Need advice on starting up rental properties
Hey everyone,
At the young age of 21 I got started in a great career and make great money for a young man, unfortunately I messed my credit up making immature mistakes. One of those things where I should have took my parents advice on how important credit score is. Now at the age of 25 I fixed it and recently purchased my first home thru FHA loan. Within the next 6 months I would like to purchase another for renting purposes. I understand the risk involved and am willing to commit. Over the years I plan on also renting out my current home after getting established and setting the goal of owning 3 rental properties by age 30 and continuing growth. I will be purchasing this home with conventional loan and putting money into it to make it presentable and appealing. I understand the importance of finding a good tenant and running BG/CS check. I was curios from a legal standpoint how do you cover your investment. Where do you print or create documents for tenant to sign. Is there a different insurance needed to cover damages, ect. What else can you veterans tell me to ensure I do everything to be successful, thank you in advance.
- Joe