All Forum Posts by: Derek B.

not sure of your plans, but if you think you can, do it without property management.  Especially if you have family in the area that can arrange contractors and such when needed.  You might spend 10% of rent revenue on PM. Multiply by 5 years and its a lot of $. Just my opinion. This is especially true if you don't expect a lot of turnover or ongoing issues or repairs

I would take a family with that eviction scenario over dogs anytime. Just my opinion. Listen to Brie's podcast if you haven't already. She will accept larger dogs believing that they have fewer rental options and will be there longer.  Many different opinions out there and no single right way.

I use a state standard lease, so most tenants are familiar with it and have no issue with its terms.  There really are no surprises in the lease.  The reason I don't sign the lease in advance is that if there is an executed lease in place but they never pay first months rent a month later, you still have to go through eviction proceedings.  Which to another point, it is different than a college rental...you will not be signing a lease months early because you are not holding the property that long for anyone.  Its different than in college when you looked for a place months in advance.

As to my qualifications:  minimum income (consider 3x rent), pet policy varies for me but if you allow them, charge a non refundable pet deposit and also limit the breeds. Many insurance companies do not like certain breeds.  No smokers, no evictions, no felonies.  Consider a minimum fico score if you are inclined. You can really set the guidelines how you want per property as long as they are administered equally to all applicants of that property and they dont violate federal fair housing laws or any state statutes.  I dont rent anything at the price point you are discussing so your qualifications may be different than others you see on here. Try searching the forums on the topic and you will see others take on qualifications.  

You must have been in Boone a long time after me if you actually remember when you signed the lease in relation to when you moved in. Haha

Similar to Jon, i have the applications available when they view the property.  I require app and app fee together.  I require security deposit within 48 hours of my notifying them that their application is approved.  I personally wait until their lease start date or the day before to sign the lease and exchange keys and first months rent.  

@Lisa Ryan  different people will give you different responses...no single right way.  I have a one page property info sheet.  It has some Basic info on the property, location, bed/bath, lease terms, pet policy, etc. then it has all of my qualifications: credit, income, deposit, criminal, background, application fee, etc.  I send it to everyone To ensure that I have given everyone the same qualifications. The last thing you need is for someone to be able to say that the qualifications you gave them are different than what you gave someone else.  That one page will eliminate a lot of people as they will see that you are serious about screening and will not waste their time to view it.  If they call me back after reviewing that page, I will show them the place.  

@Andrew J.  reach out to Mark Ferguson here on the forums.

I'll never get back the 10 minutes of my life I just spent reading this thread. It's been a while since I have been that confused.  To the OP, be gracious and accepting of advice - there are more people here willing to help than you can imagine.  I hope you find whatever it is you are looking for.

@Lisa Ryan

So this is probably a little late, since someone was coming over tonight, but if you can rent it for more, you should.  You should also consider eliminating the water credit.  Just let the tenant be responsible for all of their own utilities.

I went to App as well.  Welcome back.

@Jared Lowman

welcome to BP.  Glad you are here.

@Mike Sedlacek

 Welcome to BP.  What an awesome career in real estate.  Stick around and jump in on the forums...we could all learn from your experience.