FIRST INVESTMENT PROPERTY SCREENING PROCESS

[Antwaiyn Smalls]

Hello Everyone,

I am closing on my first investment property in a couple weeks and I have questions regarding the screening software and process to use to get started. I have a good grasp on what to look for when screening a possible tenant. But I do need to know a good software recommendation and any other information you all can provide. 

What are your requirements for up front cost (security deposit, ETC)? 

How do you list the property for rent?

Where can I find a good lease template?

I may be overthinking it a little bit but the more information I have the better.

[Greg Kasmer]

Antwaiyn - A couple of suggestions would be:

- Consider NTN (National Tenant Network) for screening tenants. I've used them several times and enjoyed their service.

- You should check with you state for a lease template. I believe Bigger Pockets or the Property Management Book by Brandon Turner from Bigger Pockets provides a lease template that is specific to each state. 

- Speak with other landlords in your area/state about requirements they utilize. Typically you want to have a certain amount of income (verified by pay stubs), approach to real estate rental history (i.e. no eviction), credit background check (some use FICO scores), as well as any criminal background/history (no to little background).

- In addition to the above, I ask for an explanation in my application. Everyone has mistakes/mishaps in their lives, so give someone an opportunity to explain. However, lying/not telling the truth on the application is a clear "red flag" to me. (i.e. If they say they've never been evicted, but then their screening check through NTN says otherwise, I automatically disqualify them). 

- As far as listing properties, I would suggest Zillow Rental Manager, but you might also consider other sources as well as posting a sign on the front yard - although I typically DO NOT do that because I'd rather get someone that is used to working electronically and I also don't want to draw unwanted attention to the house/property.

Hope this helps give you some ideas. Good Luck!