Setting up my 1st Rental, New Orleans SFH

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Setting up my 1st Rental, New Orleans SFH

Cornelius Jamison
Homeowner · New Orleans, LA · Member since 2021 · 4 posts · 0 votes

I recently closed on my first rental property! A new build SFH in New Orleans, Gert Town near Xavier Univ. I am thrilled to have been able to purchase this property and ready to make it a success. I'm getting the property ready for listing and have a few questions:

- Thoughts on good property management tools that would allow me to list, send lease agreements, receive rent payments? I have seen Innago, Zillow, TurboTenant, etc.

    - Purchasing washer/dryer? The home came with all other new appliances (fridge, stove, dishwasher). Do most owners put in W/Ds or let the tenant bring their own. The hookups are on the 2nd floor so I have some concerns about the tenant installing them and possibly damaging the property.

    - Purchasing security like ADT and or getting smart locks? Any thoughts or recommendations. 

    All your expertise is much appreciated in advance, 

    Cornelius

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    Mike Wood
    Developer · New Orleans, LA · Member since 2015 · 1k+ posts · 898 votes
    4y

    @Cornelius Jamison  In NOLA, most tenant do not bring there own washer/dryers.  If you include them, you can charge more rent.  Given what you have said, I would provide them.

    I would check out apartments.com for tenant management.  It used to be Cozy.co before the parent company of apartments.com purchased them.

    I would not waste money on security systems.  Why spend your money on it, that will only reduce your profit.  If you tenant asks about putting in a security system, let them on their expense.  I have 12 units, get lots of questions about tenants installing a security system, which I allow.  How many tenants have installed security system in the apartment, only one (1).  

    Same with smart locks.  I can only imagine how many calls you would get asking to be bring keys to let a tenant in because the battery is dead in a smart lock or some other issue (and I have smart locks on my personal home, just none of my rentals).

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    • Josh Starner
      Realtor · Asbury Park, NJ · Member since 2019 · 63 posts · 44 votes
      4y

      Congrats Cornelius!

      I had a tenant on the second floor of a duplex install her own washer and the hose blew off and flooded the first floor kitchen. My recommendation is buy a midrange washer and dryer and have them professionally installed, this will make the house more attractive to prospective tenants (most renters aren't brining their washer and dryer around with them) and you will ensure that it is safely connected as some are natural gas and washers require water.  For security I like Ring products as they are low monthly costs ($10/month), yes the equipment costs up front may be a few hundred dollars but keeping your monthly costs low will increase subsequent cashflow, traditional alarm companies can be 40 to 60 a month. Best of luck and congrats!

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    • Mike Wood
      Developer · New Orleans, LA · Member since 2015 · 1k+ posts · 898 votes
      4y

      @Cornelius Jamison  In NOLA, most tenant do not bring there own washer/dryers.  If you include them, you can charge more rent.  Given what you have said, I would provide them.

      I would check out apartments.com for tenant management.  It used to be Cozy.co before the parent company of apartments.com purchased them.

      I would not waste money on security systems.  Why spend your money on it, that will only reduce your profit.  If you tenant asks about putting in a security system, let them on their expense.  I have 12 units, get lots of questions about tenants installing a security system, which I allow.  How many tenants have installed security system in the apartment, only one (1).  

      Same with smart locks.  I can only imagine how many calls you would get asking to be bring keys to let a tenant in because the battery is dead in a smart lock or some other issue (and I have smart locks on my personal home, just none of my rentals).

      2Reply
    • Stephen KeigheryBusiness Member
      Rental Property Investor · New Orleans, LA · Member since 2018 · 716 posts · 555 votes
      4y

      Congratulations Cornelius. Personally I would go with a property manager, they can answer all these questions and more and makes it so much easier. I also invest in New Orleans and have purchased 20 rental properties (26 doors) in the last 18 months. The only way I could have done that was by using a property manager. This allows me to focus on putting together the deals and doesn't get me bogged down managing the properties. I know most investors (particularly starting out) don't want to add the expense but I think its an investment. 

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