How to write a lease and screen

[Courtney Oldrin]

Help! I am up here in mid Maine (properties in Old Town and Appleton) stuck in the fetal position- would someone help me up?

Specifically, how do I write a lease and how do I screen? Is there an online service that people like? I would be so grateful if a veteran landlord would help me with specifics and what tools you use.

I read a bunch of posts and and bought BP books and listened to a bunch of podcasts a while back but now I am paralyzed. I am overwhelmed so I am not doing anything.

I need a kick in the pants to take the first step.

BACKGROUND

We have three investment properties - so we are off to a great start investment wise. (we already had to fire our contractor so we checked that box as investors.) We have always been flippers never been a landlord.

OLD TOWN ME STUDENT OR FACULTY APT

We are renovating a cute two family house in Old Town Maine with the intention of renting to university of Maine students. We are going to have no problem - great street that is a mix of owners and renters.

SMALL APT IN RURAL MAINE (inland from Camden)

I also bought a cute small apt in Appleton Maine - the building use to be the Appleton General store. The upstairs is a tidy little apt and bottom is raw space.

COMMERCIAL PROPERTY in CT

Our real estate attorney is helping us write a lease for our commercial space. (Use to be my husbands landscaper yard and now he has retired :) )

Thank you so much!

[Curtis Mears]

@Courtney Oldrin

As far as a lease, you can pull any number off the internet and adjust as needed. I did this and simply made changes as needed.

As far as screening, this I spretty some if you set up process. Here is mine.

1. Place ad on zillow.and Craigslist

2. I never answer the phone as I do not want to talk to prospective tenants. No matter how they 1st contact me, I simply cut and paste my requirements.

"Thank you for contacting me regarding the (property address) property. We do have some minimum requirements for tenants. They are: verifiable income of $5,550 per month, good reference for previous housing history, pass credit check over

650, no outstanding past due obligations, no recent (10 years) bankruptcies, a clean criminal record, and no previous evictions. If you meet these requirements, then please contact me for an appointment. The home is available to view immediately."

This will weed out 80% of tenants who do not meet requirements.

3. Show property. Give apps if interested.

4. Once I receive an app, I process in the order I receive them.

5. Upon receipt of app, I spend 10 minutes verifying phone numbers.and addresses. Thus is to make sure tenant does not use friends number in place if manager or current residence. Simply do some investigation by typing in phone numbers or addresses and make sure they match what was given.

6. Next I send link to mysmartmove. Tenant pays the fee.

7. Review mysmartmive results. Just because they recommend leasing, never just use their recommendation. Actually look at the reports.

8. If mysmartmove checks out, niw I go through app and start calling jobs for income verification and previous landlords for housing info. Really I am trying to verify the data they gave me on app.

9. If all checks out on apps, I offer the property and require deposit within 24 hours.

Something to be wary of, if prospects are dragging feet getting stuff done, give warning and move on. They often will slowing process up while trying to get a different place set up and will leave you hanging waiting for answer. All your correspondences should.have time limits.