All Forum Posts by: Steven Gesis

 Hello Steve!

This is one of the most important questions you could ask when looking for a tenant. There are tons of people out there, and many of them are looking for a home/apartment to rent. You want to make sure you don't just rent to anybody who asks. As for the "perfect tenant" they are not as uncommon as one might think.

Some advice I could give you is simply through the type of application process I have grown accustom to. There are many different aspects of a person to consider, sometimes it's not as easy as going by numbers and you'll need to look at it on a case-by-case basis.

Some of the aspects to look at are:

-Get a credit report (not just score, but find out if they have any collections, etc.)

-Check their criminal background (some credit reports will show this, but others don't)

-Verify their income (run the numbers in terms of their income, the rent you charge, their other current bills, etc.)

-Do a rental verification check. It is always a good idea to find out what kind of tenant they were at their last place.

These are just some of the many methods we use to scan tenants in order to find that "perfect" one. If you have any other questions about this, please let me know!

Good luck!

 Scott-

LOL - very good, however, we are working with individuals seeking to utilize bitcoin, the volatility is a metric to consider, but Bitcoins can be converted to regular currency, though various controlled means.  I think it is a neat new space and the audience is very large. Appreciate the feedback.

Hello Jen!

First of all, I would like to say this is a very common subject when screening for a new tenant. You have your property and the last thing you want to do is rent it to someone you can't trust or may cause you problems. 

I can tell you when screening for a tenant I like to take everything in account with their background. Check when the crime was committed, as you said it happened back in 2007. Ask her about it if it is really bothering you. Was she honest when applying for your place? There are many things to take into consideration when trying to determine if she is a good fit for you. 

I like to look at how long ago the crime was committed. For example, there is a big different between something that occurred 6 months ago and 6 YEARS ago. If they only have 1 count on their record, if they were charged, etc. It can be a real difficult and stressful decision because you want to have your unit rented, but you want to make sure it  is not with someone who will cause you problems.  

It is pretty much a case by case basis. You really can't be "too strict" when screening, but you definitely don't want to be too relaxed. That could be a problem in the future.

Please let me know if you would like to discuss in more detail.

Hello Brian!

First off, I'd like to say congratulations on your success thus far with your rental properties. It's great to hear you will be expanding soon. Screening tenants is always a difficult process and could sometimes leave you wondering if you're about to make a good decision or not. Some people look at JUST a credit score or JUST the criminal background. 

Some of the best advice I can give you is to take EVERYTHING into account when screening a potential tenant. As you said, sometimes luck comes into play, but at least you can brace yourself for some of the bad luck. You must remember this tenant could be signing a lease with you for, 12 months, 24 months, or even longer! You don't want to sign someone for a long time if you're on the fence about how they will be as a tenant.

There is a multiple step process that I like to take when screening for a potential tenant. Some of the areas I look at are

-credit score

-criminal history

-current income

-past rental history

Let me know if you have any questions, we can discuss in more detail.

Commercial land in this application, you can live and occupy the 8th unit, just no incentive from a loan perspective. You will more than likely be placing 20% down in any case, perhaps you can find a commercial lender who is willing to take a little less down. Depending on the area you are in, that price point per door is a little high fro today, but tough to make this determination without knowing more about the address, condition, etc.

 Hi Brian-

Welcome to BP, not from Elyria area, always happy to assist and answer questions about NE Ohio.

Hi Everyone!

Just wanted to inquire if anyone has used bitcoin to purchase a SFR, MultiFamily etc. RE investment for buy & hold ---

Thanks for sharing! 

 Hi Sean, welcome to BP - #CLE - good starting point, education is key ad BP is a fantastic space to begin that process. Define a field and focus in RE and move from that point. Residential, commercial, industrial etc ... you will want to become a master of one and then expand your horizons.

Much Luck!

 James, great point, I think its really important to bring that to light, this is regulated space and it is important to equip yourself with proper legal knowledge and understand the ramifications of your actions as it pertains to real estate. Wholesaling right now seems to be a hot topic, more so then the last few years, I am not certain everyone completely understand the possible pitfalls associated with those activities, especially if you are licensed :) 

Great post!

 Eugene, great consideration, Cleveland is absolutely superb. What are your investing parameters? 

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