All Forum Posts by: Timothy Desrosiers

Get professional pictures taken, advertise Zillow or Apartments.com, schedule showings, conduct good interviews without violating fair housing laws, run background checks, CCAP and sex offender registry, pull credit, decline everyone you don't want without breaking the law again, sign a lease, rules and regulations, smoke and carbonmonoxide detector notices, lead disclosure if applicable, pet agreement if needed, make sure you comply with local state and municipal law, set up a payment system and have a plan for maintenance calls. 

Took me 10 years and several hundred tenants to get good at it, so expect to make a few mistakes. I know I did. Reading a few books on the topic is a good start, also attending local landlord training. Or hire a good PM. Don't be cheap.

Go on Zillow and look around for rentals in your area to compare market rent. List yours on zillow for $100-$150 below market rent and it all rent out quickly. Thats what I do and this lets me choose from several applicants. If you ask close to market rent, then you won’t get many good applicants to choose from.

So, you just joined this group May 31 and are expecting everyone to spoonfeed you on how to find tenants?

How much are you willing to pay us for this info?

Of course, you want it all for free!

And you're obviously too lazy to do any searching here on BiggerPockets for the answers or just use Google!

Given all this, hire a PMC and get out of your own way.

It sounds like you are a very new landlord, and it sounds like you want to self-manage. In this case I would hire a property manager to find a suitable tenant. They will know the laws, marketing, and vetting processes. It should cost you around, one month's rent. They will have to deal with getting approval from the association which will be another challenge. Trying to do it on your own will be messy and not suggested.

Because you’re asking about how to find a good tenant. You would know that before you would know what market rent is or how to correctly (and legally)  screen the good tenants that apply. 

You’ll be lucky to break even if you have 1 month of vacancy, before finding a tenant that pays every month and nothing breaks. You’ll need “perfect” to break even, on your first attempt to find/screen/place/manage? It’s probably less than 50/r0. Might as well just sell and go to Vegas. If you had a 5+ year plan and an experience PM you’d pry be 80-90%. But you’re already asking why you should involve an expert. 

If the association is causing trouble that’s a bigger reason to sell than rent out. I’d sell now while it’s tax free. If you insist on renting it out. Hire the best PM you can find or you’re going to end up losing money. And make sure you list it for sale within in the next 2 years.

@Timothy Desrosiers,  this is an interesting post, especially the part about "stuff with the association has been turning lenders away".

There are over 100 posts of great, tested ways to procure a good tenant here in the forums.  However, I think many folks (me included) would like to know what is going on with your condo association to keep lenders away.

@Timothy Desrosiers,  this is an interesting post, especially the part about "stuff with the association has been turning lenders away".

There are over 100 posts of great, tested ways to procure a good tenant here in the forums.  However, I think many folks (me included) would like to know what is going on with your condo association to keep lenders away.