First Rental turnover

[Oscar Macal]

Hi everyone,

I was just recently notified by my current tenant of my first BRRRR property that she will not be renewing her lease at the end of February as she is moving back to Chicago. She has been in my home for two years and honestly, I am very sad to lose her, as she has truly been an excellent tenant. Home has always been clean, never once been late on rent, only contacts me the few times she's had an issue, etc. But regardless, she is leaving at the end of February, which brings me to my questions.

The first time I rented the home out, I had my realtor do it. He did the showings, background checks, etc. and I looked over all the applicants and chose this one. I want to tackle all that myself this time and need all your help.

So therefore, what company/companies do you recommend for doing credit/background/eviction checks?

I plan to advertise the home via Zillow on their Rental Property Manager page as well as Craigslist. Any thoughts or other ideas on that?

Dumb question, but I plan to start advertising the property at the beginning of February with the hopes of being able to find a new tenant to move right in March 1 to have no "rentless" time in between renters. But worst case, if that doesn't happen, I'm assuming I need to move all the utilities into my name to keep lights on, even if it is only for a few days before I find a renter?

Lastly, I don't have a LLC or anything set up. Current tenant just paid to my name and I deposited into a separate account just for this home. I want to look a little more professional this time and advertise the property with "my" company name that will be my business name eventually. Is it ok to advertise as a company name, for example Macal Rental Homes, but still have checks written out to just my name, Oscar Macal, for rent and deposit into the bank account that is in my name?

Obviously I'm not asking all my questions, but I think I have researched the forums and gotten most of my answers, but these are a few that I am still unsure about. Any and all advise is welcome.

Thanks.

[Ryan Dossey]

Hey @Oscar Macal. First off love that you're doing BRRRR deals.

Rentlinx, Craigslist, Yard Sign, and Facebook Marketplace should get your some traffic. I would add a clause into your leases (if you don't have one) stating that you can advertise while they're occupied if they choose not to renew. 

Transunion offers a "smart move" product that has been pretty solid in my experience. I believe they may offer a discount for Pro members. But you'd need to look into that. 

You definitely want to make sure utilities stay on. You could ask the tenant to give you 2 weeks extra before she has them turned off and cover the cost. In my experience it's really not all that big of a hassle to just switch them in/out. 

I would definitely set up an LLC. However you are losing any protection legally that a LLC offers by having the checks drafted to you personally. Why not just open a bank account with your new brand? You're already running a second account so it's not like it would add that much work for you.

I hope that helps man!