All Forum Posts by: Darek J.

Thank you for all the referrals.  

@Chi Nguyen Wow, I didnt know that MySmartMove didn't give an actual credit score.  And after looking at their website, I can see now that its not implied either.  Is the rest of the report comprehensive?

@Austin Fruechting

That makes sense and was what I was thinking as well.  

@Stephen Haynes

Thank you for the advice. Ahh... I left out one important detail. The Unit is not vacant, I have a current tenant. Their lease is up for renewal, so naturally I am evaluating the market to see if an increase is in order, which the data says it is. How would you apply that advice to the situation of raising the rent on a current tenant?  

Hello all, 

I have a unit that will be up for lease renewal in the next month or so. In preparation for that, I have been keeping an eye on other properties in my general are. I have a duplex, the unit is a 3/2, so I've been keeping an eye on other apartments/SFH/multiunits within about 1 mile over the last 3-4 months. Each week I look at both craigslist and hotpads to put each rental ad's info onto a spreadsheet for easy analysis. I track things such as date, rent, deposit, sqare footage, number of bed/baths, address, etc. At this point I have 28 data points.

Based on price per square foot, after averaging the properties around me, my spread sheet is telling me I should raise rents by about $35 from $1200.  HOWEVER, when I run the property address through Rentometer.com, I get that my rent should increase by $150-200, to $1400.  Zillow.com lists a rent for that unit at $1295. 

So here's my question...Which do I go with?  How do you calculate your market rents?  My gut tells me go with the spreadsheet and historical data over the last 3-4 months.  $35 seems reasonable. I don't think it would be best practices to increase rents that much ($100-200) anyway.

Hello all,

 At the end of next month I will be visiting my father in the Aurora area. I am a real estate investor/owner here in California, focusing primarily on small multifamily properties. I would like to sit down with an agent that has local knowledge of the area. I understand the Denver area's market is hot at the moment, but I would like to consider getting into that market since I have family there. 

Thank you

These are good questions to verbally ask the prospective tenant. 

However, the list that I am trying to compile is a list of qualifying/disqualifying points that I will use to evaluate a prospective tenant's application and application process.  I want to have a documented criteria on hand (possibly notarized when completed) so that I can use this list to run through with each prospective tenant's application.  This way there is a documented criteria which would prevent the accusation of discrimination for denying a potential tenant's application for not meeting my criteria.

thank you for all the good advice

@Tom Parris 

I think I will use an online application for tenant screening from a site like Cozy.co and have the tenant pay the applicable background check fee.  Either that or I have a paper application and I can just collect the fee that would be needed for me to run the background check

Hello all, 

I spent the last hour or so typing up my screening criteria for anyone that will applying to be a prospective tenant for my rentals.  I have great inherited tenants now (knock on wood), but I would like to get my criteria set down, in case it is needed in the future if they decide to leave one day.  That way I have a documented criteria/procedure for selecting a new tenant in place to avoid any discrimination issues. The typical things that I see mentioned often are included, but would you add anything additional?  What am I missing?

1.  Primary tenant(s) must be 18 years or older

a.  Any tenant 18 years or older:

i.  Must fill out rental application

ii.  Must be included on the lease

2.  Tenant(s) must fill out rental application completely

a.  Full name, DOB, Drivers license number, and social security number

3.  Tenant(s) must agree to both criminal and credit check ($35 processing fee must be submitted at the time of application per applicant).

4.  Credit score FICO must be above 600

5.  No Violent Criminal or Felony convictions

a.  No pending criminal cases

6.  No previous evictions

7.  Previous rental references must be provided

a.  References must give positive review of prospective tenant(s)

b.  Reasonable explanation if no references are provided will be considered

8.  Must be currently employed

a.  Able to produce the 2 most recent payroll check stubs dated within the last 45 days.

b.  Total income (combined if multiple tenants) before taxes, must equal 3 times monthly rent

c.  Confirmation call to employer to verify employment

9.  No section 8 allowed

10.  No smoking allowed

11.  No Pets allowed

a.  Companion/Service animals allowed

12.  $XXX holding deposit must be submitted within 48 hours of approved tenant application to hold the unit, which will be applied to first month rent/security deposit

a.  Unit will not be held for more than 14 days unless otherwise agreed upon

13.  Full amount of first month’s rent and security deposit must be paid in full at lease signing

14.  Tenant(s) must bring a current DL/ID to be photocopied at the lease signing

15.  Tenant(s) must sign lease prior to move in