I recently found out that 1 of my tenants will be moving out. What can I do to find renters? Any suggestions?

Question

I purchased the property 2 years ago with all 4 units already rented so I am new to the process of finding renters.

Answer 1

  how did you find these renters? do the same.

Answer 2

You need to advertise the rental - yard signs, Craigslist, the local paper, etc.

You need to set up a written criteria which the applicants' must meet in order to qualify for the rental.

EX: Income should be 3 x rent

A stable work history (1-2 years - you decide)

A rental history (1-2 years - you decfide)

At least 2 positive rental references.

No negative rental references.

No felony convictions, no evictions, no outstanding judgments or bankruptcies.

Here is a good criteria list: http://www.hometownpm.us/application.htm

You need an application that allows permission to run all checks needed.

Here is a decent application to use:

http://www.members.aol.com/rolotaz/appli...

All adult wanting to occupy the rental must fill out an application. All applicants that expect to reside together must qualify - if one tenant is denied, all are.

You need to screen the applicants using your criteria.

You need to pull credit reports, run criminal records checks & court filings, call references and employers to verify the info given.

If a tenant does not meet your criteria, you need to deny them the rental. If the application is incomplete or you find it contains lies or omissions, you need to deny the applicant.

If you deny based on the credit report, you must send a denial that complies with the FCRA.

You can pull credit reports here:

http://www.clearscreening.com

You should take a holding fee if an applicant want sthe apartment. Never all it a holding deposit. You will need a holding fee agreement that specifies that if the tenant(s) is approved for the rental and fails to move in, they forfiet the fee. Once the tenant has moved in and signed a lease, the holding fee will convert to a security deposit.

Make sure you have a lease that complies with your state's landlord tenant laws. You can have a lawyer check your lease out and make any changes for a fee. It is worth it.

You should not give the tenant keys to the property until the lease is signed and unless the security deposit and first month's rent are paid in full* and that all utilties (if applicable) are transferred into the tenant's name before handing over possession.

*Require either certified funds or wait until any personal checks clear (I personally cash them at the tenant's bank) and call each utility company to make sure the tenant has transferred utility service.

Answer 3

post on Craigslist.