All Forum Posts by: Jean Soo

It's my first time helping my parents with tenant screening and the demand for rent has been great. We received over hundreds of inquiries. There is definitely more demand than supply in our market. Unfortunately, most of the people who contacted us did not fit the standard qualifications we set such as having a minimum credit score of 600 and having monthly income three times the rent. We even lowered the rent to hopefully attract more ideal tenants. Any tips on finding tenants that meet our standard qualifications?

Also, what are your thoughts on having riskier tenants pay 2-3 months of rent ahead of time? Would that be a wiser choice during this time to mitigate the risks? Would appreciate some tips. Thank you!

Hi Jerry,

I'm in a similar boat with you right now. I just started helping my parents with tenant screening for their properties and Brandon Turner's book on Managing Rental Properties really helped me a lot. He also provides a complete file and documents for you to use during your screening process. Here is the link: 

https://www.biggerpockets.com/landlordbookbonus

As far as additional tips, definitely keep a consistent policy. Our general rule is tenants must have income 3x the rent, credit score 650 above, no eviction records, provide 2 recent pay stubs, at least 2 good landlord references and so on.  Because of COVID, we have been more selective in terms of property showings. Good luck!

Hi Cole! 

I sent you an invitation! Great to hear that we're on similar paths. Would love to discuss house hacking and share what you've learned. 

Hi @Craig Curelop !

Thanks for replying to my post and welcoming me! I actually chose house hacking as a strategy from your podcast episode and book! I think the way you got into real estate was brilliant and I hope to follow a simple path by getting creative with the rooms and renting out to tenants like how you did. I am studying up on FHA loans because of this. Thanks for the awesome tips!

Hi Andy! 

Nice to meet you! Thanks for responding. I just sent you an invitation. That's really cool that you started already! 

Hi everyone!

I am a college student and just joined BP today. I currently live in NYC but I am interesting in learning about both NY and MA market! I plan on house hacking and using the BRRRR method in the future as part of my plans. My parents have real estate invested in MA so I have been very devoted to learning about about real estate from BP. I would love to connect with anyone interested in those markets and simply discuss and share thoughts and ideas. Look forward to connecting with all of you!

Hi Dimitri!

I'm also from New York City looking to learn more about real estate and I just joined as well! I go to school in Long Island, NY. I definitely agree with you that NYC is a tough market to invest in. That is why I am looking out of state more. I would love to talk more about real estate with you! Good luck with the journey!

Hi everyone!

I am a college student new to learning about real estate. I have parents invested in properties in Lowell, MA. I am interested in learning about house hacking and the BRRRR in Lowell, MA. I have been persistently listening to BP podcasts, attending webinars, reading BP books and practicing analyzing properties there. I was wondering if you guys have any other advice for starting out and learning more in depth? Also, more tips on analyzing properties? I usually factor in ROI and cap rate when calculating. Thanks!