First rental property

[Nick Fontana]

Hi everyone, I wanted to reach out because I am 25 years old and finally got my first real estate property in 2023. I'm very grateful to have completely saved up money myself to afford my house with no assistance. I had initially planned on using Airbnb to earn income but it's been very slow and hasn't got many booking so I think I'm going to turn it into a long term rental. Does anyone have any advice so I don't make any mistakes with my first potential tenants that move in? Right now I'm covering all the expenses for the property so if I have a renter it would help cover the mortgage and expenses. If anyone has any advice for long term rentals & using this first property to turn it into more properties or even a multi family home I would really appreciate it!

[Josh Sedivy]

Congratulations on purchasing your first property, especially at 25 and fully self-funded! That’s a huge accomplishment. Transitioning from Airbnb to long-term rentals is a smart pivot if short-term demand is low, and it can absolutely be a stepping stone toward building a real estate portfolio. Here’s some solid advice for getting started with long-term rentals:

Before Renting It Out:

Know Your Local Landlord-Tenant Laws: Research your state and local regulations on lease agreements, security deposits, eviction processes, rent increases, etc.

Set the Right Rent: Look at comparable rentals in your neighborhood to ensure your price is competitive.

Factor in ALL your costs: mortgage, taxes, insurance, maintenance, vacancies, etc.

Screen Tenants Thoroughly: Always run credit and background checks., Verify income (a common standard is 2.5–3x the monthly rent).

Create a detailed application form and stick to your criteria to avoid fair housing violations.

Have a Strong Lease Agreement: Don’t use a free lease you found online without customizing it.

Include clauses for maintenance, rent due date, late fees, number of occupants, pet policy, and rules about the property. Make sure it’s legally reviewed, especially the first time.

Once They Move In:

Document Property Condition: Do a detailed move-in inspection with photos.

Provide a checklist for tenants to sign.

Maintain Good Communication: Set clear expectations early (how to submit maintenance requests, how long responses take, etc.).

Stay professional, not personal, this is a business relationship.

You’re already ahead of the game by asking questions early. Be diligent, treat it like a business, and stay consistent. One well-managed rental can absolutely lead to a portfolio of properties over time. I hope this helps!