All Forum Posts by: Jose Quinones

1. Your form doesn't appear in the original post.

2. Don't invest in D-class properties.

3. Credit/criminal background shouldn't be optional. 

4. Facebook rarely provides quality applicants. Try casting a wide net by advertising on Zillow, zumper, apartments.com, or other websites.

@Jose Quinones I primarily use Facebook Marketplace but occasionally answer a post of someone looking for a unit that turns out to be a solid lead.

A ton of people who initially inquire about a unit on Facebook drop out of the process quite quickly.

For those who continue to interact with me beyond the inevitable “Is this available?” Post I send out the screening application.

I then lose a ton more.

Once I start getting applications returned to me I set up showings, both individually and usually 1-2 open house style options.

Once tenants have viewed the property I go in order of the first qualified tenant that says they want to proceed to the background check.

If they’re approved and pay the deposit I’m done. If not I run the next background check in order of who got to me first.

I often start out with 100 leads from Marketplace and then by the time I’m ready to do background checks I only have 3-5 left in the process.

It’s frustrating but for the most part I have gotten solid tenants that are staying multiple years.

 Are you a BiggerPockets pro member? If so I'd recommend looking at RentRedi, it's free for pro members and it has a free prescreening application, and also does credit and background checks through the platform that the applicants pay for. In my experience it helps keep pre-applicants organized and is an actual sight with a google-able name so it doesn't seem as scammy.

The background check and credit fee is $30 paid by the prospective tenant but I always tell people applying for my units ahead of time what my credit and background requirements are and that if they pass those qualifications (plus the reference checks) and sign + pay the deposit that I will reimburse them the application fee. But that's just me personally I don't think most landlords offer that reimbursement 

Hi Jose.

My properties are currently with PM's, but all of our properties are D class so I might be able to provide some insight.

With D class, a lot of people don't have credit or even bank accounts, and anything on-line that they can't easily do on their phone isn't going to work.  We still ran credit, to check for evictions and to see address history.  We would pay for the screening.  It is a minor expense to get more completed applications to choose from.

Is it just you?

My husband and I would divide and conquer.  He would chase leads, show the units, and try to get completed applications turned in.  Ours were not electronic, they would fill them out at the property if they were interested, or drop them by later.  Not everyone was and that is normal.  We tried to do the showings open house style, "I'll be there 10-noon today and 2-4pm tomorrow, stop by."

Once we got a completed application, it would go to me and I would process them in order as fast as I can.  Once we offer the unit to someone we let all other applicants know it is rented, even the ones that didn't qualify.

Using checklists and staying organized is key to staying on top of things and not having any discrimination issues.  Find a centralized place to keep track of information you know about interested parties and can make sure you are moving them forward through the process.

Good luck!

Most of the NAA-based leases that I have seen have specific language about how long a guest can stay.  Does yours?

The absolute best thing you can do is reinforce and enforce language that is in your lease.  That way it is not nagging or scolding. You are simply making them uphold their end of the contract.

100% what @Chris Mason said.

But I'm just curious: Why did you choose a NN lease and not a NNN lease?