New Landlord (by Josh [NH]) Nov 22, 2020 4:37 PM|
New Landlord (by NE [PA]) Nov 22, 2020 4:43 PM
New Landlord (by Still Learning [NH]) Nov 22, 2020 5:03 PM
New Landlord (by ned [AL]) Nov 22, 2020 5:14 PM
New Landlord (by DJ [VA]) Nov 22, 2020 5:31 PM
New Landlord (by Ken [NY]) Nov 22, 2020 5:51 PM
New Landlord (by Richard [MI]) Nov 22, 2020 5:56 PM
New Landlord (by Richard [MI]) Nov 22, 2020 6:07 PM
New Landlord (by RB [MI]) Nov 22, 2020 6:30 PM
New Landlord (by Homer [TX]) Nov 22, 2020 6:49 PM
New Landlord (by Ray-N-Pa [PA]) Nov 22, 2020 6:56 PM
New Landlord (by Allym [NJ]) Nov 22, 2020 7:19 PM
New Landlord (by 6x6 [TN]) Nov 22, 2020 7:26 PM
New Landlord (by hubba hubba [CA]) Nov 22, 2020 7:38 PM
New Landlord (by Robert J [CA]) Nov 22, 2020 7:46 PM
New Landlord (by Sisco [MO]) Nov 22, 2020 7:51 PM
New Landlord (by MikeA [TX]) Nov 22, 2020 8:34 PM
New Landlord (by Robert,OntarioCanada [ON]) Nov 22, 2020 10:27 PM
New Landlord (by JB [OR]) Nov 22, 2020 11:55 PM
New Landlord (by Hoosier [IN]) Nov 23, 2020 2:32 AM
New Landlord (by Still Learning [NH]) Nov 23, 2020 7:36 AM
New Landlord (by S i d [MO]) Nov 23, 2020 7:46 AM
New Landlord (by nhsailmaker [NH]) Nov 23, 2020 7:59 AM
New Landlord (by BRAD 20,000 [IN]) Nov 23, 2020 10:51 AM
New Landlord (by Wilma [PA]) Nov 23, 2020 12:43 PM
New Landlord (by Josh [NH]) Nov 24, 2020 11:02 PM
New Landlord (by Libi [NY]) Dec 1, 2020 6:48 AM
New Landlord (by Barb [MO]) Dec 1, 2020 8:33 AM
New Landlord (by Nellie [ME]) Dec 1, 2020 9:19 AM
New Landlord (by mike [CA]) Dec 1, 2020 4:33 PM
New Landlord (by Felicia Henderson [NC]) Dec 1, 2020 5:20 PM
New Landlord (by Don H [MO]) Dec 1, 2020 5:33 PM
New Landlord (by Sue [IN]) Dec 1, 2020 5:47 PM
New Landlord (by Jan [FL]) Dec 1, 2020 6:26 PM
New Landlord (by D [IN]) Dec 1, 2020 8:04 PM
New Landlord (by Tish [CA]) Dec 1, 2020 8:17 PM
New Landlord (by Tish [CA]) Dec 1, 2020 8:26 PM
New Landlord (by Honey [LA]) Dec 17, 2020 8:38 PM
New Landlord (by Jim in O C [CA]) Dec 18, 2020 12:54 AM
New Landlord (by Nellie [ME]) Dec 18, 2020 9:29 AM
New Landlord (by Markster [SC]) Jan 12, 2021 12:56 PM
New Landlord (by plenty [MO]) Jan 12, 2021 3:55 PM
New Landlord (by Jkj [MA]) Jan 13, 2021 6:27 AM
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New Landlord (by Josh [NH]) Posted on: Nov 22, 2020 4:37 PM
I am just finishing up legalizing an in-law unit in the home I purchased about 6 months ago. It is a ranch style home and I will be living on the main floor and renting out the in-law apartment. This will be my first time being a landlord. I am looking for any any suggestions, tips or tricks for a new landlord. I am also curious if anyone has a month to month (TAW) lease agreement and rental application they suggest I purchase/use?
Any and all information and feedback is beyond appreciated! Tyia! --73.47.xxx.xx
New Landlord (by NE [PA]) Posted on: Nov 22, 2020 4:43 PM
Assume that all prospective tenants are lying and be happy when you can prove they aren't. 100 screened people to one signed lease used to be the norm. Now it's nothing to weed through 300-400. --70.44.xxx.xx
New Landlord (by Still Learning [NH]) Posted on: Nov 22, 2020 5:03 PM
Congratulations! What county are you located in? --73.17.xx.xxx
New Landlord (by ned [AL]) Posted on: Nov 22, 2020 5:14 PM
if you have any friends that are ll's...call 'em and ask for top five tips
I'd say mine are:
Advertise the unit until it is actually rented. Tip: it's not rented until you have signed lease, deposit, first months rent, and utilities in their name.
Expect to communicate with a ton of prospects, in order to show it to a few, in order to rent to one.
Ask about pets, felonies, past evictions, why they are moving, and for references. Then assume they are lying, and double check all.
Try to get market rent. Call around, look around, internet search to make a judgement on what market should be.
Followup after move-in to ensure rules are followed.
New Landlord (by DJ [VA]) Posted on: Nov 22, 2020 5:31 PM
Well, Josh - you've ended on the right website! Welcome.
There is an entire, fully-packed three-day training for that called Bootcamp (On this site). There is an online version, and in person (maybe) next summer. You'd be hard pressed to find a better teacher of this subject than Jeffrey (Mr. Landlord).
However, it sounds like you are only now looking to learn about landlord stuff - after wrapping up the renovation stuff. If you did it the other way around, you may have fixed up your place differently.
DO NOT RUSH to get a tenant in! Take your time and educate yourself first. Just like you can't advertise yourself as a dentist and start pulling teeth with no training, you can't be a property manager without training. Well, you could- but it would work out about as well as the dentist.
Start with NH laws. You can find a link in the upper, left area of this page. Print, save, read, and STUDY them until you really understand them. If there is some specific thing you don't understand, come back & ask. Someone here may be able to offer clarification.
Find a local lawyer who specializes in landlord/tenant law & Evictions in your jurisdiction. Begin a relationship & pay for an hour of Q&A with him/her to make sure you FULLY understand all the laws.
Pretty much every training resource on this site is trustworthy.
New Landlord (by Ken [NY]) Posted on: Nov 22, 2020 5:51 PM
Get as much rent as you can,do not advertise a low rent thinking it will get you a better tenant,it will have the opposite effect,every dirtbag in your town will be calling you. Aldos rule number 1 the landlord is in charge,the tenant is not --72.231.xxx.xxx
New Landlord (by Richard [MI]) Posted on: Nov 22, 2020 5:56 PM
Do not under any circumstances rent to family, in-laws or friends. No way.
There is plenty of info on this site. Explore it all.
Never accept any excuse for unpaid rent. (Let's see now ---how many excuses are there? Infinity sign.)
Don't rent to anyone who is not collectable.
Get rent through automatic payments where you take the money on rent day, not where tenant gives it to you.
Don't be lax on inspecting the place on regular intervals.
Don't rent to people who are broke.
Don't rent to people with high turnover jobs, fast food, retail clerks, gas station workers, hotel workers, waitstaff, etc. They are the first ones laid off. Nothing personal but if they get laid off, with the current covid stuff you likely won't be able to evict them if they don't pay.
Beware of renting to students during this covid stuff. If the school closes down, they will either leave or may not pay.
New Landlord (by Richard [MI]) Posted on: Nov 22, 2020 6:07 PM
Without fail, go to your local landlord/tenant eviction court and sit in. You'll hear every lie under the sun. You'll learn the names of some of the deadbeats so you'll never rent to them. You need to learn how the judge rules on cased and evidence. They are not all the same. You will learn the identity of the eviction specialist lawyers, which ones are good and which are not. Get to know the best lawyers. Get their card. Listen to what they say.
This will help you immensely.
Join your local landlords association. --75.7.xx.xx
New Landlord (by RB [MI]) Posted on: Nov 22, 2020 6:30 PM
Screen x3. Put in the (Time and Effort)
The most important step in the entire process. --199.192.xxx.xxx
New Landlord (by Homer [TX]) Posted on: Nov 22, 2020 6:49 PM
NE said it right. Assume all prospects are lying. Most of them actually are. I generally have at least 100 contacts on a house before I lease it. Most of those canít get past my simple pre screening to show. I currently have a vacancy and I am well over 200 contacts and 7-8 showings with about 5 rejected applications so far. Iíve never seen such a low quality of people. When they take a quick tour and just love it because itís so perfect. BEWARE! --66.169.xxx.xxx
New Landlord (by Ray-N-Pa [PA]) Posted on: Nov 22, 2020 6:56 PM
Six months ago was one of the happiest days in your life....you become a home owner.
Don't lesson to all of us as we are landlord junkies. Nope instead get hooked on something else less addictive like CRACK.
Truthfully, It is an honest and admirable side gig that can become a full time career if you play your cards right. You provide quality housing to customers who can stabilize a neighborhood. So it can be very rewarding or it can be a meat grinder.
If you find out this is not for you - please please please, don't kill yourself making it work. The day you sell the place that just doesn't fit into your life, will also result in one of the happiest days of your life.
Follow your passion and happiness will floow you --24.101.xxx.xx
New Landlord (by Allym [NJ]) Posted on: Nov 22, 2020 7:19 PM
Ranch style, main floor. Down south here in NJ a ranch home has one floor so are you renting out the attic or the basement? Since you live there you can be as picky as you want without violating anyone's rights. So you want a quiet person to not make your life miserable. That would be someone with a difficult job and there should be math in the job. So they are not likely to be partying with a bunch of people in the home, they are tired from working. --71.104.xx.xxx
New Landlord (by 6x6 [TN]) Posted on: Nov 22, 2020 7:26 PM
Welcome. As DJ said, you have landed on the right site.
Read your local and state laws.
Read all you can on this site.
You can find leases on this site. Brad20,000 has a good one that you can buy and change what you need to to follow your state laws.
You can get some free stuff on this site as well.
You can find forms and books as well.
I took the 21 day challenge on this site when I started. You can read about it on the home page.
As RB said screening is the most important and you need to do quarterly inspections of the rental.
Lots to learn. And now there are eviction moratoriums to figure out.
Learn about ESA animals as well.
New Landlord (by hubba hubba [CA]) Posted on: Nov 22, 2020 7:38 PM
Join the local landlord association.
Often they have sample contracts that are tailored to the local laws and conditions. Usually written by real estate lawyers that specialize in ll/tenant law.
Well worth the money. Saves time,effort and avoids mistakes. --157.131.xxx.xx
New Landlord (by Robert J [CA]) Posted on: Nov 22, 2020 7:46 PM
There are other names for an applicant, possible tenant!
AKA (Also Know as) liar. You can not believe what they tell you either by word of mouth or via email/document. You have to verify everything.
First an applicant has to fill out an "application" and provide you with supporting documents. When they put down their name, you will need to see and copy their State Drivers License (A picture ID). When they put down their Social Security Number, you want to see their Social Security Card. When they put down Salary, you will need to see their pay stubs AND a bank account showing their checks being deposited.
Anyone can purchase via the internet phony ID, Pay Stubs, etc. You will also have to run their Credit, eviction background, criminal background, etc.
An apartment I rented in January before the pandemic was listed for $1,000 a month, I needed 1st month's rent plus 2 months deposit, a total of $3,000 move-in cost -- all up front.
Half of the people that showed up couldn't scrap together that kind of money! Had I accepted an irresponsible applicant who spends and not saves, then with the C-19 crisis, they would be living in the rental paying NO RENT! And, my City/State forbids eviction for non-payment of rent!!!!!!!!!!!!!! During the Pandemic.
I rent an apartment to a couple with $50,000 in the bank. Another apartment to a single guy with $34,000 in the bank and a single women with $22,000 in the bank...Some people do have good credit, a good job and money for a those times when the economy gets hard!
GOOD LUCK! --47.155.xx.xxx
New Landlord (by Sisco [MO]) Posted on: Nov 22, 2020 7:51 PM
Welcome Josh! You have received many good tips already, I will add this:
Set up your system of how your business is going to run.
Do not be agreeable with a tenant to operate in any other manner than your system.
Example: If you shipped a package via UPS and suggested they drop part of their system and do what you suggest instead, would the UPS driver accommodate your request? Never. Neither should you.
New Landlord (by MikeA [TX]) Posted on: Nov 22, 2020 8:34 PM
So let's define screening a little more since it is one of the most important things (lease clauses are 2nd most important).
To screen, you need to start with written criteria that you are screening against. Here are some basics to consider.
3X monthly verifiable income to rent.
No felonies (some states do not allow).
Stable employment, at current job for 2 yrs minimum
No past eviction, no collections to past landlords
Credit score of XXX (I would suggest at least 600)
Pets limits if you accept (I will allow)
These are for your consideration, there are likely others but be careful you don't violate fair housing or state laws.
Then you need an application that they fill out to collect the info you need as well as other document like past pay stubs. Then you get credit report, check employment, call past landlord for reference, court records, etc. As others have said, you will likely run into a large pool of applicants that lie, even professional scammer tenants which are worse. You have to do your due diligence to weed them out or it will cost you severely.
Finally, the lease. While you can start with a generic one, you need to vet it against your state laws which vary greatly from state to state.
Finally, keep learning. I would suggest regularly following posts here, a few books, and depending if you intend to grow your rental business the Boot camp, conference, and other in-person training along the way. --64.130.xx.xxx
New Landlord (by Robert,OntarioCanada [ON]) Posted on: Nov 22, 2020 10:27 PM
Google to find a few different Landlord associations where may have to find one in another nearby state if some do not exist in your state. Learning from school hard knocks is a frustrating experience where learning to screen out problem tenants says time and frustration along rent arrears and completely trashed out rental units. View some videos on You Tube about the tenants from hell where never passing keys through the gates of hell where they find a place that does not run thorough credit checks on all adult applications. If want to save some money then can visit a few different Habitat for Humanity restores when can buy building supplies, power tools, paint, tiles for a lot less then the big box stores. Go into the website to find a few different restores. Often I shop at few different stores where on and off can buy what is required. When a interior door was destroyed kicked in was able to buy a used or seconds door for around 10 Cdn. dollars which is a considerable saving. --147.194.xxx.xx
New Landlord (by JB [OR]) Posted on: Nov 22, 2020 11:55 PM
Especially in this environment, get the largest security deposit your market will bare or is allowed by law in your state. --73.25.xx.xxx
New Landlord (by Hoosier [IN]) Posted on: Nov 23, 2020 2:32 AM
Iíd say find the actual landlord tenant laws for your state and read/understand them. Be careful what you say to prospects, as there are many laws.
For first payment on a lease, do not accept personal check...certified funds only.
May not apply in your case since they will live in your building, but donít give tenant your full name or phone number...you are Josh the property manager and use your Google voice number for them.
Good luck! --99.92.xxx.xxx
New Landlord (by Still Learning [NH]) Posted on: Nov 23, 2020 7:36 AM
Iím not sure if NHREIA has a sample lease. NHRPOA doesnít but we are meeting through zoom monthly and are local landlords mostly in Strafford County. Based on the age of your property you might need to give a lead disclosure. I would check Zillow, Craigslist and Zumper to look for comparable places to set your rent amount. Do not be afraid to set it to high. That will cut down on some unqualified prospects. If nobody responds, drop it after a week then lower it. Vacancy rates are very low in NH which is good for the LL. I would definitely have a minimum credit score and a few prescreening questions to ask before showing the unit. Credit score, pets, smoking, income (3X rent amount), explain LL lives on site and any expectations you have (party central vs quiet, etc). If they answer those then set up a time to show it. I use Mr. LL to run a full credit check (you have to have your office inspected for a few items like shredder, locks, etc). Read up on fair housing laws. With 1 unit and living on property, I believe you are exempt which gives you more leeway and possibly with ESAís as well but you need to figure that out. Come here often with questions. Good luck! --73.17.xx.xxx
New Landlord (by S i d [MO]) Posted on: Nov 23, 2020 7:46 AM
Much good advice given above.
It takes 5 minutes to let a tenant move in. During C-19 eviction moratoriums, it can take 5+ MONTHS to get them out. Take your time screening. Better to miss 5 good tenants than let one bad one in.
Forgive yourself when you make mistakes. My first tenant trashed the brand new carpet in my rental after stiffing me on 2 months of rent back in 2005.
Look yourself in the mirror and repeat Aldo's rule: "The Land lord is in charge. The tenant is not!" How many times? Until you believe it with every fiber of your soul.
Treat is like a business, even though this is only one unit. The habits you establish today will follow you into the future. If you get lazy/sloppy, your life will be hard. If you are puntual and professional, your life will be easier and you most likely will make money.
I want to emphasize that last point: you are becoming a land lord to make money. The phrase, "I am doing this to make money" is also like uttering a cuss word in church 50 years ago. Socialists will tell you that you need to "share" and "Be kind." What they really mean is they think you are too rich and don't deserve what you have worked hard to earn. Their former leader told us all, "You didn't build that." You must ignore them and concentrate on the goal of providing housing for a PROFIT. No profit = why are you doing this?
You are not a charity. People will try to tell you that you should be. Ignore the guilt trips they try to put you thru. If you wish to give to charity out of your PROFITS, then do so as an act of kindness.
Now here's a practical assignment: find your state's land lord tenant law and read them three times front to back. Read them every day for the next week until you know them without having to look them up. Refresh yourself each year by looking at any changes. IF you do not know the law, you may end up breaking the law. The judge won't care that you are just an amateur getting started. You must know the law and follow it. Lawyers are there to help bail you out when you screw up, but they cost a lot of money, and again...the name of the game is "profit."
Best wishes! --107.216.xxx.xxx
New Landlord (by nhsailmaker [NH]) Posted on: Nov 23, 2020 7:59 AM
IMMEDIATELY go to :
NH General Court
PROCEEDINGS IN SPECIAL CASES
ACTIONS AGAINST TENANTS
PRINT IT OUT AND PUT IN A BINDER
READ IT UNTIL MEMORIZED
THEN GO TO NH COURTS web site AND PRINT OUT and download a copy onto your computer desktop AND READ:
Demand for Rent
Affidavit of Damages and Statement of Claim
everything else you need to know .... come to this site and ask questions --73.61.xx.xx
New Landlord (by BRAD 20,000 [IN]) Posted on: Nov 23, 2020 10:51 AM
My advice: Only take advice from happy, wealthy landlords.
And go look inside their current home before you let them move into yours. THIS will save you THOUSAND$$$ and HEADACHESSSS.
New Landlord (by Wilma [PA]) Posted on: Nov 23, 2020 12:43 PM
Josh, read this forum obsessively, it will teach you SO much.
And NEVER rent to friends, family, friends of family, family of friends, or friends of friends. Because YOU will become the bad guy if they can't/won't pay, and you have to evict.
Heck, I lost a friendship (with "X") over declining to rent to X's female friend, who was at the time living with X. Her well-paying job was only a few weeks old, which didn't fit my criteria of time on a job. She was also in the midst of a messy divorce with no settlement yet. X was angry that I wouldn't make allowances for the applicant.
I was vindicated when that applicant's estranged husband shot himself in the head on a day when she was to drop the kids off for a visit - they walked into the house to find him. She and the kids were so distraught that she wound up losing her new job and living with "X" for many months. And, of course, it was all my fault (never mind that I'd have had to evict for inability to pay).
So - that bit of advice above is VERY important, and also add to that the advice that you never make allowances due to a touching sob story. Treat this rental like a business!
All the best as you start this adventure! --96.245.xx.xx
New Landlord (by Josh [NH]) Posted on: Nov 24, 2020 11:02 PM
Hello everyone, I have read every single one of these comments and litterally have taken a lot of notes. Thank you all so much! I will be referring to this forum very often as I am learning so much and you all have been so helpful. --73.47.xxx.xx
New Landlord (by Libi [NY]) Posted on: Dec 1, 2020 6:48 AM
Ask for a proof that tenant was paying the rent for the last 3-6-12 months.
Think twice. Maybe you are the manager, living on a site... --74.90.xx.xx
New Landlord (by Barb [MO]) Posted on: Dec 1, 2020 8:33 AM
Welcome! Are you supplying utilities? Assuming yes, if you add furnishings you may find that renting to traveling medical professionals is a better solution. Travel nurses rent places for about 3 months at a time, and then move on. They look for fully furnished with all utilities included, but pay extra for those amenities as well as the short lease.
You still need to do a credit and eviction check and verify their contracts, but they are already criminal background checked, and if you decide you donít care for them to be there, they are leaving soon. --67.43.xxx.xxx
New Landlord (by Nellie [ME]) Posted on: Dec 1, 2020 9:19 AM
Owner occupied presents its own set of problems and opportunities.
1) you have a bit more flexibility with accepting emotional support animals and other fair housing accommodations. But be VERY CAREFUL when exercising those.
2) learn about the fair housing rules and how to not get trapped by a tester or litigious tenant or prospect. Particularly if your rental is a first floor unit you WILL have testers calling and seeing the apartment. The testers are usually looking for discrimination based on race or other protected class or looking to see if you understand the rules regarding modifications for disability and access.
3) and finally, my favorite phrase as an owner occupied (who doesnít like to hear my tenants) ďif you like loud parties or loud television or music you wonít like it here.Ē I have used this line very effectively over the last 30 years. --70.16.xxx.xxx
New Landlord (by mike [CA]) Posted on: Dec 1, 2020 4:33 PM
let the fun begin. 1. NO ONE gets in without a full credit report. persons with crummy credit are crummy tenants 2. NO ONE gets in without a full deposit as large as the locality permits. if they cannot afford the rent and deposit, they cannot afford to rent your home. 3. NO ONE gets in without PROOF of timely rent payments for the entire "Year of the 'Rona". 4. all tenancies are month to month...it keeps YOU in control of YOUR property. 5. Join or follow a LOCAL landlording group for LOCAL practices and forms. thtas's an easy five...now go read EVERY piece of advice prior to mine and learn them, know them, live them.
one habit i have adopted is to have a hearty guffaw chambered and ready to deliver INSTANTLY when the tenant asks for something that is SPECIFICALLY proscribed in the rent agreement. Laugh out loud immediately and tell them "aren't you adorable" or "oh HELL no"! --75.80.xx.xx
New Landlord (by Felicia Henderson [NC]) Posted on: Dec 1, 2020 5:20 PM
How do you put the current tenant in a new lease?
How do you go through the process of increasing the rent? --108.236.xx.xx
New Landlord (by Don H [MO]) Posted on: Dec 1, 2020 5:33 PM
If you think you are home free with no tenant issues near the end of the first lease, you still have worries.
It may be advisable to run a new credit check each time before the lease is renewed. If they are getting in financial trouble or there are new judgments(alimony, child support, suits, etc.) against them... No LEASE RENEWAL. If you are secondary on collecting a judgement, good luck!
Be ready 2-3 months before lease renewal time. Tenants use your last few months rent to pay deposit and first month's rent on their new place.
One tenant of 4 years used rent owed to pay for a down payment on a house mortgage loan. Mortgage approved the loan even though I told the loan company the applicant had been evicted and was being taken to court. --75.132.xx.xxx
New Landlord (by Sue [IN]) Posted on: Dec 1, 2020 5:47 PM
I follow the Craig's List wanting a place to rent ads. Those all seem to be people you don't want and you see the same ads repeated regularly. I don't respond to anyone without their full name so I can do a judgment and sex/violent offender check. I also have a place to check to see if they've been incarcerated. Check out the interior of their car. If it's trashed so will be your house. I try to drive past the home where they live - a drive by can tell you a lot about how your house will look. Just had a person ask me if I'd work with them on the deposit because they'd spent their money on Christmas but had to move by Dec 15th. Not a good tenant candidate. --71.46.xxx.xxx
New Landlord (by Jan [FL]) Posted on: Dec 1, 2020 6:26 PM
There is LOTS of good advice here! I wish this was available back when I started landlording (life would have been easier).
Even after 35 yrs, tenants can STILL come up with a new excuse that would baffle me if I had to think about it. There are people out there I call "professional tenants" who know every routine in the book. Thank God for systems and set policies so that I don't have to rethink every "new" routine but come back to the basic transaction between us---> "Your rent is due".
I also agree with Sid from MO., don't be co-dependent. You're not here to solve their problems for them, you're in this to make a profit. It doesn't matter how much money you or they have or don't have, that isn't the issue here and don't let them make that the issue ("you have more than me, so why should I pay you"?). You have a contractual relationship with them that boils down to----->Your rent is due.
Maintenance--I always provide good conditions and take care of my building promptly, regardless of tenant's behavior or even if I'm evicting them. It's my building and my standards. I don't let their standards change mine. When I've had people that were out of sync with my standards, it was because I didn't screen them properly. I also learned to go visit where they currently live so that our standards coincide better.
Never chintz on what it costs to screen them upfront and always visit where they currently live. --98.77.xxx.xxx
New Landlord (by D [IN]) Posted on: Dec 1, 2020 8:04 PM
Lots of great comments here! A few other 'in home' considerations a friend of mine uses. She only considers renters for her home if they have a linkedin.com profile, which she verifies. She has strict rules for non-smokers and no pet owners, since the smell and noise can seep into her house. There also may be some different rules for in-home rentals vs. standalone rentals, perhaps by state. I believe in home may allow you more flexibility to screen tenants, because they'll be in her home. You may want to double check your state rules before proceeding. --69.118.xxx.xx
New Landlord (by Tish [CA]) Posted on: Dec 1, 2020 8:17 PM
I have only two rental units and I always run credit checks.
My advice is that you must run a credit check or any other background check permitted in your state and have the prospect pay cash for the credit / background check. Give them a receipt. If there are more than one adult applying, run a credit check for each adult and charge for each adult. Accept only cash. If you accept a check you will have to wait for the check to clear before you run the credit check. If you run the credit check before their check clears and the check bounces, good luck trying to collect. --170.228.x.xx
New Landlord (by Tish [CA]) Posted on: Dec 1, 2020 8:26 PM
You must get over being a nice guy and get comfortable with quickly saying "no". For example, no you do not qualify, no, you cannot make security deposit in payments, no you cannot have pets, no you cannot have your entire family living in a one bedroom apartment, no you cannot have your friends and relatives do their laundry in your unit, no you cannot run a business out of your apartment, no you cannot be late on your rent, no you cannot park a non working vehicle in assigned parking space and the list goes on and on. Saying no is part of being a landlord. Remember, you are in charge and not the tenants. Learn the rental laws, get a list and phone numbers of resources you can ask legal questions to. Join a apartment association. --170.228.x.xx
New Landlord (by Honey [LA]) Posted on: Dec 17, 2020 8:38 PM
I would say that you have a lot of excellent advice from everyone above. I would also suggest you investigate your local Real Estate association and inquire about attending Renting classes when possible, even if you have to pay extra if you're not an Agent yourself. It may be true, to some extent the Landlord is in charge, but try telling that to the judge. However, in some states, if you are renting out anything attached to your own home, you (usually) can call the shots.
I agree, you should never entertain CASH. Experience will tell you why soon enough. But! the only exception is the non-refundable fee for the Application Process.
And, lastly, I believe in Month to Month arrangements should work both ways, for the tenant and for the Landlord. --24.252.xxx.xxx
New Landlord (by Jim in O C [CA]) Posted on: Dec 18, 2020 12:54 AM
Iím Almost positive all the forms you would need are available on this website and you can run credit checks through this website.
Next piece of advice is proceed slowly, donít rush into any decisions without thinking it through since youíre new to this business. Anyone waving cash green in front of you should be a red flag because it usually turns out bad.
If In doubt ask a question on this website. --99.23.xxx.x
New Landlord (by Nellie [ME]) Posted on: Dec 18, 2020 9:29 AM
As an owner occupied I like a quiet tenant. My screening for this
ďIf you like loud parties and loud music/television you wonít like it here.Ē
This presumes you likewise are a quieter type person.
The best education is reading this Q&A religiously, every day.
You should also become familiar with the rules and regulations for service animals and emotional support animals. If you get it wrong the fines can be very steep.
Also, be aware of ďtestersĒ. These are people sent from the Fair Housing people to see if they can get you to say something discriminatory against a potential tenant. Weíve had testers for elderly relatives where we have long discussions about changes that might be needed to accommodate the wheelchair bound relative (twice. This unit seems to have testers about every other turnover.) we also had a family of color with two school-age children. It usually becomes evident after you are done showing the apartment and realize there was something ďoffĒ about the interview. As owner occupied you more flexibility, but I would be very hesitant to push the limits. --70.16.xxx.xxx
New Landlord (by Markster [SC]) Posted on: Jan 12, 2021 12:56 PM
Join your local landlord group (preferably in person. or online if needed). When you find a couple landlords that appear to know what they're doing. offer to buy one lunch. MMake friends and they will guide you through all the hurdles that new landlords find. --107.88.xxx.xx
New Landlord (by plenty [MO]) Posted on: Jan 12, 2021 3:55 PM
Welcome Josh, get yourself a code name and I look forward to reading your post. Join in daily and soon you'll be most confident in selecting a resident and in your RE investing. Welcome! I'm saving you a seat at the next Convention! --172.58.xx.xxx
New Landlord (by Jkj [MA]) Posted on: Jan 13, 2021 6:27 AM
I didnít read others replies so this may or may not have been mentioned, but absolutely, 100% screen your own prospects, and screen X3!!! No one will look out for your property as well as you. Agencies will put the 1st person they find into YOUR home so they can collect THEIR commission. Also itís better to have an empty unit for however long it takes to find a GOOD tenant, than have a bad tenant in there that destroys it and takes you months to evict!! --174.196.xxx.xxx
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