Current Events > Trying to find new tenants is stressful (BlogFAQS)

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I've talked about it before but I'm a landlord only because when I bought my 900 SF house it was already split into an upper and lower studio apartment with no connection between them so I decided to rent out the lower half. I charge 600 a month and that includes water/sewer/trash. I want to have a place that's a little cheaper so people can save up to buy a house while living there. My last couple signed a 6 month lease but stayed for 4 years and bought a place a couple weeks ago.

I'm trying to walk this fine line between finding the right tenant but not opening up my search so much that it's publicly shared around facebook and every Tom, Dick and Harry wants to apply. I have 5 people who expressed interest so far and I'm going to keep the first group small.

What I'm having issues with is the fees. I need to pull their credit. Zillow can pull everything I need and the tenant doesn't need to give me any personal details like SSN or something. But they charge 35. I don't like the idea of people I didn't take having to pay 35 dollars to a corporation. I'm debating paying back the fee of anyone who doesn't get the apartment which is another reason to keep it small. Blegh.

I got lucky, the last tenants were kids of neighbors so I didn't have to search far. I even offered them a finders fee if a person they bring to me ends up signing a lease.

I'm surprised you're even willing to share this with us here since people in CE typically do not like landlords no matter how responsible they try to be.

Humble_Novice posted...

I'm surprised you're even willing to share this with us here since people in CE typically do not like landlords no matter how responsible they try to be.

I thought about it. But honestly, I don't think I'm one of those corporate overlord landlord types. The rent portion of that 600 dollars is probably 150 to 200 below market value if not more. WST is 130 of that so the actual rent is only 470. That's cheap. The worst thing someone could say is I am a dick for not allowing pets, but 450 SF is not a lot of space for a dog or cat.

WrkHrdPlayHrdr posted...

I thought about it. But honestly, I don't think I'm one of those corporate overlord landlord types. The rent portion of that 600 dollars is probably 150 to 200 below market value if not more. WST is 130 of that so the actual rent is only 470. That's cheap. The worst thing someone could say is I am a dick for not allowing pets, but 450 SF is not a lot of space for a dog or cat.

That seems fair. I've heard of nightmare stories regarding tenants letting their pets make a mess of things in their own homes.

Humble_Novice posted...

I'm surprised you're even willing to share this with us here since people in CE typically do not like landlords no matter how responsible they try to be.

No we dislike landlords that buy up multiple homes to rent out at sky-high prices. They don't even live on the property so upkeep is an afterthought. Lastly, we don't like landlords that look down on their tenants.

TC seems to be or do neither of these things. Hell, where I live single rooms go for more than he's charging.

Speaking of, what state are you in, TC?

WrkHrdPlayHrdr posted...

The worst thing someone could say is I am a dick for not allowing pets, but 450 SF is not a lot of space for a dog or cat.

his/her place gets to decide a pet is allowed. completely fair imo.

Central PA. Outside of Harrisburg. It's one of the poorer counties around it and it's a very rural county. Didn't even have a traffic light until 10 years ago or so for the whole county.

The house is 2 apartments, I live in the upstairs one.

Its pretty standard to charge a fee to pull a credit check. But it might make sense to choose your top 2 and pull only their credit. If for some reason neither works out, then move on down your list.

Sariana21 posted...

Its pretty standard to charge a fee to pull a credit check. But it might make sense to choose your top 2 and pull only their credit. If for some reason neither works out, then move on down your list.

I think I have 4 potentials right now and that was kind of my idea. check the 4 I have now before I do a big public post to get more. It limits my downside of returning fees.

Landlords are scum

This is why I'll never rent my house if I ever move even though I more than have the means. I'd have to conduct hours long interviews to sort out the types who might trash a place, and veven then some people are really good at hiding their real selves and it's a dice roll regardless. I'll just sell and take the equity up front thanks.

Sariana21 posted...

Its pretty standard to charge a fee to pull a credit check.

Literally never had a landlord do this. And would be wary of one that did. Go ahead, run a check, but I'm not paying your business expenses.

voldothegr8 posted...

This is why I'll never rent my house if I ever move even though I more than have the means.

I thought about not renting it. I would have to find some kind of staircase that I can put in that would not take up much space and then I can freely move between the first and second floor. I also would need to get one electric box ran into the other one so it's all on one. I'll do it eventually probably.

vigorm0rtis posted...

Literally never had a landlord do this. And would be wary of one that did. Go ahead, run a check, but I'm not paying your business expenses.

It costs money to run a credit check. In my particular case I am not doing it myself. They would sign up for and pay Zillow the 35 dollar fee. I already told the people who don't get the apartment that I would return their fee. On a bright note, that check is good for 90 days or something so if they rent through Zillow they don't have to pull that check again or pay the fee again. I will personally be out of pocket for this.

That's very nice of you to intentionally rent the place out below market. Hopefully this works out for you. Having a closer knit with your possible renters does mean you hopefully know a bit more about them that will hopefully avoid the horror stories.

The whole credit check thing on Zillow is interesting, had no idea that was a thing.

tripleh213 posted...

Landlords are scum

Often, but not always.

I suppose you can give the applicant a choice. Does he want to give you ssn, ect or give you $35?

It is at least $100 per person in Chicago.