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All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 7 times.

Post: Why am I getting low quality rental applicants?

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4

@Kimberly H. The Zillow app has the core basics: Personal info, rental history, employment history, credit history, references, "have you evers"(been late on rent, evicted, filed bankruptcy, etc) Do you smoke? Do you have pets? List type/breed. Why are you moving from your current address, and so on.

3 things that I ask that aren't in Zillow's app, that I include in the email message that I send along with the app is:

Desired move in date?

Any roommates or significant others? 

Is there any other verifiable income that you include, not already listed in your employment history.

I've noticed several apps that already include those 3 questions. I love Zillow's app for the convenience of being easy to send/fill out/send back, and it's a name everyone knows... But those are just 3 things they didn't happen to include, that I like to know, going in.

Especially desired move-in date... It's tedious enough screening tenants... It's awful to get past the initial stages, get through the showing, they're interested, you're feeling solid about them as tenants, you're getting ready to get everything together for the background/eviction/credit check... and right at the very end, they say "Yeah, I looove it!.... Are you able to hold it until (3 months away)??"

So, it's always good to just go ahead and get that out of the way early, lol.

Post: tomorrow is our first ever eviction court date. any suggestions?

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4
I went through my first eviction earlier this year. I'm right there with you, lol. I hired an attorney who was recommended by my real estate agent. He was great in walking me through the step by step. As far as the court date... believe it or not, it was in and out. Much faster than I ever expected. (Not to say that the whole thing wasn't still stressful though) Just keep your head up and stay the course. After you get the eviction, you typically then file a writ of restitution, for an officer to come remove the tenant, if they still won't leave. This takes roughly another 10 days (at least in my area).

Post: Cash flowing but very old multi-family (1900)

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4
I have a 1912 4-unit in a historic neighborhood in my city that I've had great luck with. One to consider with the historic spaces is, has the electric, plumbing, etc been updated at any point?

Post: How to find Small Multi-Units, OTHER than just using the MLS

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4

@Zach QuickSolid advise. I appreciate it.

Post: Why am I getting low quality rental applicants?

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4

I was skimming through and seeing a lot of solid advice above.

As someone who is still fairly fresh to rentals, going into my 2nd year and 2nd 4-unit, I'm happy to share something that has worked REALLY well for me, in weeding out a large amount of low-quality renters.

I started out by just posting a listing and doing showings and apps as the calls/emails came in... and like the trouble you're having... you can often get a lot of under-qualified applicants coming though.

Something I stumbled into, and others do some variation of this, it's not reinventing the wheel or anything... but for me, it's helped A LOT.

When I make the post/listing now, I will usually now add somewhere that the space is available on  "x date" for showing (and make that date 3-4 etc days out). As you start getting you inquiries, by phone, text, email etc, let them know, in case they missed, that the unit isn't ready for showing yet, it will be available "x date" for showing, and right now you are in the process of collecting applications. Get their e-mail address, so you can send one over.

Then email them an application. I use a basic app from Zillow... It's ready to go, and has the main important info. When I send the app via email, I generally have some basic message with it, usually mentioning the fact that you are gathering applications, the ready-to-show date again, that there is no fee due at this time, but after viewing, before moving forward, there would be a basic background/eviction/credit check, which runs $25. Then I usually end it with feel free to contact me with any questions about the space or the application etc...

Even though you're not charging that $25 right then, it tends to weed out A LOT of under-qualified applicants, just because you're making them aware that the background/eviction/credit check is a part of the process.

Now, I'll admit, not everyone will fill out and return the app... but the one's that do... give them the first viewings, if they meet your criteria... you know they're serious. If you don't get a tenant from the people that turned in apps, or sometimes I'll do this right away, but set their showings starting a day after those who did... I send out a mass email to everyone else that has contacted me, letting them that the space is ready to view, and to contact me, if they are still interested...

The cool thing is, for the most part, the one's who are under-qualified still won't jump in, because you've already mentioned that background/eviction/screening check... But, with the others, that maybe just didn't fill out an app because they were uncomfortable/afraid to put their social security number out there or whatever, you've just created a huge "sense of urgency", because they just saw in your email a list of 15 or however many people also included.

You generally get a 2nd wind of apps, and more people (even if they haven't sent an app) wanting to schedule to view it, who are now also worried about those other 15 people getting to it first...

I've had MUCH better success finding tenants, as I've been going about it this way. It helps to pre-screen the bad eggs as well as creating that sense of urgency among the good eggs.

Like I said, nothing I mentioned above is by any means reinventing the wheel... Just coming up with a process that works for you, and makes life easier, through some combination of everyone above's points.

Weeeellll... I didn't intend to write such a novel... But, it was my first response on a BP forum, and for whatever reason, I guess I was a little excited to jump in, lol!

Good luck!

Post: How to find Small Multi-Units, OTHER than just using the MLS

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4

@Zach Quick That's awesome! I've actually driven around and done the same thing, to the point of looking them up on the county page. At this point, I haven't gone as far a directly contacting any owners yet. But, I was definitely wondering if this was a common practice.

If you don't mind me asking, when you write the letters, are they fairly brief, just expressing a general interest? Or do you get a little detailed? Any mention of numbers at all, or more something short and basic, just to get an opportunity to open a discussion?

Post: How to find Small Multi-Units, OTHER than just using the MLS

Account ClosedPosted
  • Investor
  • Dayton, OH
  • Posts 7
  • Votes 4

Hi BP. First forum post!!

Found my way to BP through YouTube, during the process of purchasing my 2nd property. I believe the first vid was Brandon going over analyzing cashflow/returns on potential properties... that lead me to watching a few podcasts... eventually I found myself watching the podcasts pretty regularly, as I'm sure most of us here do. The variety of different personality types, investing styles, specific niches, is all so fascinating to hear. I love it. Growing up a musician, I somehow find almost a weird parallel to that world... almost like different musicians mastering their primary instruments... but also picking up new instruments along the way... and crossing-over genres, over the years... and so on.

But anyway, lol. To the question:

I'm still fairly fresh to the real estate investing word. I'm on my 2nd year and my 2nd 4-unit multi-family.

I got my first properties using traditional residential financing and found them through the MLS. But, as I'm looking for another (preferably multi-unit), what I'm running into, only using the MLS, is many sellers with severely outdated properties, low rents, etc... which I'm all for... Both of my first properties started out this way... But, everything now is all so overpriced... They're all basically priced at the ARV, or what they would be priced, if they were already updated and had the rents up to par... Like they want you to pay, not for "what it is" but for "what it could be"... buuut you put in all the work and funds to get it there, lol... The numbers and returns are always pretty rough, once you factor in the potential remodeling costs, to get the rents up.

Plus, in general, at least in my area, multi-units just aren't super abundant on the MLS to begin with.

So, my question is to some of the BP community that loves the small multis... What other creative methods are you all using to find your small multis, other than just the MLS??

Just networking, and bumping into the right people at the right time? Probably not mailers, right? Just jumping in and finding out the owners and contacting the owners up directly, when they're not actually on the market?

Or is it often just a matter of patience and persistence, and waiting for the right one to come along?