When to close the application process

[Jeff McNutt]

I just finished a rehab, it’s my first buy and hold soon to be BRRRR. I am starting to get a decent amount of interest. I am using the tenant screening process under tools on Bigger Pockets (Smartmove). The first two applicants gave me a decline recommendation the third was an accept. I have 5 move people scheduled to see the Home this week. My question is when do I stop? Should I call it quits when I find the first good applicant? Should I wait and go two weeks then pick the best available during that time frame? Also any suggestions on turning people down? How do you go about it? What do I have to be careful of. I know it’s easy for the ones who don’t meet the qualifications but what if 3 people all qualify and I pick one because they seem to be a better fit. Do I just say it’s been filled or do I need to advise them of the reason they were not selected. I would love to hear what other people do. Thanks for the help. This site and podcast are changing my life!!! Jeff

[Bob Derwin]

I stop showing the property after an applicant qualifies and i have received the security deposit.  My rental application has a disclaimer on it indicating the property remains on the market until such time.