Question on Advertising for rent - Posted by Tim (ME)

Posted by RichV(FL) on October 01, 2003 at 05:10:43:


I never show my places to potential tenants until the work is done. I answer a few questions for the over the phone and have them meet me at the rental to fill out an app.

I use a service also for credit checks, etc. What I do is weed out the applications.

I never let a tenant into my home. I do business at the rental property. I also have a personal mailbox that the rent checks are sent to.



Question on Advertising for rent - Posted by Tim (ME)

Posted by Tim (ME) on September 30, 2003 at 18:46:10:

OK, I just bought my first investment property, which I am rehabbing. It is a 3-unit, and my goal is to completely rehab everything and get it rentd by November 1st.

I want to begin advertising for rent, but I need guidance on the logistics. When I start receiving phone calls, do I ask them questions over the phone, or would they come to the apartment and fill out an app.? I don’t want them to see the rehab project (it’s ugly right now!), I want them to see the final product (smell of new carpets & paint).

I will be using a service which does credit checks, background checks, etc., which I think is a good investment rather than trying to do that myself. But should I send every application to this service, or just weed out the ones I think will be good?

Do you guys take applications at your home? At the rental property? Mail? I just need some expert advice from my favorite friends at CREOnline!

Thanks in advance!
Tim (ME)

Re: Question on Advertising for rent - Posted by Brent_IL

Posted by Brent_IL on October 01, 2003 at 13:16:11:

Just as a counter point to one question, Ron Guy has posted that he puts a ?For Sale? sign in the yard at the time he starts his rehab. As the rehab progresses, he raises the asking price to reflect the time, money, and effort that he?s put into the project. If he gets finished with the rehab before he accepts a profitable offer, he?s at full ARV.

Re: Question on Advertising for rent - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on October 01, 2003 at 12:17:45:


If there is enough demand from renters, I never show the property individually. Instead, I have an “open house” like when the brokers are selling a property.

I have the time and the address in the advertisements. I also have it in the front window. Nothing fancy, just a “Open Next:” and a handwritten date and time. If I have it open every Sunday 2-4 and Wednesday 4-6, that will be on the front window.

I have a flier listing the highlights of the property, policies–such as no pets, and costs to move in. I print them up two to a 8 1/2 X 11 sheet and cut them apart.

I don’t like to show the place until it is completely ready. However, I will make an exception if it is cosmetically ready.

I recommend looking at an applicants current location before offering them the property. I also recommend checking with the county assessor as to whether the person they have put on your application is shown as the owner of the property where they claim to live.

Also, ask to see their driver’s licenses when taking the application. My rule: no driver’s licence, no offering of the property. On the driver’s licence is their middle name, useful for credit checking, their address, which I compare to the one they put on the application, and so on. Also prevents some deadbeat from using his cousin’s name and good credit to get in.

I recommend getting a couple of books on property management and reading them in the evening after doing the rehab work. Landlording by Leigh Robinson is the gold standard, I’d suggest. I also like Jack Reed’s book on management available at website. Apparently Mr landlord, Jeffery Smith, I think, has good material at his website.

Good InvestingRon Starr******

Re: Question on Advertising for rent - Posted by Bob (IL)

Posted by Bob (IL) on October 01, 2003 at 09:32:04:


I wait until all work is complete before advertising. I also print up some brochures pointing out all the wonderful things about the unit(s), size, new things, close to shopping/schools/roads. If possible, schedule showings to multiple interested parties at the same time or just minutes apart. This saves you time and could possibly stir up some competition. Do all business at the unit(s) and get a P.O Box for all correspondence. You don’t want them to know your personal address.

Good luck!