State Specific Question About: MISSOURI (MO)]

Screening. Search here and read all you can. Have a paper application at open house? Screening Service? Are you getting calls?

Screening. Search here and read all you can. Have a paper application at open house? Screening Service? Are you getting calls?

Are you familiar with your state and local tenant rules, that knowledge is paramount before opening for business - imagine a tenant who knows a little more than you so get you to agree to something illegal then you have no control to your place, they destroy the insides and run off in the nite but leave behind 3 family members who refuse entry or mail regarding the eviction you try to get started, heck you don't even know these people by name much less the spelling, workplace or anything. What is your established rental criteria on felonies, evictions, credit in collections, utility shutoffs? what if they have a therapy dog?

Have fliers and applications ready for your open house. Have toilet paper, towels, soap, door mats so people will wipe their feet. Have change so you can take cash for processing the application. Make sure you can run their credit.

Secure the home after the showing. Maybe get a cheep alarm. Tell the neighbors if they hear the alarm or see stranger breaking, call the police.

NO to open house. Advertising 101 (safety first).

Place your ad OK. Have ad respondents either call a number and leave a message or email you. Step 2 no sign in yard. Place bright flyer with what you are offering in the front window. For them to read. Remember you require they ride by first to "check out the neighborhood and house". We left the blinds up so you can look in the windows. If you've driven by and would like to make an apportionment YOU set the time.

Your app should be on line for them to print off-- tell them that and have it filled out and bring it. also color copy of DV license and pic of last pay stub. and app fee. there are 2 reasons for the app to be done ahead. You don't waste your time standing there for 45 minutes while they complete it and second it doesn't scare your other interested persons away when they see someone else doing the paperwork.

Lots of great advice here so far. As a fellow Missouri land lord, I'll share what I know that is State specific.

* Read the RSMO (Revised MO Statutes) 441, 534, 535 three times. A quick Google search will find them online. Print, file in a binder, and review once a month until you can practically quote it. These are the laws that govern land lord/tenant relationships in Missouri.

* Find a local REIA (real estate investor association) or a couple of local, successful, happy land lords who might mentor you. Attend meetings with said people to learn the ropes about your local judges, municipal ordinances/codes, market trends, etc. This is important information that is better to learn up front that by stumbling around when the stuff hits the fan. If you find the group is just interested in selling courses and mentor programs, find a different group. Some get bogged down in that. Not saying they're all bad, but if the entire meeting is a high-pressure sales pitch...move on. You should be meeting other investors and professionals who will help you in your business and answer questions.

* Talk to 3-4 local rental property management agencies and see if you can get copies of their leases. Don't assume those leases are legit/enforceable, but compare them to see what topics they discuss (rent, late fees, guest policy, pet policy, smoking policy, can tenant install a satellite dish on the roof policy, etc). My lease was written by yours truly after I reviewed 5 different leases and reviewed by my attorney to ensure it was up to speed. Writing my own lease means I know it backwards and forwards. When a tenant tries to do something that isn't allowed, I know the answer right away. "I'll need to look that up" is not a good answer when asked about a situation.

I'll also re-emphasize what others have said regarding screening. I verify 4 main areas: income, criminal history, credit, and current & past land lord references. I also check them out on social media (Facebook) if I can find them. Lastly, find a way to get inside where they are CURRENTLY living. Your house will look and smell like their current residence shortly after they move in. If they're living in their relative's basement or a hotel that should be an automatic denial. It's easy to get in: just stop by because you need them to sign a release to pull their background or you want to meet their "well trained pet" and take a picture for your files. If they invite you in...BONUS! Just spray your shoes and legs with Deep Woods OFF (in case they have a flea infestation). If they don't invite you in, a peek over the shoulder and a look at the yard will still be very instructive as to how well they care for someone elses' property. If they refuse your attempts to stop by or are very cagey, be highly suspicious.

As you can see, there is a lot to being a land lord. We've only covered the very basics here. If you're serious about doing this, sign up for the Mr. Land lord convention in late May. See link at the top of this page. Come meet us!