I am a new want to be real estate investor. I am on my way to close on my first owner occupied two family. The unit that I will not be living in is vacant.
I have read a lot about how to be a landlord and how to bring good tenants in and all. But then I lack the experience so there are a lot of things I will probably not do because I do not know it all.
Could I please get some tips, tricks, ideas on how to be a landlord? (Perhaps how to word an ad for the unit, how to get a legal lease and application)
I have heard of ideas such as paying a visit to the prospect tenants and checking how they live in their current place. But inside of me I feel like I would be judging/discriminating them because of that and I am not sure if that would be illegal?
I have also heard about creating policies to protect myself as a landlord and making sure prospect tenants understand what I do not allow for applicants and for the future tenant. My question about that is, how do you create those policies? Is it just literally creating a list of items/things not allowed by me and attaching it to the lease and application?
I may be just overthinking it, that is why I am looking for some advice here... my time will soon come to be a landlord and I want to do it right from the start.
Any advice, tips, ideas, or tricks would be really appreciated!
welcome and congratulations @Simon Aristizabal
Here are a few great blogs on being a landlord. Search your questions on BP and you will get a bunch of answers as well
Good luck in your RE journey!
Go read a few books in it, and network on here. You need the entire education, not just a few tips and tricks. Check out some of the Bigger Pockets books.
Thank you @Chris T. I will look into those and I will give the search a try.
Thanks for the feedback @Rosston Smith I appreciate it! I do understand I need an education and I know I will need to read a lot. However, I also know that books will not tell me everything and that is why I am reaching out to current investors for any edge cases or situations that they may have faced that are very specific and potentially not found in books or articles. That is my reason as to why I ask for tips etc.
@Simon Aristizabal Welcome to land lording Simon. You need to get familiar with your landlord / tenant laws in your state ASAP. I'm sure there is a website for that and Google is your friend.
There is a lot if info here and don't be afraid to tap into it. Like @Rosston Smith said, you need an education and not just a few tips. The more you know, the better decisions you will make. And the better decisions you make will bring more consistent cash flow and less headaches but be prepared. There is a lot to learn. Good luck.
Thank you @Kurt K. for the advice, I will definitely read as much as I can about the laws in my state. They are a little tricky to understand from the wording they use, but I will definitely get familiar with them.
Hi @Shawn Ackerman , thank you! There seems to be a TON of info in there. I will definitely check it out. Appreciate it!
@Simon Aristizabal you got it.
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