I need recommendations on application/lease process. Thanks!

Rehabbing, Fix and Flip, Rental Properties
1

I’ve got my first rental ready to be filled. Ive got just under 38,000 in it and it will easily rent for 700 so I came pretty close to making the 50% rule. I’m pretty certain I could get 760 a month but am offering at 700 in the hopes of finding a higher quality tenant.

The home is a thirty minute drive from my residence. I’ve got about ten people to call back who are interested in renting from a newspaper ad I ran on Saturday.

I don’t know the best way to handle the potential renters. Should I tell them I am going to be there between say 5 and 7 and to come by and look at the home? Then if they want to apply, pay me the application fee and fill out the application? It seems it would be a little awkward if more than one family shows up at the same time but I don’t want to be sitting there all day waiting for people to come look at the home either.

Any tips on how you do this would be greatly appreciated.

Thanks in advance!!

2

Huett,

When you return those phone calls, pre screen the potential tenants by asking them a few simple questions about they’re rental history, criminal background, job status, etc. If they’re still interested, ask them to drive by the property and call you back. Out of the original ten people, i’ll bet 3-5 call you back. Set up appointments on the half hour (plenty of time to veiw the property and fill an application) and REQUIRE they call you a half an hour before their appointment. Out of the 3-5 that called you back, expect 2-3 to acually show up. Probably one will qualify if your lucky. That’s been my experience.

Best of luck!