All Forum Posts by: Fred Ruckus

Inspection of the personal rental property?

Well, shoot. Now I'm really torn.

I want somewhat of a "system" to follow. I know having a good tenant is all about the screening process. However, I understand what some are saying about scaring some away. Do prospective tenants want to know THAT DAY if they have the place?

While this is my first time renting, I've been following local online rent ads and forums. From what I gather, it's UNHEARD of to ask for an app fee, and almost as unheard of to have an application in the first place. So, given that info, if applied the same techniques used by some of you all in big cities, I'd never rent the place out.

If one was to streamline and simplify the process as bare-bones as possible yet still get a tenant with enough stable income, will pay on time, and basically respect the property, what would you do?

I have this whole system in my head (and on paper) for screening potential tenants. I know this will vary, but how long should I plan (time-wise) for the screening process? Credit/criminal/eviction check should be pretty instant via online systems. But I know others also call references, employers, drive by the current home, scope them out online, etc.

I haven't even placed an ad yet, but I'm planning to pre-screen over the phone, and then set up appointments for a time block one day for viewings of the property. This will probably need to be done on a Saturday afternoon. Is it unrealistic of me to think that if I have a potential tentant ready to rent, that I could screen and offer them the lease by Monday or Tuesday?

In a nutshell, how long do you spend screening one tenant?

I've been looking into the different credit check places for landlords to use online. The one at mrlandlord.com seems to be the most appealing to me. I was reading some of the reviews and the only negative thing said a few times was the "inspection process". I can't find anything on there that outlines what exactly this is, without signing up for it.

Has anyone used this? What exactly all do I need/need to do to get it set up? Testimonies stated that once you are verified its easy and quick to use for all future checks.

I'm a newbie. Became an accidental landlord and trying to get everything figured out to avoid any mistakes. I have a lot of questions and look forward to others' opinions.

The house is ready, and I'm in the process of drawing up a lease, but aside from setting up a business account at the bank, do I need to have an official business name? Can I just make something up or do I have to register it or have an LLC? I only have the one rental house.