Managing property

Where can we pull credit reports on people? - ANYWHERE.

How much does it cost? - $9-49 per person, depending on your service.

Where can we pull background checks on people? - ANYWHERE.

How much does it cost? - $9-49 per person, depending on your service.

What advice can someone with experience give us? Start with this:
1) Know what you're doing before you start doing it.
2) NEVER ask someone's marital status, race, religion, or creed.
3) NEVER ask a previous employer or landlord for extra details.
4) NEVER trust a previous reference who won't offer extra details.
5) Know the eviction timeline and process for your state.
6) Have an AWESOME RE attorney in your pocket, ready to evict at a moment's notice.

What are some pitfalls to avoid? Everything above, and everything below...

I use a co. called ATS their website is below to screen tenants beofre you rent a unit to them. They have an application they will give you to have applicants fill out and sign, then you can go online input data and you get their information now they have different kinds of repots from $13.00 - $43.00. They vary on the type of background you desire. If you see something you feel not comfortable with, you have a rejection leter available that is also produced that you can send them. Their web site is:

www.alwaysscreen.com .

For a new investor I would always suggest that they be the landlord for at least one year, the first year. Just for the education. When you step in the shoes of managers you understand what it takes for them to do their job.

I would recommend any new strategy you are learning, do it for at least one year, then turn it over, just so you can get the experience and can use that knowledge to become a better investor.

Hi Everyone thanks for sharing, great info, many thanks, Jim

www.mysmartmove.com

$25 background check per person
- National sex offender registry check
- Terrorist watch list check
- Criminal Background check

$5 credit report

can set it up for either the landlord or the tenant to log onto the website to pay. (I'd recommend the tenant pay up front). Requires an internet connection, credit card, and social security number.

Managing recommendations - stick to the lease and enforce it. If the rent is due on or before the first of the month, enforce it. Late penalties, enforce them. Etc.

Here's why:
I have 2 tenants in each half of a duplex. Rent is $700 per month. Both of the tenants work together. Rent is due on or before the first of the month. I've let them pay 1/2 in the beginning of the month, 1/2 later in the month. So $350 for each half. So here's what has happened. One tenant has lived there for about 2 years. Utilities are still in my name. Windows are open in the winter and the thermostat is at 75 degrees. Utility bill can be around $250 per month. Their payments have been less than stellar. Our last payment from her was $200 in May. She has never had a month where the rent was paid in full in addition to the utilities. Total amount owed to us $9,300.00 (roughly and yes there's a comma). Her friend in the other side's last payment was $300 cash in mid-April. Utilities are in her name. She's been there almost a year. Total amount owed due to back rent (because again, she hasn't been paying a full month's rent either) - $2,200 (yes, another comma). If we were to collect both amounts in full, we could pay off our credit card and avoid the $150 interest fee.

Yes, I am the common denominator in this issue and yes I am (at least) part of the problem for letting them make partial payments. I cannot cash the promises of "I'm going to make another payment on ", when no payment arrives. I'm going to have to Evict them both so I can get a money judgement against them. I will have to have 3 out of 4 empty units (other eviction due to inconsistent payments - not in full of course) because I've basically let the tenants dictate to me when and how much they want to pay me at a given time. I'm getting a property manager involved because they are willing to be the "Bad Guy" and enforce the terms of their leases.

So in closing:
1) Be friendly to the tenants but don't let them take advantage of your niceness. Enforce the terms of the lease.
2) That house is your employer. Don't let them steal from you or your employer.
3) Do Background checks. I did, and I didn't find anything wrong. Bad tenants may not have a record.
4) Eventually get a property manager - if they don't collect rent, they don't get paid. If they don't get paid, you don't get paid. Get paid - it helps making the mortgage payments. I don't know how many thousands of dollars we've taken out of our pockets to pay for the mortgages because the tenants aren't paying.

Thanx, this was helpful

Congratulations on becoming land lord. When it comes to screen the tanets, the best and safest way is to hire profession service for back ground verification.
_______________________________
homes for sale in st. augustine fl

Hey guys, it is your old buddy Roy. If your state allows it, collect a $25 application fee. This will serve a couple of purposes. First, it will offset costs that you may have. Second, it will often drive off people who won't pay. Try it. Good luck.

You can find all of this info online for free. Of course a solid landlording book you can get at your library should contain all of this info. Just check out the amazon reviews before taking the time to read... I just downloaded a GREAT book on amazon that has everything you need to find, screen, & lease your home. I'd recommend it here, but I think that's against the website rules! But check amazon reviews or your library!

Great advice and information on this topic! It will help many people in property management. Thanks!

Best of Luck to Micheala and Ben! Congratulations!

on becoming landlords. You have caught the bug, that's how it starts. One suggestion I have is to let the pro's deal with the headache of screening and tenant placement. Consider hiring a property manager. I know that you want to be in control of your first, I get that. But consider if your time could be better spent on something else, and outsource the rest. Best of luck, and congrats again!