All Forum Posts by: Jason Williams

We told each applicant that we would send out the formal application tomorrow (Sunday). We put in criteria as follows (will look familiar): 

1) Gross monthly income must equal or greater than three times monthly rent

2) Applicants must have a favorable credit history
3) Applicants must be employed and be able to furnish acceptable proof
of the required income
4) Applicants must have good references concerning rental payment,
housekeeping, and property maintenance from all previous landlords

When I send out the application tomorrow to the prospective tenants along with the movinguide request, should I further define favorable credit history? That seems to be the only vague requirement

We listed our property and have starting screening tenants. This is our first rental (actually our home being put up for rent), and are a bit nervous to ensure we select the right individuals. We had a great response from a craigslist ad, showed it to 5 prospects today and have an additional showing or two for tomorrow. We did mention requirements of 3x rent for an income base, credit and background check, and follow-up with references. Three people expressed immediate interest. We also read the base tenant screening informational guide, but are finding meeting in person to be a little less clear as to what direction to go! Help with the following will be appreciated!!

1) Should we tell multiple tenants that verbally claimed to meet the criteria to apply at the same time? If so and they both qualify, do we refund the application fee (plan on using smart move and having the tenant pay for smart move check)? What are your best methods for picking between two or more qualifications? If they both meet the base criteria, how do we tell the other individual they did get accepted? Woah lot of questions there!

At a high level somebody with a solid job record and credit history with 5 animals (two dogs, two large fish tanks, one lizard) or someone who is very professional and thorough but has had a recent divorce and bankruptcy (would also bring a dog, and two college age working children),  but since bankruptcy appears to have a solid rental history (and mentioned prepaying early)...

Thank you!!!

I'm new to the forum and could use some advice!

Situation: I have a paid off personal residence - a 3/2/2 in the heart of the suburbs of Tampa. My wife and I are looking to relocate closer to our places of employment in Tampa, and rent for at least a few years (likey a much smaller apartment than our existing home). We may look to come back to the area after several years, but that is uncertain.

Dilemma: To rent or sell the existing home.

Financials: Estimated rent for my personal property would be $1,300 per month. After property insurance and taxes ($300), Repair/Maintenance/HOA ($225), and vacancy reserve ($130), it is only netting about $645 / month. There is no mortgage on the property.

I'd estimate netting about $145K to $150K if we sold.

 Questions:

1) Would your rent or sell?

2) What recommends do you have for renting for the first time?

I have read the Ultimate Beginner's Guide, renting overview, landlording overview, and tenant screening overview on this forum. I also downloaded the Rental Agreement.

Thank you!