Calgary, AB · Member since 2021 · 7 posts · 3 votes
Hey there! My names Amanda and I’m posting to gather some advice about house hacking, I’m a first time buyer and wanting to of course rent out my other units!
I have no experience in renting to tenants, I’m curious to hear any advice in regards to interviewing tenants?
What key factors do you look for when renting to tenants?
Do you always do background checks? And call previous landlords?
How do you feel renting to friends/family? What cautions should be considered here?
And any other advice/tips you maybe like to offer I’ll be more than great full to hear all.
Investor · Boca Raton, FL · Member since 2015 · 234 posts · 103 votes
5y
I would consider hiring a property manager too. The other thing is you can just hire someone a la carte to do all the marketing, showings, tenant screening, and such and then manage the property month to month (collect rents, field calls). I would tread very lightly renting to friends and family. You will have to have clear expectations and treat them like any other tenants. Happy to help if you have any other questions along your house hacking journey.
Real Estate Agent · Surf City, NC · Member since 2017 · 648 posts · 597 votes
5y
What type of property are you buying? I am a fan of leveraging your time so I would recommend just hiring a property manager to manage the other units if you are purchasing a duplex, tri or quad. If your tenants know you are the owner, they will likely treat you differently
Calgary, AB · Member since 2021 · 7 posts · 3 votes
5y
@Sean McDonnell
I’m purchasing a four-plex And thank you, I didn’t consider them treating me differently, knowing that definitely opens up some more options for me to look into. I appreciate the feedback!
Investor · Boca Raton, FL · Member since 2015 · 234 posts · 103 votes
5y
I would consider hiring a property manager too. The other thing is you can just hire someone a la carte to do all the marketing, showings, tenant screening, and such and then manage the property month to month (collect rents, field calls). I would tread very lightly renting to friends and family. You will have to have clear expectations and treat them like any other tenants. Happy to help if you have any other questions along your house hacking journey.
Rental Property Investor · DFW, TX · Member since 2013 · 953 posts · 910 votes
5y
@Amanda Kirk gross monthly income at least 3x the monthly rent, no violent felonies or financial crimes, always do credit and background check. Look at the report not the score to see why its low, just because someone has a low score doesn't mean they won't pay. Always call at least 2 past residences. Find out if current landlord knows they're moving. Usually 2nd past landlord will give you the truth since they don't care anymore but current landlord may be trying to get rid of a problem tenant. A lot of employers and apartments won't give info to you over the phone so have a form you can email them with basic questions like did they pay their rent on time? How many times were they late? Did they have pets? Would you rent to them again? Etc. Use petscreening.com for pets and service animals (try not to allow pets if you can-only thing harder on a unit than pets are kids but you're allowed to say no to pets). You won't know until you start doing it but it gets easier with practice like anything. Good luck