First deal, duplex, what forms do I need?

[Eddie Aviles]

I am a new investor and have been on the education track. Just found a potential duplex on The market. I will Be house hacking this multifamily. Currently talking to an agent and have my pre-approval. What kind of checklists should I go though especially since I have never done this? What forms do I need for renters, leases, ect. How do I conduct the screening? What other tips do you have for me?

[Josh Engelhart]

There are a lot of third party services that will do credit and background checks for you. I most recently used cozy.com. The credit and background check costs the tenant $40. I thought that sounded steep, but none of the applicants hesitated to pay including the one with a 450 credit score who was well aware of our minimum qualifications. It also allows them to you rent online for free as well. I do not use the service for that.

There are a lot of places that give you sample leases for free. I made mine from a combination of things I found online. I know bigger pockets recently started offering them or you can do a google search and just keep what you like.

I don't think you need a checklist, but I would recommend running the numbers through your worst case scenario simulation to make sure you feel comfortable with the deal.

I recommend doing your own research on what you think you can rent the property for. I use zillow, facebook, apartments.com, craigslist, etc. to get a feel for market rents.