How to acquire tenants while owning a 4plex

Question

My wife and I wanted to purchase a multi-unit property next year with a FHA LOAN. We are in the Philadelphia area. How do we go about screening tenants to move into property.

Thomas Hayworth · Answer

There are lots of options available. I personally use Tellus to find and screen tenants. They help you list properties on a ton of websites and then give you the option to screen applicants for free. I'd recommend checking them out.

Anthony Wick · Answer

@Kenny Bey-brown

Get preapproved with a lender. Get a realtor. View properties. Make offers. Buy property. Get tenants. Be a landlord. But read BP articles and run the calculators over and over again in the meantime. There’s a Landlord section. Read the latest 5,000 articles and you’ll be good to go. Oh, and listen to the latest 400 podcasts too.

Leah Stuever · Answer

First you need to read and re-read your landlord tenant laws.

Then pick a company to deal with the background check. I like rentprep.com. A lot of people on here recommend spark. Figure out what works best for you.

Then advertise on zillow, craigs list, and facebook with pictures.

Kenny Bey-brown · Answer

@John Teachout ok. I deal with a credit union locally. They would be able to fund FHA LOAN?

If so, From there, once approved should I seek listings of multi unit homes from a local realtor?

John Teachout · Answer

realtors (MLS), craigslist, zillow and its cousins, network with other investors, etc.

Jeffrey Bower · Answer

I agree with Leah. The first thing you need to do is understand the landlord-tenant laws. You can pick a company to do the screening for you or use something an all-in-one real estate platform that includes background/tenant screening.

Leah Stuever · Answer

@Kenny Bey-brown

Don't list it until you close. Your can't show it or go under contract with it until it closes so it wouldn't help any. You can get everything set up to list it the day you close, if it is turn key. Get your Zillow account set up, get your account with the screening company set up. And write your listing text, have your rental price ready to go.

Jeffrey Bower · Answer

I absolutely agree with Anthony. Read as much as you can here! There is such a great collection of sources. I learn a lot here and from family who own properties. But I find I get a lot of perspectives, not on just how to pick and screen tenants but other day-to-day responsibilities.

Originally posted by @Thomas Hayworth:

Interesting. I have one rental property I co-manage with my mom in N. Ca, and she uses and likes Tellus as well. I've used it a couple times for the chat app to help out. I'm looking into investing in my own property by myself, looking at duplexes and such. So it's nice to see the operations of running rental property being made easier with technology.

John Teachout · Answer

Your bank.

Google "how to get an FHA loan" and 2 seconds later there's the answers.

Kenny Bey-brown · Answer

@Leah Stuever great information thanks.

I’m in PA, I wanted to know how do I go about actually getting the fha loan. Do I seek a local realtor or broker?

How to acquire tenants while owning a 4plex

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