All Forum Posts by: Valerie Couch

Hi @Account Closed

Don't be nervous, you've got this!  First step, make sure the unit is in perfect condition - clean, shows well, updated, even consider staging if that is an option!  This is where you can justify rents on the high end of the market.  Check out Craig's List, Zillow, Trulia, speak with a local agent...that will get you an idea of market rents.  

As Missy said, SCREEN EVERY APPLICANT!  This is most important.  Charge to process applications, this should not come out of your pocket and will deter at least some of the applicants that may have background/credit issues...prospective tenants are well aware that this is standard practice.  We use an in house system through our property management software  but there are plenty out there that you can do online that will process credit, criminal and eviction checks...just do a Google search.  I believe they generally charge about $30.  We charge $40 for our first 1-2 applicants then add $20 for each additional.  Call their current landlords and verify dates, ask if they pay on time, any returned payments, any issues, etc.  We don't judge by credit score but make sure there are no accounts in collections or past due balances.  If there are 1 or 2 accounts in collections but tons of accounts that are paid timely we can often make an exception.  

Make sure they provide current pay stubs, generally look for at least 3 times the monthly rent in gross monthly income.  

Feel free to contact me offline as well if you have additional questions, happy to help!

Good luck!

Welcome @Chris Jonda

You have come to a great place.  Feel free to reach out with questions!

All the best,

Val

Welcome to BP, @Geoffrey Schaeffer and welcome to Ohio!

Sounds like you are in an exciting place right now, if you need any assistance feel free to reach out!

All the best,

Val

Welcome, @Brandon Barry

Feel free to reach out with any questions! 

All the best,
Val

Welcome to BP @Robert Lytle!  Have you identified a property yet?  What areas are you looking into?

Welcome to BP and Ohio!! 

Welcome, @Account Closed!

You have come to the perfect place to immerse yourself in all that is real estate investing! 

There are plenty of professionals with great knowledge here, I believe everyone has something unique to offer. 

Reach out as you have questions and would like to chat.

All the best,

Val

Turnover costs can be high, no question but I have to agree with @Jonathan G.'s comment.  They're on a month-to-month lease right now anyway so who's to say they have any loyalty to you?  Not knowing the exact market conditions it's hard to make a fully educated recommendation but assuming you can really gain that much more in rent, you can take the time to thoroughly screen a new tenant and can possibly lock in a longer term lease, sounds to me like it's time to move on.  

Never easy to feel like you're putting a family out on the streets but more likely than not, they will find another place to live.  It happens all the time...

All the best!

Welcome @Jared B.!  You've picked a great area in which to invest!  Who manages your property?  (only asking out of curiosity, not solicitation).

Welcome to BP @Shawn Smith!  Feel free to reach out with any questions or to get additional information. 

All the best,

Val