If you have rental properties, what's the best way to find decent tenants?

I'm in Milwaukee, WI and we are acquiring some investment properties and would like to find out the best way to start the tenant search or should we have a management company run for us.

Thanks

I was once a landlord and i've always said if i was to do it agian i would have a mangement company do it, Problem is the mgmt. company charges are HIGH, Like they will make your investment not cost effective.

THe best way is to run a credit check, However finding somebody woth good credit that will be a long term tenan t is hard to do, Cause, "why are they renting not buying"

I would go by your gut instinct casue people wil lie on their application, Have their friends # as their employer and say there a good employee and they make $19 per hour and all that lies, Had it happen.\

Also get a landlord tenant law book for wisconsin, go through it thoroughly.

You can do ads in the paper, craigslist.com, any housing things on line. You can also ask a Realtor to help, but they do charge a fee. What kind of rental properties? Will it be commercial or residential? This will make a difference on where you want to start. If you need help, you can email me at jrlew1s@yahoo.com, I am in the apartment industry and marketing in my fortee so I am more than happy to assist you.

Good luck...

I used newspaper ads; these proved satisfactory. Nowadays, Craigslist may be useful. Of course, you should have an adequate sign on the property showing what is available. The question of how to manage the property depends on its size and many other factors, and is too involved to deal with here.

Have a management company do it. I've had great success because the one I use does background checks on the tenants, and I have never had a bad experience.

Do a credit check, don't rent to anyone with questionable credit no matter what they say, check their references and employment, and if anyone is desperate, pass on them.

Management companies can be slow, lazy, dishonest, incompetent, and even if they're not, they cut into your profit.

See John T. Reed's book MANAGING INVESTMENT REAL ESTATE or some similar title to that - johntreed.com

I have been told you determine this through Interviews and how long they have been employed at their current job in looking for stability. You look at if they are married and have enough commitment to honor a lease. You ask as many questions as you can without violating their rights or privacy. This is a gamble but you are making decisions on gut instinct and your information gathered.

There are two great ways to go about it; Duplicate yourself in the newspaper, or Property Managment.

By Duplicating yourself in the Classifieds, Open house for Rental Property located in Anywhere, US, 90210, Call 919-555-HOME, for details.
Then set up a voice mail box answering service detailing everything about the rental property: 4BD/3BA Hardwoods, New Kitchen Cabinets, Blah, Blah, Blah; "This property is going for $1600.00 a month (plus utilities/ or not) . The open house is on October 22, 2007 between 12:00pm and 4:00pm. Please bring valid identification, a copy of you pay stub, a bank statment, and your first born. This property will go to the first qualified applicant. If you have any questions please feel free to leave them after the tone, if not see you at the Open house."

P.S. Always provide good refreshments at your open houses, and make sure you have a nice table so people can sit down and fill out rental applications. Also, RUN THEIR CREDIT.

Or Pay a property managment company to do it.

My suggestion: If you are just getting into rental properties, nix the Property Managment Company at first. This way you can learn the ropes and gain knowledge about the way renters treat properties. As you go on then get a Property Management Company, and you will know when they are trying to bilk you.