First Time Landlording

[Austin Carr]

I'm getting much closer to searching for my first property and believe I will be able to find a property in the Denver/Aurora area with 3rooms and 2-3 bath for under 200k.  I want to rent the other 2rooms (approx $600 each) out as quick as possible and legally.  I'm now trying to get a handle on what major factors i need to make sure to include.

1.  How much is typical for a security deposit? One month rent correct?

2.  I'll need an attorney but not sure what kind or where to look. Thoughts?

3. Tenant Application background check?  SmartMove seems like the best option agreed?

4. Tenant lease contracts?  Should I get one from a attorney or online ok usually? I'd like to start month-to-month but maybe 6-month or more would be better, thoughts?

This would be my very first property and I'm anxious to get the ball rolling but want to make sure I'm not going in super naive so any idea/thoughts are welcome! 

Thanks!

Austin C.

[Brian Garlington]

@Account Closed

I use SmartMove and it's worked really well. If you're worried about them using a fake ID, nonrefundable background check etc.....Let me ease your fears.    

1.  When you advertise the property for rent,,,,,put down in the advertisement that verification of ID will be checked on all potential renters that are being considered for the next step after viewing

2. There is a $35.00 Non refundable background check that the applicant needs to pay to smartmove.

Look at the ID of the person when they get to the property,.......and make sure it matches the person.....

A quick tip on showing......and setting rental prices.......Do a "soft advertisement on Craigslist with all the info.....but without the actual address.....just the name of the street.....see if you get lots of responses quickly.......if you do......that means you need to take the ad down for a couple days and then re advertise it at a higher price..............I advertise on CL and when the phone rings.....Do NOT ANSWER.............let people leave voicemail .....you want to see if when they leave a message they sound like someone that you may feel comfortable talking with on a daily basis......

And DO NOT DO OPEN HOUSES..............What you need to do is when the first person you talk to that you get a good vibe with expresses an interest in seeing the house......you tell them I'm showing it Saturday at 10am and Sunday at 3pm...........then be quiet.....they will pick a time.......and you repeat that process with everyone that calls and make sure it at or around the same time slot as everyone else.....Don't tell them other people will be there also......When they do show up and they see other people there also.....it creates more of a demand for the room :-)   Also...pick a time that is withinn 24 hours of talkin with the person....if you talk with them Monday afternoon....tell them you are showing it tonight at 7 and tommorow at 6.        DO NOT talk to someone on Tuesday and arrange a time for them to see it on Friday because they will flake out.

I did this quite a bit when I was looking for roomates at various times at another property that I still own. so feel free to ask me anything my friend.

Definitely go month to month with roomates.......and I'm also not sure what you think you need an attorney for?.....Just make sure you have a good solid rental agreement with everything in writing of what is and isn't allowed at your property....I don't smoke....or have pets and drink very very little so I had that in my ad as well as in the rental agreement about no smoking ANYTHING in or around the property....no friends that smoke coming over.....no pets,,,,,no waterbeds....etc......worked out great and I did that for 7 years,,,,,,,although it wasn't a requirement it was stated in the roomate rental agreement that rent is preferred to be in cash,