Study this website inside and out and get your education first before you start to look for tenants. Here is my one tip, start with month to month contracts so if you have to terminate the agreement you can do so with having to wait 6 or 12 months.
Where do most people in your area find rentals? For example, Craigslist is super popular in many areas, useless in others. There are Facebook groups with thousands of members for different areas, for example.
Thanks for the help. I thought about craigslist but have heard a lot of horror stories. Does anyone have a good place to get a lease from? Or do I just need to find a lawyer to type one up?
Being the first rental, and to avoid anxiety and future RE investment growth I would seriously consider seeking the help of a listing agent to assist with the tenant location and application. They can help with listing, applications, screening etc all for one month's rent, but if that is pricey then start out with a good ol sign in the front yard and you will be amazed at the responses you get.
Craigslist is a good resource, although I am yet to use it myself.
All the best...
@Mark Hutchins - I like the month-month idea to start out.
Hi Mark, I recently listed my rental on Craigslist and the experience was fine. I held an open house on a Tuesday evening for two hours, got 4 completed applications and had my tenants sign that weekend. I got a great pair of tenants and it was relatively painless. You can purchase lease agreements on Legal Zoom or Nolo. I'm sure there are other sites too. You could also consult with a local real estate attorney who is familiar with landlord tenant law in your area. That would probably be pricier, but if you get a good lawyer, it would probably be a better lease.
Great posts here. I found the secret to Craigslist is adding in a digital application link. There are some free solutions for this here. I use TC and works great, but have heard great things about many of them and you can even charge an application fee - so only serious applicants. The secret is not to let people call you on the phone. I learned the hard way
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!