how to be a successful landlord (i.e. right way to choose tenant and avoid problems)

[Anonymous]

Anonymous wrote:DINKs with in-person jobs are best. Never home and two sets of paychecks.

This was us when renting, perfect credit scores, 500k income renting in the 5K range. BUT, we had a dog which made finding a good place more difficult.

Two things a former landlord did we found extremely irritating as renters were 1) not bringing in repair people for any household issue. The husband, who lived over an hour away, would want to fix any issue himself, on his own schedule. This would mean we would sometimes have to wait days until he could find some free time on the weekend. He was terrible at every fix he wanted to make so the issue was either not solved or only fixed for a brief period. We'd end up just getting repairman in ourselves which was not reimbursed. 2) Not cashing checks in a reasonable time period and not tracking rent payment. Landlord would not cash checks for months and months then would cash like 45k all at once, often causing issues with our bank. Would also lose checks or let them expire and we would have to comb through bank accounts to see what had and had not been cashed before canceling and re-issuing payment. We worked out our own system, but it was messy for awhile.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Meet the people before you decide to rent to them and absolutely check references with a phone call.

Not many people answer or give information over the phone anymore.

This hasn’t been my experience.

[Anonymous]

Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

[Anonymous]

Anonymous wrote:Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

What is wrong with layers or military?
My lawyer tenants have been great with good income and credit scores.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

What is wrong with layers or military?
My lawyer tenants have been great with good income and credit scores.

Shady landlords don't want lawyers because they will win in court and know their rights as renters.

I have rented to lawyers in the past and never had issues.

[Anonymous]

AC, dishwasher, washer and dryer are provided for the convenience of tenant and not warranted. If they break the tenants need to know this isn’t going to be an immediate fix and isn’t grounds for withholding rent.

Plumbing and drains = property is provided with functioning unobstructed waste lines. The tenant is responsible to notify landlord of problems and may be responsible for fees associated with backups.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

What is wrong with layers or military?
My lawyer tenants have been great with good income and credit scores.

Shady landlords don't want lawyers because they will win in court and know their rights as renters.

I have rented to lawyers in the past and never had issues.

This varies by person obviously, but lawyers are a PITA to deal with, both professionally and personally. They think they are clever and love to play word games, which is just annoying. They also think that life is dictated by rules and contracts. There is a time and a place for these things, but that isn't how normal people run their lives. You want a 72 hour notice before entering the property. That's fine, A-hole, but don't expect me to do you any favors. Trust me, it's not in your best interest.

And military personnel can break lease, so not interested.

[Anonymous]

Sometimes you could get really bad tenants via section 8 or voucher program and they get very demanding like they are living in a hotel. Be careful with those.

[Anonymous]

Anonymous wrote:AC, dishwasher, washer and dryer are provided for the convenience of tenant and not warranted. If they break the tenants need to know this isn’t going to be an immediate fix and isn’t grounds for withholding rent.

Plumbing and drains = property is provided with functioning unobstructed waste lines. The tenant is responsible to notify landlord of problems and may be responsible for fees associated with backups.

AC should be repaired as soon as possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are buying a new house and are contemplating renting out our current house. I put together some advice that I've picked up by searching this board, but I would appreciate any other helpful input. Thank you.

1. obtain credit check, references, criminal background check, and evidence of income or funds (W2 for past two years, two most recent paystubs)
2. get a deposit equal to one month's rent
3. do not explain reasons for not accepting the application; do not deny application while showing property; always say there is other interest
4. advertise on military by owner (other good platforms to find solid leads?)
5. get a good contract (where can I find some good templates?)
6. get a handyman on speed dial
7. do I need to buy additional insurance?
8. what are some things that we should fix (e.g. fix a leaky faucet, have windows washed) and should not improve (e.g. no need to paint doors if they are decent, no need to replace windows if existing windows are functional)?

Thank you.

My main advice is, don't do it, unless you have several properties and you will manage them professionally. It is much harder than it sounds...and rarely more profitable than simply investing in the stock market.

This x 1 million. It’s not worth the headache!

[Anonymous]

use smartmove or another credit based check scoring system, it will give the best results and find out troubled tenants.

[Anonymous]

Anonymous wrote:Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

+1.

[Anonymous]

Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

All good advice. To this I would add to call references AND always call the former landlord. If you want minimal complaints, rent to a single guy in his 20s with a good job but downside is that he may not notice and/or notify you about things that need fixing (like water leaks) and may need some basic instruction on maintenance. (I once asked a prospective 25 yo guy how to clean a hardware floor and he said, "with bleach?"). And I would NEVER be a landlord in the District anymore. There are far too many ways to break the law as a landlord in terms of screening tenants---you cannot refuse to rent to Section 8, you cannot ask about criminal history--- and it is impossible to get rid of a bad tenant in the District once they are in place. If you buy a place in the District with a basement rental do not base your mortgage ability on the rental income because you could really get screwed if a tenant defaults on rent and you have to spend a year getting them evicted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lots of funny comments on this thread. It's not rocket science, but there is a lot to being a good landlord.
Looking for a tenant can be a big time suck. Here is what I do:
Post ads on Facebook Marketplace and Zillow
Immediately screen with the following questions- How many people? When do you want to move? Credit score? Income? Pets? Smoke?
Check social media/facebook for unhinged type behavior.
Even though I would likely not rent to lawyers or military, there is a lot more to reducing risk. You really need to be a good judge of character and go with your gut feeling. Are they professional in their communication with you? Do they seem trustworthy or are they a gasbag? Is their life full of personal failures? Do they have questions for you, the landlord? A good tenant will typically expect the landlord to be responsive and professional. Only show the property to the best prospects. I keep the price of my rental a little under market value so I can be somewhat picky. Remember, this is a business and not some type of social justice project or charity.

What is wrong with layers or military?
My lawyer tenants have been great with good income and credit scores.

Military is the best. Worst case is they have to break the lease early with orders. Best case, they treat your rental like a home and do an amazing job with gardening- we had a family rent for three years and the wife wanted to know if she could rip out our shrubs and garden, we said year and when they left the house had the nicest yard on street. You don't have to worry about them not paying and there is a good change they're handy enough to not bother you with minor repairs. We're lucky enough that our last few tenants have been recommended by the exiting tenant

[Anonymous]

Anonymous wrote:AC, dishwasher, washer and dryer are provided for the convenience of tenant and not warranted. If they break the tenants need to know this isn’t going to be an immediate fix and isn’t grounds for withholding rent.

Plumbing and drains = property is provided with functioning unobstructed waste lines. The tenant is responsible to notify landlord of problems and may be responsible for fees associated with backups.

Hopefully you're not in DC, because a landlord tenant judge would disabuse you of a lot of this