We are exited that we have obtained our first investment property
today. (remember yours???)
With no delay we put signs up indicating “HOUSE FOR RENT”
And within one day, we have gotten tons of calls. We were happy and
scared at the same time, Now is time for Tenant selection.
Does anyone has experience on tenant screening? We have typed up a 4
pages questionaire for prescreening which will be given to the
interested renter during open house on Saturday.
They will take this questionaire home, fill it out, and return it
with a $40 application fee which will start the
credit/tenant/criminal checking process.
If you have any suggestions, feel free to reply.
It seems like most of them are single mothers and have Section 8
vouchers who called. Is there any important questions that I should
ask during the prescreening? What are your experience with section
8?
This is a large unit, so I will be getting 4 BDs qualified tenants.
Thank you very much and looking forward to see some informative
replies.
I was going to suggest using a reserve deposit receipt so that you could take a large deposit from several people to hold it until they move it. It may not work as well with section 8 as they will want to do such only if it passes section 8 inspection.
Beacuse of being a 4BR there will be more kids and thus harder on walls, carpets, faucets, toilets etc.
Unexpectedly visit their residence before you approve them to see how they live.
Learn how to be a landlord. They will have the housing authority helping them.
Thanks Bud… Yeah… not too thrill about renting the house to a family with 6 kids. Especially a single mother… I am looking to rent part of the house out to a couple with 1 kid.
And try to build another entry on the otherside of the house. I will have less rent. But its alot easier on the house.
I am planning on converting this unit to a duplex anyway. And it will take a while for the paper work to go thru. In the mean while. I will try to have contractor lineup so when it gets approved. I will have them work on the second floor.
The tenant will have the option to move into one of those unit when the conversion is completed.
Can you elaborate on the Reserve Deposit Receipt Method?
Screening tennants is a hard job. My grandmother has a 4 family house that me and my brothers now take care of, and the decision of selecting a tennant is the hardest part.
Honestly, we never did an “official” screening on them, or had them fill out a questionaire.
You would be amazed about the things you can find out about a person just by having simple converastion. This should help you determine what kind of person they really are.
I do not know much about section 8. As long as the government gives you enough money to cover the monthly expenses, you really do not have to worry too much if the tennant doesn’t pay the rent. They only concern that I have with section 8 people is the trashing of the apartment.
The good thing that I learned about the section 8 system is that you get to select the tennant you want.
How do you get an apartment listed as section 8? I am looking at getting my first investment property and would like to make it section 8.
No… I kind of doing this backward. I am getting a hand full of applicants. most of them are section 8. And I am planning to get my section 8 approval as soon as I know that I am going to put a section 8 tenant in my unit. Otherwise, its just a waste of time.
So far, I have found a very nice church going family, (husband and wife and 1 very well behaved kid, that I would love to make them our tenant. They are also interested in doing a lease option with this unit which I am gearing toward to.
Section 8 is the way to go, as it is guaranteed money. Downside is that you will find yourself re-renting it every year, as the majority of Sec 8 tenants dont stay past their initial lease term. I wont even do a credit check on my Sec 8 tenants, simply verify they are who they say they are, and get their last 3 addresses, along with the name and phone number of the landlords. Do not even bother to call their current landlord. Verify this info by looking up property tax records. Call the other 2 landlords and ask the following questions:
Did they have complaints from neighbors?
Did they have problems with the police?
Did you have problems with them?
Did they leave your house in good shape?
Would you rent to them again?
This is all you really need to know. Calling their current landlord is pointless, because if they are bad tenants, he will say whatever just so they can find another place. Also be sure to get the maximum allowable security deposit.