All Forum Posts by: Taylor Wilson

I know in Texas you are required to simply provide an itemized and written list of any deductions so I would double check any regulations in your state. 

(As a renter, I don't remember ever receiving receipts - just a statement.) 

Agree that you are going to learn the most if you manage it yourself! Even if you end up hiring a PM after the first year, you will better know how to manage them.

While communities like this are great, having an experienced agent or investor in your area who you can go to for advice has been key for me. I also wish I would have been better that first year about creating a separate bank account and tracking expenses etc.

Hi Matt! I worked with a property management company from afar for one of my properties and wish I would have asked for more clarity about their maintenance and turnover/inspection process. Especially because you are not going to be local and won't be able to routinely inspect the property in-person, it's good to understand how they handle inspections and maintenance requests. Do they schedule routine inspections to ensure the property is being taken care of, will they consult you before any maintenance work is done, do you have any control over the vendor they use, do you have final approval before work is done etc. In my case, I was simply surprised by an exorbitant maintenance fee on one of my monthly statements and that obviously wasn't a pleasant experience.

Thanks, @Richard F.! What you said about giving someone a chance to address their credit history, especially those types of events (medical debt, older foreclosures etc) is something that definitely resonates. Thinking about how I can update my application process to give them that opportunity to explain any potential issues upfront. 

Curious how much others weigh credit history when it comes to your screening process? I recently pulled my own report using SmartMove and there were several inconsistencies when it came to the number of credit lines and history. I realize I have a common name but now I'm wondering about the accuracy of these reports and whether it's necessary to include as a part of my process. I'm already verifying employment/income and checking references.

Congrats! I've typically used Zillow or Facebook groups but regardless of where you advertise, I would recommend using professional photos and taking the time to write a compelling property description. Highlighting the attractive or unique features of the property and being transparent about your screening criteria like Nathan mentioned can make a huge difference in the quality of applicants you receive.

Talking to references has been the most helpful for me to learn more about an applicant's history of paying rent on time, their treatment of the property etc. Whether you use a screening platform or are doing it yourself, you'll want to make sure you are compliant with fair housing standards and use the same criteria and a consistent process to screen every applicant. Best of luck!