Help a NEWBIE w/ his first rental!!

Rehabbing, Fix and Flip, Rental Properties
1

Hey Everyone,

I’m closing on my first deal this week and will need to rent out the house. The rent will be $1095/mo, justified by comps, and all I really need to figure out is a good tenant-screening procedure.

Q: What do you recommend to screen out a good tenant from the bad?
Credit checks? Background Checks? Verification of funds in the bank? Etc…

Also, can you share with me specifics on how to carry out the procedures? E.g. how exactly to run a credit check?

Thanks!!!

2

I do credit check, criminal check, employment verification, reference verification, and checks with previous landlords (get AT LEAST two!)…

I use www.tenantcredit.com for the credit/criminal checks.

Keith

3

Thanks Keith! That’s very helpful. Are there any specific criteria you use to separate the good from the bad?

Thanks again!

4

Yeah, I personally like the ones that pay their bills and it’s really cool if they pay them on time!

LOL…

Generally, I try to find folks that have a credit score above 600 and no current late payments. I also prefer that they’ve been at their job a while. When I talk with their boss, my favorite question is, “If you had a $XX,XXX rental property, would you rent to him/her?” This can be a very revealing question.

I personally try to tap the military market first – I love renting to the military folks!

Keith

5

Thanks again!

6

You’re welcome.

Keith