All Forum Posts by: Jennifer L.

I don't like Apartments.com for anything than collecting rent and the only reason why I am doing that with them is because I'm already set up with them through Cozy.  

For listings, their system is a disaster.  They send you these "leads" but you have to deal with them through email rather than through their site... at least, I couldn't figure out how to process leads through their site.  

I've had great luck with Zillow for rental listings. I haven't had to list on Craigslist for my last two listings and both units got rented in a week. My major criticism of Zillow is that they charge applicants once per 30 days for credit and background checks. It is better for tenants, but it leads to some junk applications. I wish there was a nominal additional $5 or $10 fee per application so that people didn't just apply because it was "free."

Hey there,

I don't charge for applications. I have had good luck recently listing on Zillow, which does charge for applications, but I think allows tenants to apply to multiple units for the same fee.  As a result, you willa get some applications.

When I use Zillow, I do not allow people to apply without reaching out to me first.  You can ask them a couple of questions like "when are you looking to move?" and or "minimum credit is 650 and income to rent ratio is 3" if you think this sounds like you, let me know and I'll forward you a link to apply. The reason I recommend this is that it is so easy to apply with a push of a button and you don't want to waste your time.

With 150 potential applicants, your price point may be a bit low.  My recent rental had about 40 people reaching out with about 10 applicants. Even that amount was labor intensive.

With COVID, I would limit viewings to people who have applied and are pre-screened to qualify. You don't need 150 showing up.  If you do 5-6 showings an hour, you can show it to 20-24 people, and should find a suitable tenant.

Good luck!

@Jacob Beg You dodged a bullet for sure, but the big problem here is that you don't have clearly defined standards for accepting an applicant.  If your unit needs repairs, get that done before showing the unit.  This is probably why you were left with only one applicant to vet.  Have a minimum credit score that you are willing to accept and stick to it. Have a minimum income to rent ratio and stick to it.  Require references that are non-family and stick to it. (I always contact the second to last landlord, as they wouldn't be potentially motivated to give a unwarranted favorable review to get rid of a problem tenant.)  I require to see the last two paystubs and the last two months of bank statements.  You want to see how the money is coming in and out of the account.  Do they have a cushion?  Or are they barely making ends meet? 

Finally, do an actual credit and background check. That way, you will know what kind of loans they have outstanding and whether they have been sued. If you can check local courthouse records, that is a bonus, as you can sometimes see things there that a background check might miss.

I think the biggest lesson learned here is to have your rental ready for the lease start date. Make sure it is clean. If you turn over a clean unit, you can expect a clean unit at the end of the lease. My last tenants hired a professional cleaner because they knew they got a clean unit and they wanted (and got) their entire deposit back. They even dusted every last slat of every blind on every window.

You should make sure that all of the lights have working bulbs and, even more importantly, all of the smoke/carbon monoxide detectors are working.

Also, it is a good idea to document the condition of the unit when you turn over the keys.  

I also agree that you need to be firm with your tenants. Fix what needs to be fixed in a timely manner, but no more discounts. 

@Joni Chin Thanks for sharing your experience about BlueVine. I think I need to physically go into Chase and see what I have to do to start accepting ACH/pushing ACH transactions. I see it as an option in the app, but it won't allow me to do it.  

I increase the security deposit with the increased rent. I include a statement in the lease that "Landlord acknowledges X amount of money previously received toward the total security deposit. Additional funds of X amount due upon lease signing."  Something like that.  I keep the amount the same as rent in the event my tenant doesn't pay last month rent, which has only happened once and not since I reworded my lease to specifically prohibit that.

@Nina Ning In the future, if you can check with your local utilities, do so before the tenant takes possession. When I onboard new tenants, I provide them with a letter which includes information on who to call to set up utilities and that it must be set up for the date of the start of the lease.

Ultimately, unpaid funds can come out of the security deposit, but you don't want to get into a situation where those funds are depleted in the event of damage at the end of the lease.  If you do talk to her in person, it is also important that you provide her with a demand in writing to pay what she owes according to the lease.

Since you are unconcerned about the credit, I think my only other advice is this: treat this like investing with a co-investor, not a boyfriend. Do everything the way you would with a business partner and make decisions based on good business practice, not emotion. Best of luck!

1) Inability to push payments electronically (had to write a check to refund security deposit);

2) Inability to accept ACH directly;

3) No interest being paid.

I like it because it is free and it is convenient because I have credit cards with them.

What is the reason that his credit score is lower? 

I'd be very cautious about tying my good credit score with someone's lower score. I'd want to know the reason why the score is lower. People tend to be who they are when it comes to credit. And if you (who cares about your credit) tie yourself to someone who doesn't care about their credit score, you can be setting yourself up for financial abuse or a credit score disaster.

If you decide to invest with your boyfriend, it would be a good idea to get a lawyer to go over the ownership expectations and division in the event you split up. You want everything to be clear and in writing.