I’ve owned rental properties now since 2004. Rentals have been very good for me and my family, as they have served as the safety net we needed with the economic instability we’ve experienced over the last several years.
But I made an absolute ton of mistakes when I got started. One of the biggest was with my second rental house.
I rented it to the first person who gave me an application. She paid me the security deposit and first month’s rent, and she never paid me a dime after that. So I learned the eviction process early on, and evicted her and her family the week before Christmas. Talk about a nightmare!
But I’m happy to say that I also got the hang of this landlording thing pretty quickly. And I found that the better I got at it the more I actually liked owning rentals.
The bottom line is that since 2004 I’ve developed a process that works for buying, owning, and managing rental houses.
It doesn’t matter if you’re a frustrated landlord, an accidental landlord, or an aspiring landlord. My process works. I’ve taught it to over 250 people, and right now it’s being used by investors with just under 100 houses between them.
So I invite you to take a look at what’s here. I may have something available that will fill a gap that you have. If you’re looking for something specific and you don’t see it here, drop me an email and let me know at dennis [at] dennisfassett [dot] com.
The Definitive Guide to Marketing For Tenants and Tenant Screening
One of the Critical Success Factors for being a successful, profitable, and happy landlord is Tenant Selection.
Think about it. We have an asset (a rental house) that’s worth a couple of hundred thousand dollars plus or minus. And we’re going to turn over our very expensive asset – to a renter. Doesn’t it make sense then to do some due diligence to try to get the best renter possible? Of course it does.
That’s where this guide comes in. It describes the types of tenants that you’re looking for, it discusses the two best sources for finding highly qualified renters, and it walks you step by detailed step through the entire screening process. Which actually begins with the ad that you place for a tenant online and ends when you call them with your decision.
It’s 14 pages in 12 point font in PDF format. It’s available for immediate download with your payment.
Rental Application (PDF)
I never knew how valuable a rental application could be until I did my first wage and tax garnishments! I literally saved my own bacon my having a highly detailed application, and by insisting that it be filled out completely.
This is the application that I’ve been using for years in my business. It includes language authorizing credit reporting agencies, employers, credit, and personal references to release all pertinent information, and language that makes it clear that the fee for the credit and background check is not a deposit, and that it will not be applied to any rent, nor will be refunded even if the application is declined.
It has served me well and I know that it will serve you well too.
Statement of Rental Policies (MS Word Format)
If you think you might like to reject potential tenants for any reason (trust me, you will), then you need to have a written Statement of Rental Policies.
This is a simple document that lays out what you criteria are and who you will rent to. And if someone applies that’s outside of the criteria you have established, then you can reject them per your policy.
For example, I don’t accept Section 8 and I won’t consider anyone who has been convicted of a felony or violent misdemeanor.
So if I receive an application with either of those stated, or I find out in a background check that an applicant has a felony conviction, I will reject the application.
This is normally not a huge issue, but with our litigation-happy culture it always pays to be prepared. Especially if your state requires that you have one.
Base Lease Agreement That You Can Customize (MS Word Format)
Your lease is critical to your success, because it’s a contract – and it’s a list of requirements and rules that governs your rental arrangement with the tenant. So it’s important that everything is spelled out in the lease, so if there’s a question after someone has rented your property, you can refer them to lease for answers.
I have created, what I’ve been told by tenants, the longest and most comprehensive lease agreement that they have seen. My goal with it is to set firm expectations with my tenants so there are no questions as to what they can or can’t do.
I’ve been using this lease now for several years. It complies with the laws of my state, and it’s something you can customize to meet the requirements of your state.
This is comprehensive training on how to identify, buy, rent, and manage residential “Set and Forget” suburban rental houses.
This training starts from absolute scratch, so you don’t have to know anything about real estate to get started. And the training provides specific action items to help you get started on your first house on Day 1.
This training is 100% complete and includes all of the knowledge, tools, and resources that I use every day in expanding and managing my rental portfolio.
How to Buy Your FIRST Set and Forget Rental House (Book)
My book on buying rental real estate. Learn the basics of my approach to identifying, buying, renting, and managing Set and Forget residential real estate.
Forward by Mark Ijlal.
Click to find it on Amazon: How to Buy Your FIRST Set and Forget Rental House