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I have resently just finished renovating my 2nd property and am looking to invest in a third. My past experiences with my renters have been problematic.  I would love to learn more about getting better renters as far as cleaner renters that take better care of properties, leave properties in better shape and pay in a more timly manner.

Timothy Riley · Answer

@Deb Allis

Not sure if this helps, but I invest in lower income neighborhoods which tend to have more problematic tenants. I meet with them a few times before renting to them waiting on any warning sign to show.

My first lease is always a 6Mos. lease. I let them know exactly why: "I might not like you, you might not like me..."

I only had to get rid of one tenant since I started that and the others are perfect (actually better than I ever expected).

Tim

David Dey · Answer

For me, if the properties are single unit properties i.e. Condo, townhouse, SFH, or MH, (basically anything not multi family) I only do rent to owns and owner finance.  By doing this, I get all the benefits of rentals without any of the pitfalls of management.

I start all my "rent to owns" with a 2 year straight rental before going into contract.  (Which adds an additional 20k average to my properties)

The promise of home ownership gives them a much higher pride of ownership along with incentive to pay the payments.

I will give you the specific process and forms I use if you are interested.

Hope this helps.

Deb Allis · Answer

Jacqueline, thanks again.  It will be a great start for me.

Deb Allis · Answer

Hi Clayton, Everyone has been so helpful with sharing their knowledge.  I have been taking notes and my skills are I believe increasing because of all of you.

The book sugestion is great and I will down load the reading material today to read.

Thanks everyone

Deb Allis · Answer

Thank you Gino,

I always go above and beyond for my renters as far as maintenance, help in moving in and out. Occasionally even waited for payment when a month is tough for them and they are good clients.

I am currently learning all I can on the subject of sceening, so as to so the job myself.

Gino Barbaro · Answer

@Deb Allis

Hi Deb

Real estate is a people business and you have to treat your tenants like customers.  Offer them quality customer service, i.e. maintenance requests, affordable clean housing but expect to get paid for the services you offer.  Do yourself a favor and screen tenants before you give them the keys to your apartment.  Seeking a management company that manages your type of asset (SFH, apartment complexes) can be a good strategy if you feel uncomfortable managing your own.  You can learn their systems and implement into your own business

Good Luck

Gino

Clayton P. · Answer

Interesting technique - I like that. My tenant base is 100% blue-collar type & I couldn't be happier working with this kind of tenant, although there will be unique situations.

Deb -

Take some time and read through this book. It helped me add a handful of great screening techniques and even person-to-person conversations to have w/ tenants, handling disputes & other difficulties. In this case, check your state laws before enacting all of his tips, but as long as they jive, this book will probably solve a lot of your issues.

Jacqueline Carrington · Answer

I would find a generic application online and then make a cover sheet/qualification guideline page. That way you can use the application for all your prospective residents who are interested in applying.

Some typical guidelines:

-Credit check (you can determine if you want a certain score or higher, ie. 650+)

-Background check (you can determine your criteria, ie. no felonies)

-Income verification (you can determine your threshold, ie. 3x gross monthly rent)

-Landlord reference

For each, you determine what your minimums will be. Then you'll have a standard paper application where everyone needs to meet the standard guidelines for your rental.

Deb Allis · Answer

Hello Jacquiline, Thank you for your interest.  I have currently depended on the realtor to supply the written questions as well as verbal.  I have no experience in the field.  I have hired multiple employees but not the same of course.  I am looking for anyone willing to share thier questionnaires and or other qualifying criteria so as to learn to handle the job myself or train a qualified person to do it for me.

Jacqueline Carrington · Answer

What are your qualification guidelines for applicants?

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