Bought 1st rental & found a tenant! But, umm, now what!? HELP!

Starting Out
7yFollow

Bought 1st rental & found a tenant! But, umm, now what!? HELP!

Tamara Laycox
Canal Winchester, OH · Member since 2016 · 5 posts · 4 votes

My husband and I bought our first rental property (single family) in Columbus, Ohio and are so excited!! We believe after a couple weeks of screening what feels like a gazillion applicants we've found the one! 

Thanks to bigger pockets we have the rental forms we need and have let the prospect know we have selected them. But this is my first go at this and I thought I was ready to go but all of a sudden feel lost. 

Is there a section of the bigger pockets site that has a checklist of exactly what to do during the leasing process so I don't forget something vital before handing over the keys and letting them move their stuff in? I feel like I'm about to offer my first born to strangers all of a sudden! EEK! 

Need help figuring out my 'system' I guess...

Thanks so mush for taking some of your valuable time to sift through my post. And I hope to hear from some of you soon!

Tammi

1Reply
34 views

Most Popular Reply

Michaela G.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
7y

And as you can see, we all do it differently. lol

If you have a tenant selected, you don't have time to read a book. You need to tie them up with lease and deposit or you'll lose them. 

5Reply
See this reply in the discussion

12 Replies

Jump to latestLatest
  • James MasottiPro Member
    Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
    7y
    Originally posted by @Tamara Laycox:

    My husband and I bought our first rental property (single family) in Columbus, Ohio and are so excited!! We believe after a couple weeks of screening what feels like a gazillion applicants we've found the one! 

    Thanks to bigger pockets we have the rental forms we need and have let the prospect know we have selected them. But this is my first go at this and I thought I was ready to go but all of a sudden feel lost. 

    Is there a section of the bigger pockets site that has a checklist of exactly what to do during the leasing process so I don't forget something vital before handing over the keys and letting them move their stuff in? I feel like I'm about to offer my first born to strangers all of a sudden! EEK! 

    Need help figuring out my 'system' I guess...

    Thanks so mush for taking some of your valuable time to sift through my post. And I hope to hear from some of you soon!

    Tammi

     Read The Book on Managing Rental Properties by @Brandon Turner. It's the best resource for making sure you're capturing all the things you need to as you go through tenant selection, placement, and management. 

    Podcast Guest on Show #312
    1Reply
  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    7y

    You sign a lease and do a walk-through and have the tenant point out anything that might be a mark. Either something that needs to be fixed or at least to cover the tenant for their move-out, showing that that was already there. 

    Don't wait with the lease signing. You need to have your deposit or people can change their mind. 

    1Reply
  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    7y

    And as you can see, we all do it differently. lol

    If you have a tenant selected, you don't have time to read a book. You need to tie them up with lease and deposit or you'll lose them. 

    5Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    7y
    Originally posted by @Tamara Laycox:

    My husband and I bought our first rental property (single family) in Columbus, Ohio and are so excited!! We believe after a couple weeks of screening what feels like a gazillion applicants we've found the one! 

    Thanks to bigger pockets we have the rental forms we need and have let the prospect know we have selected them. But this is my first go at this and I thought I was ready to go but all of a sudden feel lost. 

    Is there a section of the bigger pockets site that has a checklist of exactly what to do during the leasing process so I don't forget something vital before handing over the keys and letting them move their stuff in? I feel like I'm about to offer my first born to strangers all of a sudden! EEK! 

    Need help figuring out my 'system' I guess...

    Thanks so mush for taking some of your valuable time to sift through my post. And I hope to hear from some of you soon!

    Tammi

     are you self managing or using a manager? if self managing i'd make sure to do a thorough walkthrough of the property before hand. have you and the tenant take pictures of everything. carpet, etc. Fill out a form and ask them to notate any issues because that form will be used when they move out. Also make sure to have first month rent and security deposit up front. make sure they know no smoking or pets. 

    I'd also recommend doing quarterly inspection to change the filters on the furnace and also as a chance to check in on the property and make sure they aren't ruining it or smoking or anything like that. Is the property in the city of columbus or in canal winchester? 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    0Reply
  • Thomas S.
    Member since 2016 · 13k+ posts · 12k+ votes
    7y

    Before you hand over the keys it is mandatory that you have the full first month rent and deposit in hand in cash. No checks unless they are certified. No deals to pay deposit over time. No money, no keys.

    If you have accepted a tenant that can not afford the full amount up front your tenant did not pass screening.

    2Reply
  • Terrell Garren
    Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    7y

    Ensure the utilities are transferred before turning over possession. 

    1Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    7y

    Be sure you tailor any list you get or create to the state and city in which the property is in. Different laws go for different properties. Like properties near me in CA would require different things than for yours in OH.

    I'd say you'd be safest to find a real estate agent who does rentals and maybe offer them a fee to consult on your property and tell you everything you need to do and how to do it. I can't imagine they'd charge much, and they could probably keep you out of a heck of a lot of trouble potentially later down the road.

    4Reply
  • Ahad AliPro Member
    CPA/Investor · Bronx, NY · Member since 2018 · 236 posts · 45 votes
    7y
    @Tamara Laycox Of course this website is a great resource but what you need to do is find a local mentor. Someone more experienced that can offer you assistance so you can get off to a comfortable start. You don’t want to make any errors now that you might regret later or overlook things that become important in the future. Lots to consider. Good luck!
    0Reply
  • Sergio Aguinaga
    Detroit, MI · Member since 2018 · 148 posts · 38 votes
    7y
    @Tamara Laycox off the top of my head, collect security deposit and have them sign a document specifying that the hold of that money is security that they can’t back down otherwise you keep it. Once they give that within 24 hours, you can transfer it to their security deposit. Utility bill name transfers, do the itemized checklist, give them pamphlet and sheet for lead based paint, sign lease and make sure they understand everything they’re signing in it. Can’t think of anything else but the book on managing rental properties as mentioned has a chapter dedicated to that. You can skim the chapter and make your checklist in less than an hour.
    0Reply
  • Karen Rittenhouse
    Flipper/Rehabber · Greensboro, NC · Member since 2010 · 623 posts · 615 votes
    7y

    @Tamara Laycox

    You're not alone. I'm surprised at the number of investors who buy a property and, once they've put in a tenant, realize they know nothing about property management!

    For this reason, I actually wrote a book - The Essential Handbook for Landlords - which is on Amazon. It's an easy overview that should help a lot.

    Don't panic and congratulations on becoming a landlord! Keep us posted.

    2Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Tamara Laycox I'm local if you want to chat...seems like you're pretty close to the finish line here...maybe just a few formalities. 

    937-979-7000
    Realize Multifamily Group11 Review
    View Page
    0Reply
  • James Ma
    Burnaby, BC · Member since 2017 · 282 posts · 268 votes
    7y

    There's a lot of good books out there on the rental process for landlord end to end.

    The steps you'd do is:

    1) Post rental ads

    2) Screen tenants and line up viewing to show the suite. Have them fill out an application if interested

    3) Followup on references, do credit check

    4) Let tenant know you've selected them and sign leasing papers

    5) collect deposits and first month rent 

    6) Meet with them to do move-in inspection and any other paperwork required

    7) give them the keys

    I find selecting a tenant to be the most stressful part of the real estate process but trust your gut and your instincts and you'll probably do great. Most tenants are good people and not out to scam you

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free