All Forum Posts by: Taylor Roeling

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@Kate K. Yes, going through a third party to run a background check and credit report is both the legal, smart and financially smart move to do. If you use an online software or program as a landlord, which is usually free to you, in your rental application you can require a background check and the applicant will pay that fee - usually $35-45 depending on what you want. TransUnion does have a great system and are very trustworthy - also, it will depend by state what is allowed to be shown on their background checks etc. Furthermore, you don't want to have the responsibility of collecting an applicant's SSN and then keeping it - they probably wouldn't trust you and it's a liability for you and could come back to be a legality program - you never know what could happen. I think your lawyer is misinformed - because a tenant chooses to pay for a background check themselves without signing anything on your part, you won't be legally obligated to choose them over another applicant who has done the exact same thing. They choose to pay the fee and the money isn't going to you, it will be to TransUnion or whatever the third party is - if they don't want to pay then they won't get screening and you don't have to accept their application. Hopefully, this is helpful, but I would double check with your state's laws - if there is anyone on BP from Illinois who knows that would be good to!

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@Kyle Petitjean There has been some great advice on this already! But, I would also consider if you want to invest in somewhere close to you or do out-of-state investing. Both have different pros and cons! College towns are always great markets - some times property can be more money to invest in initially, but has a pretty good ROI.

@Charlie Moore Screening tenants properly is really important in this day and age. With an online application, you can require your applicants to go through a third party screening from a trusted source like TransUnion. They will pay the fee that comes with the criminal background check and credit report - you won't be charged a thing (usually it's only $30-45). Honestly, this is the best way to ensure you are getting responsible tenants - if they refuse to be a part of the tenant screening process that might be a red flag. 

@Courtney Rollins It is definitely exciting! When interviewing property managers, I think some of the best questions to ask would be situation based. For example, what would you do if cops were called on tenants? Or, how quickly would you be able to respond to a maintenance request? You will be able to tell their type of work ethic and if they are responsible and knowledgeable! Best of luck.

@Molly Plude Congrats on getting your first investment property! Different states have different requirements for what needs to be in your contract form so I would suggest looking at Law Depot which has per state leases/contracts: https://www.lawdepot.com/contracts/residential-lease/#.XMm1dJNKhTZ! Best of luck.

@Lakshay G. Hi! I'm wondering if you are just asking for pet coverage in insurance, or if you are already doing an extra pet security deposit? You could also do "pet rent" where every month they have an additional fee for having a pet. 

@Akono Hite I'm glad you finally posted! BP is such a great place for literally any type of question you have. You said you had been stuck in Montana, but are you looking to get out of Montana now? Obviously, that is a personal choice that is up to you. I will say college towns are some of the best places to invest in property because there will always be a need for tenants and the town will basically sell itself! A 4 bedroom would be ideal for college students who love living in houses! However, you could also sell your house and take the profits to invest somewhere else or move somewhere else if you need a change. It really is up to you! There are pros and cons for selling or to rent the property.

@Tom Keller This is an interesting question that is definitely going to be different for everyone! Having physical offices is definitely an advantage, but honestly it is probably personal preference and what works best for you as an individual. I liked Kris's idea of a nearby gym and also laundry units - those would be advantageous for sure.