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We've used Intellius per the recommendation of a couple friends far more into the business than I am, but have also heard U.S. Search strongly recommended. Here is a good list of the "Top 10" with what they offer and pricing.
We've used Intellius per the recommendation of a couple friends far more into the business than I am, but have also heard U.S. Search strongly recommended. Here is a good list of the "Top 10" with what they offer and pricing.
Another thing we did was to use property records to verify that the previous "landlord" really was the landlord and not some friend. We almost had accepted an applicant when we did this and found out that the "landlord" who gave her such a glowing reference was not, in fact, the landlord. We contacted the real owner of the house and heard a different story.
Well as previous landlord I can tell you what NOT to do since I made pretty much every mistake possible. The house I owned was in a lower middle class neighborhood as well which was starting to decline. Foreclosures were popping up everywhere and I looked into selling the place several times. The market was starting to tank and it wasn't possible at that time. I only had nightmare tenants that destroyed my property. I made a lot of mistakes. I am walking "not to do list" for landlords.
I did not do credit checks or prior landlord references. The house was bleeding me dry and I made a lot of bad choices in desperation to get the house rented. I fell for a few sob stories and rented my house to a single mom that turned out to be a complete nut. She moved out within 4 weeks. She kicked down the vintage oak staircase. The house was built in the 1920's and the staircase was beautiful and original to the house. The house was completely infested with fleas where I had to have a professional come in and spray.
I was finally able to get rid of the house and will never be a landlord again. I know quite a few people that are very successful at it. They do a lot of background checks and are patient for the right person. The only good thing that came out of it all is I have some very entertaining stories to tell others.
I may be a possible future landlord (putting in my offer today on an investment property). How many existing landlords out there accept rent checks in other methods besides cash/check? Anybody do electronic funds transfer, paycheck deductions, credit card, or have the tenant deposit rent directly into a bank account?
I'm about to rent out my house again. The first time I did this it didn't turn out very well. I didn't do any background checks etc because the father of the two sons I rented to owns the house next to mine. I've known him for a few years and he always has been a trustworthy neighbor. Of course it ended up where they stopped paying rent and gave me all kinds of problems. Fast forward to now where I have another prospective tenant that wants to move in.
A.) What service do any of you use to do background checks? Typical cost?
B.) How do you figure out how much of a security deposit to charge? I know it's up to the owner (me), but I have no way of really gauging what I should charge. The rent will be $730.00 a month. It's a lower middle class neighborhood, so I'm would worry that she couldn't afford a whole months rent for a security deposit (Atlanta Metro - Southeast). It's a rougher neighborhood too, so I'm worried about getting a decent paying tenant in at all.
D.) Do you put the security deposit in an escrow account? Other?
Any more advice on the proper way to go about this would help greatly.
I don't know all State laws but in Florida you mandatory have to put it in a separate account.
I would charge at least the same amount as the rent or higher for the sec. deposit. Or charge last month rent....maybe in partial payments.
That will cover you better...and don't forget to do the background check. Lately more and more people are lying so spent that money or ask for an application fee to do the background check, so they have to pay for it themself....and never believe them on their word...some are very good liars.
Landlord Rental Lease Agreement Forms - EZ Landlord Forms They are State specific and written by attorneys. But, I used a management company and they have their own forms.
I would like to see a thread on management company fees, but I'm paying 150 account set-up, 4% of lease, and 10% of rent. Late fees are split 50/50.
Two most important rules I use are:
Gross Income = 3 X Rent.
Positive reviews from two previous landlords.
If you can get the tenant to pass these two criteria you will have little to worry about.
Tell them this on the phone and you will filter out most of the looky-loos before wasting your times showing them the place.
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The house I owned was in a lower middle class neighborhood as well which was starting to decline. Foreclosures were popping up everywhere and I looked into selling the place several times. The market was starting to tank and it wasn't possible at that time. I only had nightmare tenants that destroyed my property. I made a lot of mistakes. I am walking "not to do list" for landlords. 
