confused (by 6x6 [TN]) Jan 9, 2019 12:41 PM|
confused (by Johnny B. [MA]) Jan 9, 2019 12:51 PM
confused (by 6x6 [TN]) Jan 9, 2019 1:01 PM
confused (by plenty [MO]) Jan 9, 2019 1:19 PM
confused (by opm [OR]) Jan 9, 2019 1:19 PM
confused (by Richard [MI]) Jan 9, 2019 1:27 PM
confused (by 6x6 [TN]) Jan 9, 2019 1:37 PM
confused (by Ken [NY]) Jan 9, 2019 1:46 PM
confused (by Busy [WI]) Jan 9, 2019 1:52 PM
confused (by Homer [TX]) Jan 9, 2019 2:31 PM
confused (by 6x6 [TN]) Jan 9, 2019 2:39 PM
confused (by Still Learning [NH]) Jan 9, 2019 2:47 PM
confused (by 6x6 [TN]) Jan 9, 2019 3:08 PM
confused (by Vee [OH]) Jan 9, 2019 5:08 PM
confused (by plenty [MO]) Jan 9, 2019 5:17 PM
confused (by AllyM [NJ]) Jan 9, 2019 6:35 PM
confused (by RentsDue [MA]) Jan 9, 2019 6:45 PM
confused (by BRAD 20,000 [IN]) Jan 9, 2019 6:52 PM
confused (by JB [OR]) Jan 9, 2019 8:17 PM
confused (by Busy [WI]) Jan 9, 2019 11:50 PM
confused (by Rich [PA]) Jan 10, 2019 5:35 AM
confused (by S i d [MO]) Jan 10, 2019 7:39 AM
confused (by Nicole [PA]) Jan 10, 2019 11:46 AM
confused (by 6x6 [TN]) Jan 10, 2019 1:13 PM
confused (by Still Learning [NH]) Jan 10, 2019 1:41 PM
confused (by 6x6 [TN]) Jan 10, 2019 1:48 PM
confused (by J [FL]) Jan 10, 2019 6:01 PM
confused (by 6x6 [TN]) Jan 11, 2019 7:08 AM
confused (by 6x6 [TN]) Jan 11, 2019 7:09 AM
confused (by rentON [PA]) Jan 11, 2019 7:15 AM
confused (by 6x6 [TN]) Jan 11, 2019 8:48 AM
confused (by Busy [WI]) Jan 11, 2019 9:18 AM
confused (by Busy [WI]) Jan 11, 2019 9:22 AM
confused (by 6x6 [TN]) Jan 11, 2019 9:58 AM
confused (by Ray-N-Pa [PA]) Jan 14, 2019 7:07 PM
confused (by 6x6 [TN]) Jan 15, 2019 3:39 PM
confused (by Cjoíh [CT]) Jan 15, 2019 4:21 PM
confused (by 6x6 [TN]) Jan 15, 2019 4:39 PM
confused (by 6x6 [TN]) Posted on: Jan 9, 2019 12:41 PM
I am getting a whole lot of applicants and I mean a lot more than I expected. They are mainly young people mostly students. I am glad I am getting applicants but I am getting confused on what to do. I just showed my house to two people from a group of three who would be renting. They love the house and want to meet with me on Friday when they get paid to do applications. Neither one of them alone have enough income but two or three of them together have plenty of income. They don't smoke,have kids,or pets,all of that to be verified of course. If everything else checks out,would you rent to them? I also have several people I am showing the house to on Saturday. I told these guys today that I was not holding any applications till after Saturday because I already had so many lined up for Saturday. I guess I just need help figuring out what to do? Thank you for any advice you can give. --73.120.xx.xxx
confused (by Johnny B. [MA]) Posted on: Jan 9, 2019 12:51 PM
Did you price it too low? --24.147.xx.xxx
confused (by 6x6 [TN]) Posted on: Jan 9, 2019 1:01 PM
I don't think so. I looked up homes for rent in the area and they ranged between 875-950,so I set mine at 900. I put the house on zillow and according to them I am about 200 less than I should be but I don't know how they came up with that figure. I do not believe that is correct. I looked up houses in the area again and I think I am still in middle range. The square footage of the house is about 973. --73.120.xx.xxx
confused (by plenty [MO]) Posted on: Jan 9, 2019 1:19 PM
Take your ads down. Listen to the feedback. Friday put it back up at $175 higher. You'll still be happy. Actually even happier as your current problem will disappear ! --99.203.xx.xxx
confused (by opm [OR]) Posted on: Jan 9, 2019 1:19 PM
you choose on whatever time line you like the best apps and run all those apps and choose from there --162.247.xx.xx
confused (by Richard [MI]) Posted on: Jan 9, 2019 1:27 PM
If they are mostly students why not just rent individual rooms by the week.There could be problems if a single person can't qualify and this looks like what you have here.
If you follow the rooming house posts here, they have a lot of info.
That way, if one person has a problem you can get them out quickly. --23.121.xx.xxx
confused (by 6x6 [TN]) Posted on: Jan 9, 2019 1:37 PM
Thank you all a lot for your response. Plenty,Can I take the add down while I am still showing and trying to rent? Were do I find the feedback? --73.120.xx.xxx
confused (by Ken [NY]) Posted on: Jan 9, 2019 1:46 PM
I agree with plenty,i think you are priced too low and getting lower quality applicants as a result.Pull the ads,tell everyone new ads go up Friday and it will be priced higher and if they still want to apply they can. --72.231.xxx.xxx
confused (by Busy [WI]) Posted on: Jan 9, 2019 1:52 PM
Iím not going to offer advice, as my rentals are no where near student housing, and that might be quite different. But, I want to offer you encouragement, itís a bit overwhelming during applicant screening. Remember, a lot of applicants have good stories, but will flake out.
Even if you make some mistakes, just chalk it up to the price of your landlord education, figure out what you can learn from it, and continue on.
Oh, one piece of advice I do offer, number your applications in the order you receive them. It helps keep the stories straight! I keep a theme-book notebook, open it to a new page for each prospect, write date and time of first communication, then make all my notes on those pages. Applicants donít need to see it, but, I do a fresh page for each group, so no one can see otherís info.
I make notes that pertain to my current screening criteria. I put a copy of my screening criteria at the start of each rental period. Helps keep me focused, helps sort things out. --172.58.xxx.xxx
confused (by Homer [TX]) Posted on: Jan 9, 2019 2:31 PM
Be careful of those that ď love ď your house and those that go on and on about how perfect it is for them. --75.141.xxx.xxx
confused (by 6x6 [TN]) Posted on: Jan 9, 2019 2:39 PM
One thing I should add is that I have not actually gotten any applications yet just a lot of inquiries that I have talked to and have shown to a few. I probably should have said prospects not applicants. I might be getting the run around. Busy,I have been trying to number and keep track as I go but then some get weeded out at pre screening. Thank all of you for your advice. --73.120.xx.xxx
confused (by Still Learning [NH]) Posted on: Jan 9, 2019 2:47 PM
For as many landlords that are on this site, we each have our own methods and criteria. First, you mentioned student. I choose not to rent to undergrads due to not wanting a frat house environment (not all students party and destroy things but it isnít for me). I am allowed to make that choice but couldnít say I wonít rent to families because that would be against fair housing laws. Figure out fair housing laws (federal, state and local) and then begin your list of written criteria. Your list will grow as you learn. Must have 1 year at current job, 3 times rent amount in income, fulfilled terms of previous lease, no evictions, on time to appointment, etc. Your written criteria will help you determine if you offer them the apartment. There will be people you are sure will take it that donít, so keep showing until you have a signed lease with a security deposit in hand. I require a full month rent as security deposit in the form of cash, money order, or certified bank check so it canít bounce. I bring a counterfeit pen and check the bills if it is cash. I have a receipt book and give them a receipt. First one to sign the lease with funds gets the apartment. Anyone that wants you to hold off a few days is either waiting on their first choice to come through or the donít have the funds, donít wait if someone else is qualified and ready. Some landlords screen 1 app at a time and others take a pile and screen them all choosing the most qualified. If you have that many responses you might be priced too low. Itís a fine line between being priced low or correct with options and being priced high with little to no interest. My market usually allows me to test the top and then drop by $50-100 if I need to. Every market is different and you will figure yours out in time. Good luck! --24.61.xxx.xx
confused (by 6x6 [TN]) Posted on: Jan 9, 2019 3:08 PM
Thank you Still Learning for the information. --73.120.xx.xxx
confused (by Vee [OH]) Posted on: Jan 9, 2019 5:08 PM
Students in my area all prepay 8-12 months, it so normal student stuff. Rewrite your ad completely. --76.188.xxx.x
confused (by plenty [MO]) Posted on: Jan 9, 2019 5:17 PM
Fyi. This is why my application fee is $10 per person over age of 18. Get their money and tie up their interest. Credit report cost come late. --99.203.xx.xxx
confused (by AllyM [NJ]) Posted on: Jan 9, 2019 6:35 PM
Make sure they all bring pay stubs that are not fake so you can check income or the source of the money. --73.248.xxx.xxx
confused (by RentsDue [MA]) Posted on: Jan 9, 2019 6:45 PM
Just a thought- because I know a little bit about student rentals. It might be different for the colleges in your area, but this is an odd time of year for students to be changing up their living arrangements. Usually any looking for a place this time of year have been formally booted from wherever they are living now. But it sounds like you are getting many students so there must be something else at play there. Like a lot of other LLs here, I prescreen . I usually get about 100 replies to every vacancy so prescreening is necessary. --71.10.xxx.xxx
confused (by BRAD 20,000 [IN]) Posted on: Jan 9, 2019 6:52 PM
Post a video walkthru on Youtube for free. They can see it there.
We do NOT talk to ANYONE until we have their completed application. As you are experiencing, unqualified people will suck up your time. You will lose HOURSSS talking to tire kickers.
And yes your price is too low. The flood of calls proves this.
No need to list the callers. Nothing happens until we have their application.
confused (by JB [OR]) Posted on: Jan 9, 2019 8:17 PM
I think I disagree with Brad's advice here. I believe this is 6x6's first and only rental. He needs the experience of talking to some applicants (not just doing this all via hands-off and automation).
If I were you, I would have your pre-screening effort in effect first. From there you choose to show (and meet a few prospects). Remember that many/most lie about things (especially in the class of neighborhood you are renting in). You can ask them to do complete applications before any showings but in your case I wouldn't. Again, you want to get some hands on and speak to a few prospects. Just don't believe everything they tell you yet.
Plenty mentioned application fees. Before you do that, make sure it is legal where you're at. It is NOT legal here. --24.20.xxx.xxx
confused (by Busy [WI]) Posted on: Jan 9, 2019 11:50 PM
I agree that listening to some of their stories first hand will help you spot trouble. Like the couple that I slipped in an empty time slot without prescreening. They LOVED the house. And then I got the prescreen done! Holy mackerel! I had read that advice on this forum, just as Homer said, but til I saw just how bad such a Ďnice coupleí could have their finances....
Once you get a feel for things, then I think Bradís prescreening/ application idea is good. Come to think of it, my best tenant would have LOVED that, Brad. Hmmm.... got me thinking. (Blast, I hate using technology. Might need getting more comfortable with it.)
confused (by Rich [PA]) Posted on: Jan 10, 2019 5:35 AM
Application fee is a must. (I'm guessing the vast majority of states allow them). I do $20 per applicant and prefer the fee paid by check, not cash. I started charging an application fee during my second year of landlording (many years ago) because there were a number of applicates during year one who submitted apps and were nowhere near qualified or just flat out lied on the application. Since there was nothing lost (no app fee), there was no deterrent for these folks to not complete the app. The $20 per person makes them think twice about submitting a bogus app before proceeding. I attach my list of criteria to each application so they know upfront if they will qualify. For prospects that I like during the initial walk-thru, I ask them to read over the qualifications and, if there is a criteria they do not meet, call or text me and we can discuss. Some criteria are non-negotiable (e.g., no pets, no smoking, prior evictions) and others I, at times, will be flexible (e.g., not quite 1 year in current job or rental history, not sufficient income but have savings).
I would agree that your price is too low, especially since you are getting a ton of responses during a time of the year when few applicants are typically out looking for a place to rent. --100.6.xxx.xxx
confused (by S i d [MO]) Posted on: Jan 10, 2019 7:39 AM
This is an interesting "problem" to have.
I agree the price is probably too low if you're getting flooded. The bargain hunters are going nuts. If you come back at $150 higher and get nothing, you'll know you went too high.
Pricing a rental is an art when you first start out as you really don't "know" your market, in spite of doing research. No worries, you'll get a feel for it eventually. Research is good, but experience will teach you a lot as well.
I follow the same practice as Brad generally, but we do a pre-screening form first, pre-qual/disqual via text/email (takes seconds) and then let them lock box tour.
The main issue with students is they are young and don't always understand how the world really works, so I highly recommend you get co-signers (their parents) who have solid garnisheable income, own real estate, and live in the same state. Everyone signs the lease: students and parents. If their parent's won't co-sign...there's your evidence you shouldn't rent to them. If parents won't take a risk on their kids, why should I? You want mom and dad to be breathing down their necks if rent is late or you get a 2 AM call from the cops about the house party.
Welcome to your new LLing gig!
confused (by Nicole [PA]) Posted on: Jan 10, 2019 11:46 AM
hold two open houses over the weekend... one Saturday late morning and one mid Sunday afternoon ... two hours each. --72.70.xxx.xxx
confused (by 6x6 [TN]) Posted on: Jan 10, 2019 1:13 PM
Thank you all for the responses. I have considered open houses. I should probably say that I had about 10 - 12 responses in the first day and 8 in the second day and things are slowing down. I think I just got anxious and probably exaggerated. My application fee might be too high at $35. I think here that students are getting ready to start class again. Does 3x rent mean per adult or as a group in the home? I apologize for my troubles with learning from books and paper work. I am used to hands on. --73.120.xx.xxx
confused (by Still Learning [NH]) Posted on: Jan 10, 2019 1:41 PM
No need to apologize! Your questions offer us all a chance to reflect on our own policies and be challenged to take the next step on our own Landlording continuum. I have seen app fees from free to $50 a person. I use 3x rent amount combined but that is because of my rent amounts and demographics. I may get 2 kids right out of college, a single person, young couple, or family with a stay at home mom. Not all would qualify individually. The downside is in a breakup or job change move they both will need to go or a roommate will need to be found. --24.61.xxx.xx
confused (by 6x6 [TN]) Posted on: Jan 10, 2019 1:48 PM
Thank you Still Learning for your support and information. --73.120.xx.xxx
confused (by J [FL]) Posted on: Jan 10, 2019 6:01 PM
One thing I can advise is don't get super excited about any one applicant before they have passed all screening. It usually leads to a lot of wasted energy.a lot of them will gush about how great the place is and then you never hear from them again...others will seem great and then when you do the background check, they're a mess...this happens a lot. --72.188.xxx.xxx
confused (by 6x6 [TN]) Posted on: Jan 11, 2019 7:08 AM
Thank you J for the advice. I have noticed people saying how nice it is and then not hearing back from them just like you said. I also have not gotten any applications at all yet?? --73.120.xx.xxx
confused (by 6x6 [TN]) Posted on: Jan 11, 2019 7:09 AM
Just several prospects. All bark no bite. --73.120.xx.xxx
confused (by rentON [PA]) Posted on: Jan 11, 2019 7:15 AM
Please remember that you are better off with an empty unit than with the WRONG Tenant. It takes patience, persistence, and sometimes a little bit of luck to find good Tenants. --67.165.xx.xx
confused (by 6x6 [TN]) Posted on: Jan 11, 2019 8:48 AM
Thank you rentON for your reply and advice. I actually need that reminder as I keep thinking about that it is costing me every day. I just got the utilities bill yesterday for heating an empty house. Keeping it on 55 but warming it for showings. --73.120.xx.xxx
confused (by Busy [WI]) Posted on: Jan 11, 2019 9:18 AM
6X6, thanks for sharing, and sticking with us.
About 30 interested parties ( one or more people, I am just counting the pages in my book, ) call/ text, not all will get to view the place. Only a half dozen or so will be offered application. And with those numbers, I usually only get one to return the application. But, by that time, in my process, Iíve already done 90% of the screening, so that one is enough.
Disclaimer, Iíve only rented to maybe a handful of parties so far, only been at this a few years.
My first ever rental, I made the serious mistake of renting to someone that I Ďhad a feelingí about. But, it was October, I was running out of money (didnít think about cash advances on credit cards at that time,) AND, my spouse was still TOTALLY against this rental property idea at the time.
I did place that tenant, but by February was having troubles. Had I been able to hold out a bit longer, to the time-frame we are just entering (tax refund season, or, as I like to call it, ĎLetís swap tenants season,í ) I would have had probably had that ONE better applicant.
On my second rental, all of the applicants were spectacular carp, except for that very first prospect, who responded within minutes of my placing that ad on Craigslist. Even though I posted it at midnight. And, she was out of country on business. Pinch me, she was so far above the rest of the applicants that I was worried she wasnít for real. But, she was the real deal. Great tenant for three years, moved to a warmer state.
I tell you these things to say, I am with you, everyone here is. You are doing great. Rent on is correct, better empty unit than Ďstupid houseí as I had. --70.92.xxx.xxx
confused (by Busy [WI]) Posted on: Jan 11, 2019 9:22 AM
Oops- in my second paragraph, that should say, In my experience, about 30 interested parties...
Just trying to show an example of my market, where a lot of Ďare you kidding me?í interested parties call/ text. Very few get close to being the ONE. --70.92.xxx.xxx
confused (by 6x6 [TN]) Posted on: Jan 11, 2019 9:58 AM
Thank you Busy for your examples and support. Also,thank you for the reminder of tax season as it would help get tenants. --73.120.xx.xxx
confused (by Ray-N-Pa [PA]) Posted on: Jan 14, 2019 7:07 PM
If you don't have a room mate agreement form yet, now is your time to create one. --72.23.xxx.xx
confused (by 6x6 [TN]) Posted on: Jan 15, 2019 3:39 PM
Thank you Ray-N-Pa. What would I need a room mate agreement form for? College students. I just have a SFH does that matter? --73.120.xx.xxx
confused (by Cjoíh [CT]) Posted on: Jan 15, 2019 4:21 PM
6 x. 6, donít let the confused state of affairs get to you.we all get confused now and then!............ Charlie............we used to rent to students.we worked in conjunction with the college,they were a great help. They were short of student housing so we were on their list of to go to........ Charlie.......,,,,,,, should never have sold that building. Big mistake!Real big.... --32.214.xxx.xx
confused (by 6x6 [TN]) Posted on: Jan 15, 2019 4:39 PM
Thanks Cjo'h. Why did you sell? --73.120.xx.xxx