On the lookout ... Quality Tenants

[Rickey Wiley]

In need of advice, So this will be my 6th rental property - all multi-family. Majority have had long term tenants (who still live there now). This will be only the 1st time I've had to fill a unit and I know obtaining QUALITY tenants is a MUST. I'd like to know some strategies of not only finding/marketing good tenants, but screening them as well. Specifically advertising my property, only place I really know to go would be through social media. I will plan on making them fill out a rental application to get to know them and all that but what are some other ways to find quality tenants.

[Anthony Wick]

Wait. You already own 5 multi family properties and have never had to place a new tenant? I need to hear about that story first. But in the meantime, here's some info I've used/stolen from others on BP about screening tenants. Around here, Craigslist and Zillow and Facebook have generated enough interest to fill vacancies in a short time.

Q&A On Tenant Screening:

For Tenant, prior to scheduled showing:

• 1.What is your preferred move in date?
• 2.What is your monthly salary? We require 3 times monthly rent.
• 3.Have you ever been evicted?
• 4.Have you been convicted of a felony?
• 5.Who would live here?
• 6.We don’t allow pets, do you have any?
• 7.If you like the property, are you willing to fill out an application for a credit, criminal, and eviction history report? It is at a cost of $40.

For Tenant, if they are interested in signing a lease:

• 1.Fill out preliminary application.
• 2.Verify application for 3 times monthly rent income, pay stubs, no felony, no evictions, at least 1 year on job.
• 3.Query all adult names in state Courts Online system.
• 4.Query Facebook.
• 5.Query County Assessor page for properties in their name (foreclosure?)
• 6.Contact last two prior landlords.
• 7.If applicant passes preliminary screening, send online application ($40 fee). MySmartMove.com from BP.
• 8.Review screening for 600+ credit score, on time payments, income, eviction and criminal history. View what types of debt and how much.

For Prior Landlord(s):

• 1.How long were they tenants at address?
• 2.Did they always pay rent on time?
• 3.Is there a copy of the rent records to obtain?
• 4.Did they, or is it anticipated, that they will get their full damage deposit back?
• 5.Did tenant give notice to vacate, or are they breaking their lease?
• 6.Would you rent to them again?

For Employers:

• 1.Do they currently work for you?
• 2.What is their position?
• 3.How long have they worked for you?
• 4.What is their current salary?
• 5.Is continued employment likely?