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I want to rent out my Bronx co-op. How do I go about finding a good tenant with the least hassle and most profit (e.g., not paying fees to a broker to handle)? My co-op allows subletting so I'm fine there. What do you suggest? Simple craigslist posting, or better to go another route? I'm very concerned with getting someone responsible who will take decent care of things. Thanks!
You can use Craigslist since it's free, but you're also going to encounter just about anybody from using that site. It's Up To To Perform The Proper Credit AND BACKGROUND Checks When YOU FINALLY GET A Tenant YOU Like Before renting.
Before you start to advertise for a tenant, I recommend contacting a tenant checking company (Google "tenant check"). They can provide application forms and forms which need to be signed by the applicant in order to check his credit history, criminal record, previous landlords, etc.
I use rentalutions to manage my rental property in maryland. It's an online service that helps you advertise your property, do credit checks, write a lease, and collect rent using online payments. I've only been using it for a few months but so far so good. It only costs me $5 / month and $39 one time per lease. They also have a lot of good blog articles about landlord concerns such as taxes and finding good tenants which you can read for free.
Becoming a landlord is no joke. This is a business, not an easy passive way to make some extra bucks on the side. Get a bad tenant and you will lose much more than you possibly could have collected in rental profits. Go get some books first. I recommend "Landlording" by Leigh Robinson as a start.
Last edited by fmatthew5876; 11-14-2014 at 09:51 AM..
1. Post your telephone number as a contact, not your email. This will almost totally cut down on scams.
2. Write a complete ad, so people won't cal you with basic questions.
3. I'd be against online payment, but definitely have a formal lease.
4. If you're lucky, your building will have an application form and do the credit checks for you.
5. Make a commitment to spend a lot of time on the vetting process. Listen carefully to what prospective tenants say, because you'll often hear red flags. When you find one or two people you like, sit down with them in person for at least 20 minutes, preferably more.
A credit check doesn't mean much these days. It's all a judgement call. I know someone who seems so professional but smokes weed. It's sad to see a professional do that. It bothers everyone in the building, but you'd never know it when you see that person in a dress shirt and wool slacks.
A credit check doesn't mean much these days. It's all a judgement call. I know someone who seems so professional but smokes weed. It's sad to see a professional do that. It bothers everyone in the building, but you'd never know it when you see that person in a dress shirt and wool slacks.
A credit check doesn't mean much these days. It's all a judgement call. I know someone who seems so professional but smokes weed. It's sad to see a professional do that. It bothers everyone in the building, but you'd never know it when you see that person in a dress shirt and wool slacks.
it is always better to start with someone who shows willingness and ability to pay than someone who already demonstrated they either do not have the means or willingness to pay.
eventually job loss-illness-or divorce become the problem of every landlord at one point or another so looking for trouble right off the bat by taking someone with poor credit is asking for trouble.
it is not your responsibility to sort out the reasons why someones credit may be poor . why bother. just move on to someone who has no credit issues.
at least if they turn bad you did your homework in that regard..
I want to rent out my Bronx co-op. How do I go about finding a good tenant with the least hassle and most profit (e.g., not paying fees to a broker to handle)? My co-op allows subletting so I'm fine there. What do you suggest? Simple craigslist posting, or better to go another route? I'm very concerned with getting someone responsible who will take decent care of things. Thanks!
You could use Airbnb to temporarily host guests. Just go to their site and they have instructions on how to open up an account. Airbnb verifies the id, telephone number, e-mail, facebook, etc of members, and you are insured with them by the Lloyds of London.
Quit being ridiculous. When you're looking for a prospective tenant is exactly when you should be very judgmental.
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