All Forum Posts by: Paul Ronto

@Jack Harris & @Melanie Carter sorry I didn't get back to you sooner I somehow didn't get the notification that you guys responded on this thread. I'll direct message you both. 

We don't have an eSign feature yet, but that is in DEV for the future and we agree with you about it's utility. 

@Mitch H. , online applications are the only way to go these days. They are easy for tenants to use, they can be filled out on their phone, no mailing or delivering paper applications to tenants and then trying to track them down. Plus some online options are integrated with screening services like credit, criminal and eviction reports, all of which the tenant pays for at the time of application so you as the landlord doesn't have to collect application fees and re-submit tenant information like we did in the past. 

Feel free to message me directly, I'd be happy to walk you through my process that I use to get my properties rented quickly and easily. 

@Adam M. and @Cody L. Sorry for the delayed response. At this time no, eLeasing is not an option due to the fact that there are 1000's of different leases depending on state and local regulations needed in a lease, but it is in the pipeline and something we are working hard at to create an integrated solution for. As for tenant pipeline, yes this is something that will be coming out soon with our new user interface that is due to go live shortly. Feel free to direct message me if you have more questions, always happy to help. 

Great question. Currently, there are just over 55K landlords using TT. Let us know if you have questions, happy to answer!

@Brittany Sanchez , no problem. Let us know if you have other questions, we're always willing the help our fellow landlords!

No problem @Alexis Scott, let us know if you have more questions, we're happy to help!

Can you manage it yourself? Save the 10% of a traditional PM and make this turn a little profit for you. There are great tools out there to help you simply do everything that a PM offers. That would be my first thought anyway. 

The key to finding good tenants is great marketing. The better you market your property the bigger pool of applicants you'll have to choose from. Be sure you are syndicating your listings to all the online listing channels, posting to Craig's, Facebook and other social channels. Also be sure to publish your acceptance criteria in your listing information to weed people that won't meet your requirements right off the bat, saving you time and money. 

Also be sure when you screen, that you are taking your time to pull real screening reports, including credit, criminal and eviction. Finding the right tenants is tough but when you get them, they make your life way easier as a landlord. 

If you are having trouble with the 3x issue, lower your criteria to 2.5 or 2x but post that and you need to stay consistent with all applicants. If you reject someone for not having 3x income, but accept another renter with only 2.5x you could be opening yourself us to a FHA lawsuit.

Also like other's have said, the 3x rule is generally gross income, and is the sum of people on the lease, so if there are two adults on the lease their sum income needs to be 3x the rent, they don't both need to make 3x the rent. 

Good luck, let us know if you have other questions, we're always happy to help!

Another issue with not sticking to your screening criteria is that if you reject one person and then are flexible on another for a similar issue like income, you could be opening yourself up to a FHA complaint and lawsuit.

If you are willing to take 2.5x then state that in your acceptance criteria in your listing, if it's 3x stick to it, just to be safe. We all have flexed from time to time because of other issues, but it's really a slippery slope. 

Also, I do 3x gross income - pretax, and I include all people on the lease, so if there are 3 people on a lease the sum of all three people's income needs to be 3x the rent, not 3x each person. They are all liable for 1/3 the rent, so they need 3x of that 1/3 of the total rent. 

Anyway, good luck, let us know if you have other concerns, always happy to help, and remember, always do your due diligence, pull real screening reports including credit, criminal and eviction and be sure to call references and collect income/bank statements. The more strict you are on screening the easier your life as a landlord will be!