All Forum Posts by: Terri Smith

Bigger Pockets has leases and other docs by state under Tools > Services > Lease Agreement Packages.  You may want to double check your specific state regarding limits on fees you're allowed to charge as well as what can be refundable or non-refundable.

I don't have personal experience with this but everything I've read and heard says to be very wary of anyone willing to pay cash up front. 

It's difficult to know if the applicant is giving you correct information.  Sometimes I google the company to get their HR dept from there or the location that applicant says they work.  I have them submit paystubs and bank statements to verify the income.  People can edit paystubs but you should be able to trace the amounts on their application to the pay stub to the bank statement.  It may seem like a lot of work but worth it to stand a chance at getting a good tenant.

@Jennifer Donley Thanks for the information. It gives me some things to consider to find the right balance in my screening criteria.

I include the taxes and insurance as part of the mortgage payment then use a 30% reserve for mgmt fees, repairs & capex. I’m still a newbie with one property but this should be sufficient unless your appliances and systems are on their last leg and you expect to replace soon.

Check out RentRedi. I am just getting started but they seem to have the most features to grow with your business/portfolio.

It took a couple months of reading, listening to podcasts and watching YouTube videos before we felt comfortable taking the leap. We bought our first property in December and will be listing next week.

Thanks, Julie.

Hi Everyone,

I'm pretty new to Bigger Pockets and am working on my first property. I've listened to podcasts and YouTube videos on tenant screening but am interested to hear how you apply those to section 8 tenants.  I have a 3/1 in Baltimore. Rent would be $1,400/mo.

Are you charging a full month of rent for a security deposit?

Income requirements - 3x's the rent (including voucher as income)?

Credit score requirement - 600+

All feedback is appreciated.

Thanks!

It’s still showing a profit because after 30 years, the tenants would have paid off the mortgage plus the minimal Cashflow from rents less expenses and selling costs.