Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Al Wright

Al Wright has started 8 posts and replied 40 times.

Post: Which order would you put these actions in (from first to last)

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4
Originally posted by @JD Martin:

Flip or B&H? Flip: Money, contractors, property. B&H: Money, property, contractors. 

B & H

Post: Which order would you put these actions in (from first to last)

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4
Originally posted by @David Dachtera:

I would reverse those, and add one more ...

Finding buyers / tenants

Finding contractors / tradespeople / attorneys / agents or brokers

Finding financing, preferably private lenders

Finding properties

My $0.02 ...

Question... Why would you find tenants first?

Post: Which order would you put these actions in (from first to last)

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4

Finding a property

Finding financing 

Finding contractors

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4
Originally posted by @Tyler Ansell:

All of these answers are very good. Noteworthy that you should make sure you have an open application period and that you choose the greatest and best applicant. Then you are free to deny because of a better qualified applicant with no recourse.

Very good idea Tyler ;)

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4
Originally posted by @Thomas S.:

Al.... make sure you have a thorough knowledge of how to properly screen and establish good solid screening criteria in advance. Otherwise you will have problems.

One other very important point is you must learn how to read people and ferret out the lies. Always keep in mind the purpose of screening is to find reasons to reject applicants, they all lie, so that when you can not find a reason to reject you have found your tenant.

Good point

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4
Originally posted by @Thomas S.:

I wait till I have a number of applications returned, I then do a initial phone interview or possibly in person with each applicant. From this I determine which on the surface appears to be the most suitable. I then request payment to cover credit checks on all persons on that application. If they pass I then do a intense in person interview to truly assess the individual. If they are accepted I inform all others I have filled the vacancy.

If they fail the credit/background screening I move on to the next most acceptable applicant.

I consider it a waste of time screening in order and prefer to have a group to choose the best possible candidate from as opposed to first come first served. First come first served does not guarantee the best it settles for first past the gate. I prefer to select the best. I believe the system I use is the reason why I have no issues with tenant turn over. For me it is a opportunity to find even better tenants.

I like this method A LOT! Sounds like the move for me going forward. Thanks Greg.

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4
Originally posted by @Matt Faix:

@Al Wright we screen everyone first come first served. If they meet the requirements, pass the phone screen, pass the background checks, and get approved - then we get their deposit and sign the lease. If not, we move on the the next person, which by that point we've already started to vet (phone screening and references), but not yet charged the application fee. Hope that helps. Best of luck!

This is how I use to screen tenants. It worked for me for the most part. Thanks Matt!

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4

Thanks Daniel

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4

Thanks for your reply... Great ideas.

I just didn't want any qualified applicants to say... "I paid $50, have a great credit/background and didn't get the unit... This some *expletive* and I want my money back" LOL 

Post: Screening multiple tenants for one empty unit

Al WrightPosted
  • Charleston, WV
  • Posts 41
  • Votes 4

This maybe a dumb question, but do you screen one tenant at a time (or multiple tenants at a time) for one available unit? What if multiple people pass the background and credit checks? Who gets the unit and what happens to the ones that don't?