My first rental- my principal residence...

[Jared Lichtin]

I know I usually post about flipping, but I am moving to Houston this summer, and really want to rent out my house in Cleveland.  Within 24 hours of posting it on zillow & craigslist, i had 20 emails and 5 phone calls.  By sunday, a handful of people will have seen the house.  My piti is $1100 and I am right on the market at $1800 monthly rent.  However, there are about 5 different families who really like the place, want to rent it, but I find myself unprepared....

1.  what is the best way to go about printing out rental applications?

2. how do I do my due diligence to screen my tenants effectively?

3.  The market for a house to rent here is nonexistent (I bought a house in an incredible school district, thats why people are willing to pay this much).  So, can I bid people against eachother to get a higher rent?  Say, submit your highest amount?  I have never done this before, so I am very inexperienced, but with the $700+ per month cash flow, I do not want to sell it.  The house has brand new everything and runs perfectly, 4 b 2 bath.

Brief advice?  not too long, just looking for some help screening tenants and getting the highest rent possible.  How am I supposed to deal with 30 people at once trying to rent my house?  Good problem to have I guess... i just dont know how to handle it!

Thanks.

[Brie Schmidt]

As far as forms... it depends on your state and city.  Some states have pre-approved forms you can use and some have local ordinances that you would need to follow.  Try googling Cleveland and "rental application" or "residential lease"

For screening look over this free BP how to guide

http://www.biggerpockets.com/renewsblog/2013/01/27...