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Updated almost 11 years ago,

User Stats

82
Posts
13
Votes
Derek Johnson
  • Investor
  • Waterloo, IA
13
Votes |
82
Posts

My first tenants?! Advice and guidance please!

Derek Johnson
  • Investor
  • Waterloo, IA
Posted
We're currently trying to rent out our first property. We are asking $900/mo + utilities, and have two interested roommates. They don't want to lease until May 1, but we are signing it Friday. I have a few questions. Do I ask for all the money now, since I won't be giving them keys until after walk through inspection checklist on May 1? It will be $1800 (900 rent, 750 deposit, 150 pet deposit). With having two roommates for tenants, can I require only one pays me and avoid a partial payment that way? We'd like to deal in either cashiers check (which they likely wouldn't want to) or bank deposits. We are all members of the same credit union so I think they could just give my name to deposit, but I'm also wondering if I could let the bank know not to accept it if it's less than $900? They had good credit (both 760+) and gross over $2,600/mo. My minimum requirement is set at $2,700/mo based on BP recommendations. One of them has no debt and the other has a car payment of 422/mo that he hasn't missed for 2+ years. I personally don't like that, as I think it's a waste if money. But if he's only paying $450 for housing and driving a new car I guess it's ok. No criminal charges. They paid the application fee to smart move within minutes of emailing and I called the supervisor for one and had a great recommendation. I tried the other and they don't divulge the info, gave me a 1-866 number to call which I did and set up an account but couldn't figure it out. I have a months pay stubs from each of them. Would you rent to them? I think it's a solid first set of tenants but I have never been a landlord and would appreciate any insights. They are friends, have been with their girlfriends awhile (2+ years, I facebook snooped) and seemed very well kept when we met, although they are young. Before this they both lived at home. Any feedback would be appreciated!

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