All Forum Posts by: Jay Levy

 Denver - thank you for sharing your process, much appreciated.  Could you share any more dtails around whats in your tenant tracker ranking sheet? Interested to see how you weight things and what you look for. 

I’m looking for a feedback and advice around process and tools used by owners and managers around applicant submission, tracking, analyzing and selecting. More specifically any info you can share around tools you use to receive applications, background & credit checks, analyze the applications and rank and rate the applicants.  If you have built any templates that would be great to see also. 

Along with tools and internal Process you have for selecting applications and ensuring compliance with all laws would be helpful. 

Quote from @Richard F.:

Quote from @Jay Levy:

We have had some problems recently relying on tenant credit score, background checks and rent to income ratios as the main criteria for select tenants.

Aloha,

What score are you using? Above are the odds of delinquency within 24 months based on FICO scores.

In general, I am looking for Bad Habits, which usually can be seen across credit, financial, employment, and public records including traffic, family, or criminal; and, often, general character. If they have multiple issues, no reason to believe they will follow YOUR rules and terms. One or two truly minor missteps, or several years old and having redeemed themselves since with stable employment, savings, perhaps a life event such as a marriage; then they should get serious consideration.

 Richard, thank you for sharing the table and your views.  Regarding the table is that something you have developed based on previous data or is it something publicly available?  Also is that delinquent on rent or on credit card, etc.? 

 Gabriel - what flags are you looking for on Facebook?  Trying to figure out how to use that in our screenings. 

We have had some problems recently relying on tenant credit score, background checks and rent to income ratios as the main criteria for select tenants. 

I'm interested to hear if anyone has any thoughts on what other factors they use when evaluating tenants along. If anyone uses a tenant scoring system any insights into how that works would be great.  Ideas on the best tenant applicant portals would be great also.

Thank you

@Dave Foster Thank you, that is the sense I’m getting, our accountant is involved and we were just trying to find an attorney to paper it based on his recommendations without much luck.  Thinking it may make sense to just do it as normal sales with the consideration being the property and just take the tax hit on the depreciation.  

You will never be “ready” for your first deal, because if you wait until you are “ready” you will never do a deal.   Find a deal that looks good enough and you are comfortable you can afford and jump into the pool.  Your first deal probably wont be you best money make it likely will be your best learning experience.  

Definitely read rich dad poor dad.  

Has anyone had any experience swapping properties.  I’m trying to sell a property for another property, Entity A owns Property 1, Entity B owns Property 2, we want to swap our properties so that Entity A winds up with Property 2 and Entity B winds up with Property 1.  We want this to be handled as a 1031 exchange where the basis transfers from one property to another.  We are having problems finding an attorney in PA who has done this.  

Any advice would be helpful.

Depending on size myVR is very good - we have used several of the platforms and are most happy with MYvr

Jimmy - This is always a tough situation and there is no right answer.  We try to meet with our neighbors and explain to them how we manage and care about the community over profits.  We have tools and process to ensure that we are good neighbors and try to avoid renting out to parties and those that will cause issues.  It maybe worth a talk with the neighbors before your inspection contingency is up.