can prevent.