Renting to tenant during COVID-19

6 Replies

Hi everyone, I recently purchased my first home which is a 2 family home located in Poughkeepsie NY. This is actually my first venture. I plan to rent both units out within the next month. My question is what are some of the measures I can put in place throughout the application process and when I decide on tenants to safe guard my investment during COVID-19 and dishonest tenants who are looking for opportunity to use the system to get a pass?

Originally posted by @Peta-Gay Merrick :

Hi everyone, I recently purchased my first home which is a 2 family home located in Poughkeepsie NY. This is actually my first venture. I plan to rent both units out within the next month. My question is what are some of the measures I can put in place throughout the application process and when I decide on tenants to safe guard my investment during COVID-19 and dishonest tenants who are looking for opportunity to use the system to get a pass?

 Have you read the book on rental property management by Brandon turner? That's a good one. Though nothing covid related it helps. Call the potential tenants employer. Hope that helps!

Peta,

If you were in the tenants shoes, what would make you feel comfortable during the application process? 

That's where I would start!

@Peta-Gay Merrick we are renting homes 100% virtually and not meeting any prospects.

1) Showings: all self-showings using ShowingHero (see also Rently and Show Mojo)
2) Applications: all online
3) Lease Signings: all sent digitally (we use DocuSIgn)
4) MoveIns: we place a lockbox and then give hen access code for key

To avoid tenants taking advantage of COVID-19 restirctions on evictions, you should ALREADY have in place a great screening process. The only change we've made to our screening process due to COVID-19 issues is approving applicants that are receiving unemployment compensation. We still require them to be back to work before we will let them move in.

While generally, I don't require a good credit score in my many, modestly priced apartments, but if I were in NY with the current eviction rules, I would require a stellar score because people that have a high score, usually understand how expensive and damaging poor credit is and you can count on them to act to protect their credit score.

Thanks all. I haven’t started the screening process as yet. But I will definitely have detail application process and do my due diligence when interviewing each tenant. Also the COVID-19 rider is also a great option.