All Forum Posts by: Jenifer Kynor

Hi Drew, 

I would even consider charging a non-refundable fee in addition to a potentially refundable deposit. Example $250 fee, $250 deposit and $25/month per pet. 

This would ensure you're covered if damages exceed $250. 

Good luck! 

Hi Ashley, 

Welcome to BP! The company I am a part of, TurboTenant, is local here in Fort Collins. We look forward to hearing more about your investing journey!

Best,

Jenifer

Hi Maria, 

In addition to the background check and credit check, I would also always run an eviction report! I also always recommend the tenant pay for the screening to ensure you have only have applicants that are serious about renting your property. 

If you need any suggestions for services to use, please reach out directly!

Hi Tarcizio,

Great questions! 

For most of what you're looking for (rental marketing, screening-credit, background, eviction and pricing your property accurately) you can find in free landlord software out there. Luckily, a lot of the process has become very automated, saving you both time and money. 

I would also set specific guidelines before you start searching for tenants. Included in this should be a minimum credit score, income, evictions, and criminal record. You do not need to consult a lawyer, just make sure you are strict on your qualifications and always consistent! 

If you need software recommendations, feel free to reach out directly! 

Jenifer

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Hi Milan,

I always recommend furnishing student housing. Be sure to also include a washer/dryer. Student housing I previously worked for also included TV's in the living rooms (a little bit of a stretch but students are always willing to pay the premium). For the bedrooms, find a cheap set for a bed, desk, 1 nightstand and dresser. Living room can just have the couches and maybe a cheap coffee table. 

I would just buy cheap, but durable furniture. We didn't replace furniture as often as you would think. 

Hope this helps! 

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Hi Michael, 

It's very important to do a comprehensive screening on all of your applicants above the age of 18. I always recommend running a full background check, credit check, and eviction report. Normally, it's free to you as the landlord, but not to the applicant. I think it's better to charge a tenant to test their seriousness about renting your property. If it's free to them, you'll see the same tenant applying to properties all around your area. 

In addition to a full tenant screening, you can request pay stubs, w2, etc. in the application they submit. Finally, in their application, ask for landlord references and their employer's phone number to verify that they work there.

If you need a tenant screening service recommendation, please feel free to reach out directly! 

Hi Jon,

Welcome to Northern Colorado. The company I work for, TurboTenant, is based in Fort Collins! It's always nice to see familiar faces on BP. 

Good luck to you! 

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Being able to require renters insurance is one of of these tools. Without renters insurance you’re putting yourself, your rental, and your savings at risk. Requiring renters insurance protects you from expensive renter accidents, injuries on your rental property, and costly lawsuits that can easily pop up in the landlord business.

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