I've decided to use KeyCheck for my MTR listing on FurnishedFinder, and I understand that KC offers criminal background check, credit report, and eviction history. I'm going to have an attorney review my lease agreement, but all the documentation that I have came with my BiggerPockets MANAGING RENTAL PROPERTIES book a few years ago, pre-pandemic...and it's a lot.
For those using KeyCheck for their MTR listings, did you also find that additional documentation was needed, besides the 3 key things that KC provides? For example, there's an Employment Verification Form, Forwarding Address Form for Deposit Refund, and so forth, that you can request your tenant to fill out.
I want to make sure I'm not missing anything (as well as protecting myself) but also don't want to over-burden the tenant. And it seems like I have to decide which KC plan to purchase before I can look at the documents that are available.
Does anyone have suggestions on additional documents that are a "must" for my situation?
Investor · Northern Kentucky | Northern Virginia · Member since 2022 · 45 posts · 39 votes
2y
Hi Shawn, I use KeyCheck's lease agreement (and lease addendum, as needed), and background screenings. I haven't felt the need to verify employment; I figure that if they have good credit with multiple lines in good standing--and no evictions--they've demonstrated their ability to pay on time. Once they're near the end of the lease, I request a forwarding address to return the deposit.
Hi Shawn, I use KeyCheck's lease agreement (and lease addendum, as needed), and background screenings. I haven't felt the need to verify employment; I figure that if they have good credit with multiple lines in good standing--and no evictions--they've demonstrated their ability to pay on time. Once they're near the end of the lease, I request a forwarding address to return the deposit.
I also used a similar process to @Wes D. I am very new, with my first tenant moving in yesterday. I used Keycheck for the lease agreement and background screenings. I also did an initial telephone screening/interview and check references. All of these checked out, so I felt comfortable. However, it is only day 1, so I will have to see how it goes and what other lessons I learn.
I did also put together house rules, and go over everything with the tenant upon arrival (I did talk about any "rules" during the final interview to make sure we were both clear on expectations), and provided a written copy. On arrival the house rules also included how things worked in the unit (TV, Laundry, etc.), where things are (cleaning supplies, trash, etc.) and points of interest in the area (such as local attractions and restaurants).
As I am new and definitely still learning, if I missed something please let me know.