First rental deal about to close, now what???

[Ashley Wolfe]

Hey BP friends,

In the next week, we are closing on our first little rental house.  Its a 2/1, 1024 sq ft.  Clearly it was a flip because we had to negotiate some really big repairs to make the deal work.  Anyhoo, all the cosmetics are taken care of.  All we need to do is some simple things (caulk around the fixtures in restroom, cleaning windows, capping gas lines into rooms, installing garbage disposal, etc) for it to truly be move-in ready and a good representation of our product we offer to our residents.

I've read books on how to market and fill properties but what I'm really most concerned about is the learning curve my husband and I have about the legalities of landlording.

I'm a Lifestyles Unlimited member so I have access to some documents that landlords use but I've got some questions about applicants and how to handle them legally.

We have our list of criteria below.  Can you weigh in on if this is realistic? (Rental comps have been done for the rent rate.)

Rent: $875/month with a $875 deposit

Monthly Income requirement: $2625

Non-refundable pet deposit: $250

Pet Rent: $15/per pet (may be negotiable based on applicant's situation), Max of 2 pets, No dogs over 50 lb and no aggressive breeds (I wince because I have a pit bull myself and was an incredible tenant)

Application Fee: $35 (will run background check with NTN or any other suggested site)

No prior evictions, criminal history, felonies

Stable work history

References from past landlords

References from bosses/supervisors

Credit score of 675 or higher

No more than 4 adults over 18 years old living in the home

All members of household 18 years of age or older must apply separately and pay the application fee separately

Only complete and true applications will be considered

What are we missing here?  What do you suggest?  I feel like this is really getting real and I'm a little scared.  :/

[Leland Barrow]

My wife and I stressed about how to find the right renters for our first rental. We wanted to make sure we were legal in everything we did. My brother in law who has been in the business for awhile thought it was funny "rent to who you want, you own it and they don't" was his advice. So, don't over think it. Can they pay? Do they have good references? Are they from all appearances responsible? Be picky and dismiss whoever you want for whatever reason that you want. Don't make an emotional decision and don't be bullied into commitments that you do not want to make.