New BP member in Houston, TX :)

[Michelle Johnson]

Hello! My name is Michelle and I have just dipped my toe in the real estate game! 

My brother invests in the Dallas area and suggested to me back in November 2022 that I should look into purchasing a second single-family home and put my first home up for rent, repeating this for the next several years. He led me to the Bigger Pockets podcast (which I practically live and breath) and gave me a few books to complete some research of my own (Think and Grow Rich, The Richest Man in Babylon, and of course Rich Dad, Poor Dad).  Three months later (February 2023), I am closing on that single-family home.

I would have to say that my main fear with all of this is finding tenants (or maybe, finding the right tenants). It was suggested that I set limits [no criminal history, no evictions, 620+ credit score] but I am getting several people inquire that may have two of the three listed. (i.e. no evictions or criminal history but their credit score is 560 or they have no eviction and their credit score is 620 but they have a felony from 7 years ago). Obviously, the first person to come that has all of the requirements will be offered the opening but what do I do if that tenant does not come? Do I keep my property on the market until they do show up or work with someone lacking one of my 'requirements'?  

I'm excited for this journey ahead and am so thankful for the Bigger Pockets community. Any and all advice is welcome! :)

Thanks,
Michelle

[Steven Foster Wilson]

Quote from @Michelle Johnson:

Hello! My name is Michelle and I have just dipped my toe in the real estate game! 

My brother invests in the Dallas area and suggested to me back in November 2022 that I should look into purchasing a second single-family home and put my first home up for rent, repeating this for the next several years. He led me to the Bigger Pockets podcast (which I practically live and breath) and gave me a few books to complete some research of my own (Think and Grow Rich, The Richest Man in Babylon, and of course Rich Dad, Poor Dad).  Three months later (February 2023), I am closing on that single-family home.

I would have to say that my main fear with all of this is finding tenants (or maybe, finding the right tenants). It was suggested that I set limits [no criminal history, no evictions, 620+ credit score] but I am getting several people inquire that may have two of the three listed. (i.e. no evictions or criminal history but their credit score is 560 or they have no eviction and their credit score is 620 but they have a felony from 7 years ago). Obviously, the first person to come that has all of the requirements will be offered the opening but what do I do if that tenant does not come? Do I keep my property on the market until they do show up or work with someone lacking one of my 'requirements'?  

I'm excited for this journey ahead and am so thankful for the Bigger Pockets community. Any and all advice is welcome! :)

Thanks,
Michelle

 I have always regretted when I did not stick to my requirements. The only time I did bend on it and it did not go bad was when the tenant paid for the rent for a full term. He had bad credit but had the cash so he just paid upfront. I would look at your property and compare it to some of the ones that went faster. Does it need more updating to bring the tenants that you are looking for in?