6: The Ultimate Beginners Guide to Tenant Screening with Lucas Hall

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 8 April 2020

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today we tackle the often-overlooked -- but perhaps most important -- element of real estate investing: actually placing a (great!) resident in your property. Our guest Lucas Hall built website Landlordology.com (which he later sold to Cozy, where he now works) and is an expert on best practices for landlords self-managing small portfolios (that's you!). Lucas walks us through his exact process from the moment he lists a property for rent, to the moment he signs a lease -- AND explains what's changed (and what hasn't) since the COVID-19 outbreak began. Want to avoid evictions and vacancy? Listen up...⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Lucas has been a landlord for 10+ years, owns 4 properties across 3 states. Yet he still hasn't had to evict anybody. That's not an accident; it's the result of a firm but fair process he follows every time there's a vacancy. Plus, we add a fun twist toward the end of the episode when a rookie investor -- Andrés Bustamante -- jumps on the call to ask some GREAT questions about his own current search for a tenant. This is a timeless episode that will be just as relevant years in the future. Check it out now, and subscribe to Real Estate Rookie so you won't miss the next one. See you next Wednesday! In This Episode We Cover: - The importance of "pre-screening" over the phone - Online tools to run background and credit checks - Why you should always check an applicant's social media profiles - The income-to-rent ratio Lucas uses to qualify tenants - Why gathering social security numbers is overrated - Photo ID checks - Where to find classes on how to be a fair, ethical landlord - How to follow fair housing laws - What Lucas thinks of "cash for keys" - Whether to accept pre-payment of rent - Co-signing/guarantor arrangements when a tenant has no income - How to show properties during the COVID-19 quarantine - Handling late and non-payment of rent And much more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is real estate rookie show number six. I'd love to just talk to you very briefly in like three to five minutes on the phone just to make sure that this house is what you're looking for and I'd love to ask some initial questions for you and then we can set up a time for a showing right and that's called pre-screening. So that initial discussion is so critical so that you don't
0:25.6	waste your time and you don't waste your time because if you don't do that and you just immediately set up a showing from the first
0:31.0	interaction, then they're going to get there.
0:33.0	I'm like oh shoot I thought it was a four bedroom instead of a three bedroom and
0:36.1	then it's a waste of everybody's time. My name is Ashley Carer and I am here with my co-host the Gap Model
0:50.1	Mr. Felipe Mejia.
0:52.0	Why do I gotta be the Gap model?
0:55.0	All I did is get a hair cut.
0:56.0	Thank you.
0:58.0	I got a haircut and I'm wearing a shirt.
1:00.0	Now, the reason you're saying that is I was in Daytona, Florida. I was quarantine myself. I was listening to our leaders and making sure that I was you know
1:07.7	You know in a safe distance from others, but I was on vacation, so I didn't have any shirts
1:12.3	So I came back home to Nashville to make it seem like you've been shirtless
1:17.7	This whole time well at one podcast you told me to go change my shirt. I was in a tank top. It's all I had no but so I came back to
1:24.9	Nash to to get some essentials and stuff so that's why I'm finally wearing a
1:28.5	decent shirt and you have to tell everyone because I love your wife I got to meet her about a month ago when I came to visit you in Nashville.
1:37.0	Please tell everyone what the essentials were that she asked for because I just love her and she is so cute.
1:43.6	Listen to this I love my wife she's amazing but I don't think she
1:47.6	understands the word essential right so I came back for clothes more
1:51.2	deodorant a toothpick know, some things that we need, toilet paper
1:55.3	that we had hidden here, and I was like, okay, babe, what do you need? I want to make sure that
1:58.8	I get stuff for you too, do you need more clothes? And she's like, okay, I need my hair straightener and my tweezers and I was like
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.