All Forum Posts by: Pam Storm

Set up your acceptance criteria before talking with anyone/accepting applications.  This way you'll be more compliant but also not be tempted to bend.  What if the next person has great credit but is getting divorced or pregnant or ... Best to decide your criteria for accepting applicants.  If you would ordinarily accept applicants with a credit score above, say, 725, this sounds like a solid applicant.   But of course continue with your remaining due diligence by talking to the prior landlords and employers is a must.

@Kathleen R.

All the ones mentioned above are solid, there are more and they focus in different areas.  Cozy is good and started originally as payments and so on.  I founded Rent Marketplace and encourage you to consider it as well, it focuses more on applications, screening and leases (free software, pay for the lease).  I've been in multi-family for 15 years, Appfolio and Buildium are great too but i think more for those who have quite a few units...I'm a big fan of the mgt team at Appfolio.  Good luck!

@Account Closed

I echo what Sue said with a bit of a twist:

1.  The most important step in screening by far is detailing your screening rental criteria -- who you will accept and who you won't.  Decide if you will accept those who will not offer an SSN

2.  An SSN is not required to perform a background check, though I recommend it.  Some companies require it, some don't.

@Warren Fernandez

Wow, you're moving, congratulations.

@Adrienne Bryson @John Walker

I echo what John said - notwithstanding the normal caveat of 'it depends on your goals, market etc' - I would just say that SFH and multi-family are indeed different markets. I would lean more towards SFH to start since you can get your feet wet while minimizing your risk. And on the first investment, I would try to make it closer to home before venturing far away. Again, I think you can learn more that way while minimizing your risks and stress. Good luck!

In SFH's you can (and should, IMO) have the tenant pay everything. Put it in the lease that the tenant is responsible for putting the utilities in their name and paying those bills. Most/some utility companies have a 'rental program' so that when the tenant leaves, the name reverts back to your and you can manage/pay utilities in between tenants. Put in your listing what the tenant will be responsible or as you start engaging prospects. The Rent Marketplace lease is a good example (disclaimer, i lead it).

@Soh Tanaka  I have 2 rentals currently, I'd be interested in seeing it.   PM me please and thanks.

@Tabitha Hensley You should find out what created the conditional approval. It could be the car loan (which I agree you should list) or other factors. Under FCRA, when you are 'adversely affected', which includes conditional approval, you are entitled to know why. Ask and get the facts.

@james. Welcome! Great advice below, read, poke, post, ask. Congrats on the journey.

Navin Naik Assuming your 'acceptance criteria' is that you decline for evictions, I would decline -- you must send an Adverse Action letter or at a minimum explain this decision is in part based on background information. The applicant then can dispute the record. SSN's are generally not used anymore in public record data so it can be tough. But the hit was returned based on the inputs and matching algorithms so the best route is to advise the decline, why, and that the applicant can dispute this information (and how).