Uncharted territory for me: New Investor in Raleigh NC

[Dana Williams]

Hello all, I must admit that this is very new to me so there are all kinds of things running through my head but now it's time to condense and put the pedal to the metal.

I have a fully refurbed house that I purchased in Wilson NC and looking to put it on the market for rent next month to possibly have a tenant by Jan. I've been looking at a lot of the posts here and they've been helpful with resolving a lot of things I've been thinking about. 

At the moment, the only thing that is stressing me is the amount of ways that things can be done in terms of managing my property but I'm looking for the best and safest way to do this. Things like "Where do I go to run background and credit checks in the most efficient manner..." and "Should I really use Cozy.co/Apartments to support my property...." has been running through my head. I'm a person who likes efficiency.

Just looking for some answers to help give me a stronger backbone in this time we're living in with things being tougher for some families. I would like to use this thread to bounce questions off of whoever would like to reply and all posts are appreciated and welcome. 

Thank you in advance.

[Joshua Howes]

Hi Dana! Congrats on getting started. I look at finding a new tenant the same way I look at hiring a new employee. In my success, I've learned to come to the table with a list of criteria. 

My most important piece of advice is to ensure the Candidates meet the criteria rather than making the criteria meet the Candidate. 

Also a note of importance, The Fair Housing Act requires landlords to give all walks of people an equal chance of obtaining housing. Just like with regular employment there are protected classes of people. Here is the HUD's breakdown of the FHA if you're interested https://www.hud.gov/program_of...  In short, the criteria below will ensure you're making an objective decision.

Here is a dirty and quick rundown of how I approach the criteria:

Minimum Credit Score: 660 (Might vary on your location where you set your standard)

Monthly income: No less than two and a half times the rental rate (3X is even better)

References: Professional, Personal and Previous Landlord. I call their previous landlord and basically ask if they were good tenants, if they were ever late, if they would rent to them again (that's a big one). I call the Professional reference to get a feel for their employment and their standing in the company. 

Background Check: I run this and the credit report through Cozy.co. 

Feel free to reach out to me personally if you have any questions and best of luck!