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RENTING OUT PILGRIM
17 Apr - Post by Mel MaxwellRENTING OUT PILGRIM
The Pilgrim rehab is complete! The project definitely took longer than we expected but we are very happy with the transformation. We put it on Zillow and began receiving showing and application requests immediately. In only 7 days we had the property under lease with amazing tenants. Before we talk about the tenant screening process, let's look at some of the Pilgrim photos we put on Zillow.
Tenant Screening
Tenant screening is critical to save time and ensure we get qualified renters who will take care of the property and pay rent on time. I handled the tenant screening process to identify only qualified tenants to view the property so that Dan would only have to show it to people who had a high likelihood of being accepted if they viewed the property and wanted to rent the house. We built an online questionnaire through Survio.com that allowed us to gather information such as contact information, gross income, credit scores, occupation, pet information, etc. For applicants who did not meet qualification standards, we could immediately let them know they did not qualify before scheduling a showing. In 7 days, we sent the link to 62 people and we only had about 7 people who met our qualifications--and Dan only had to show the house 4 times.
210 Tenant Screening Process:
Establish Qualification Standards
Provide Online Survey Questionnaire
Offer Showing to those who meet initial qualification standards
Interested applicants pay $40 for full online background and credit checks through SmartMove.com
Present Lease for review and signature
Results
We wound up finding absolutely amazing tenants who are super excited to move into house. Zillow rent zestimate was saying $1300 a month when we initially listed the property. Our tenants will be paying $1600 a month plus an additional $100 a month in pet rent. They were still locked into their current lease until June so they won't move in until mid-May but they have already paid their deposits and we're thrilled to have them as future tenants. We're now working through the refinance process and expect to complete that in the next couple weeks...we're looking forward to seeing what the appraisal says the new value of the property is and we can complete the full analysis on how the project turned out.
cENTRAL
cENTRAL
Finding amazing renters for Pilgrim was super exciting. We also closed on the Central duplex in Corpus Christi, TX in the same week! The closing was supposed to be on Monday, 29 Mar but the seller had some issues on their end. This gave us an opportunity to get an engineer on the roof--for properties down on the coast, having a windstorm certificate is a requirement to have insurance that will cover wind and storm damage. Our engineer determined the roof could not be certified so we got an additional $5K credit to redo the roof. We were happy to close and get 210 Holding Group's #2 and #3 doors in the portfolio.
We've inherited some really sweet tenants. At the same time, we've got some work to do on the property to improve it so we can ensure the property appraises appropriately and we can get the proper insurance. Aside from a great realtor, we don't have the same team in Corpus Christi as we enjoy with Dan in San Antonio. We are trying to balance improving the property, inconveniencing our tenants, and getting it all done in a timely manner so we are ready for the next opportunity.
April has been an exciting month--more on the way! Let's go!
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