July 17, 2013

Accepted Application for Rental Property

I'm very excited.  I'm done screening our potential tenants.  They paid $50 to have their credit reports and background checks sent to me.  I also did a court docket search myself to see if anything had been missed.  Which it was interesting to see I found more on my own than what was shown on the background check that was paid for through a service.  But there wasn't anything major.

I've looked at pay stubs and talked to their current land lord. 

I think I've done about all I can to try to make sure we have responsible tenants. 

Our new tenants want to move in August 1st.  I've asked for a $500 holding fee since we are no longer advertising the unit and are holding it for them.  The woman told me she would bring it to me by the weekend.  Once they move in, the holding fee will then become part of their deposit.

I just received a new email today saying she is going to have the full deposit and Augusts rent for me all at the same time.  If she does give us everything at once, I'm going to give them the keys early without charging any extra.  Since the townhouse is sitting empty anyways, I figured they might as well be able to start moving things in.

We ended up charging $500 for the deposit plus another $250 pet deposit since they have a cat.  Rent will be $825 per month.  The first month I am only charging them $775 to reimburse them for the credit/background checks that they paid for.

I'm going to do another ROI analysis now that I know all the final numbers, but I'm afraid to do it before I get the check from the tenants.  They haven't officially signed the lease yet and I'm afraid if I start evaluating it, some how I'm jinxing it and they'll change there mind.

I've had a lot more requests for information even though I haven't added any new ads.  My old ads are still out there.  So I know we would find someone else, it would just suck to have to start all over again with all the showings and applications.


  1. Letting a tenant move in early really makes them appreciate having a nice landlord. Its good they're paying the deposit and first months rent right away.

  2. Best of luck with these tenants. I agree with ND, moving in early sometimes is a blessing. I'd know! There's nothing like trying to rush (like my inlaws did, attended closing of the house they were selling at 10am and had to be out of there by 10am, and signing for the new home wasn't until 2pm. They were not allowed to bring anything in until they signed because it was a shortsale). I hope this works out for both parties!