All Forum Posts by: Suzie B.

We use Smartmove because you can choose to have them pay the fee themselves online and it is a softer pull on their credit. We require each adult, anyone 18 or older, expecting to live in the property to do one. We also do checks online for sex offenders as well. Usually by the time we get to the credit and background check, we are pretty sure what it will say. We try and let prospective tenants know that we are big on and communication, and most will let us know if there is something on their credit/background check they are expecting us to be concerned about.

I agree with Michaela in that it's ok to be a little bit lower on rent than others in your area. If you get a good tenant, you want then to stay as long as possible. Turnover always costs you something ... Clean up, lost rent, repairs. If they don't find a lot of places are cheaper than yours, they are more likely to stay around longer. It can truly be a balance.

We just send them our normal application and ask them to fill in what they are comfortable with. We do typically ask them to at least fill in employment & reason for moving. Most people don't have a problem with that if they are serious about the move. If after a tour they want to move forward, we ask them to complete the rest of the application and we get them set up to do a credit and background check through an online site we use.

I know some here don't agree with doin any kind of application prior to showing a property. We just had too many no-shows and people who would show up and try and talk us into doing section 8 housing for them & believe me they were ready to help you do it too... Paperwork in hand to show us how to apply!

I have thought about making a pre-application form asking for fewer details, but haven't had the time.

You might do what you can to do a market analysis as far as pricing goes. If it's been awhile since you've had a vacancy, it's always a good idea. Craigslist isn't a good indicator as there are more scam posts at low rates than there are true ads (at least in my area). We often call landlords when we see for rent signs in the neighborhoods we have rentals in just to stay on top of the market.

If you've found you are asking too little, let those that you already talked to know that you made an error in your pricing on that unit and you apologize for the inconvenience. If it's your only rental, no way they need to know that.

If you've got that many interested parties, you might consider asking them to do a pre-screening application. We do that for all of our properties to cut down on no-shows which was wasting way too much of our time. It really makes people decide how interested they really are. Do you want to give someone much information about you if you are just window shopping? Most who aren't that interested never send it back.

The vacation rental idea is not a bad one either as Brant mentioned. Lots of work weekly if you do it yourself, but if you have the right location.. could be a great investment.

We love to vacation in the Grand Haven, Holland areas. You are pretty close to those hot spots.. and maybe you like to spend weekends there too. We have considered buying a cute little home up there for a vacation rental and using it ourselves a week or two a year instead of pulling the camper up to Grand Haven. We have to do some more research first before we tackle that dream.

Welcome! Good for you for considering real estate as an investment.

If I were you, I would start by talking to local banks to find out what you might be able to get loans for. Often times, loans under 40-50k, depending on your area, can be hard to get... especially for new investors.

As far as SFH for 30-50k... it really depends on your market as to if you can find decent rentals for that price point. We have found them in our area, with some time and research. Every market is different... do some shopping and investigating on home values and rental rates for the areas you think you might be interested in. Sometimes a little sweat equity helps too.

I don't think they can ask for such a thing unless the lender has somehow contacted them and asked for direct payment- might even have to go through the court system to make it valid (just my guess). It's not the PM's responsibility to make sure you pay your bills, unless they are paying them for you (as some do around here).

That being said, they should have made sure when they signed the contract to manage for you that you are the legal owner or representative for the property. They may have asked for documentation of that in the beginning.

If you don't use a management company and you are new to renting be sure you come across as confident and as if you know what you are doing.

Also, we found that once we started acting under a business name and made it clear up front that a credit and back ground check would be done, our weed out process for tenants became much easier.

If you do choose a management company, interview several and don't just go on costs. They can vary in how they handle your property and tenants and you want to be sure they are working for you, value your business, and respect your property.

After reading everyone's examples, maybe I need to look at credit cards a little differently!

Other things to consider..

Are you using a property manager or doing management yourself? If you know the area that you think you will be investing in and think you'll be using a manager, do your research now while you have time and aren't searching for the property.

Almost every time you fill a new rental, we have found that after the first tenant moves in there is always something that needs attention. Even after a good run through of a check list, it alway seems to happen. Usually minimal, but for new landlords, this can seem daunting.

Wow.. never thought to use a credit card to get funds. I guess because the risk is there that you could end up paying 20-30% interest if not paid back in time. Something to think about if in need of cash and pretty certain about risk involved.