I am currently in contact for a 2 family home in Albany, NY (Inspection next Tuesday!!) There is so much information to absorb and I am feeling very confident. I will be living in the bottom of the home and renting the upstairs out (3 bedroom). I was just wondering if anyone has any tips? Things that you wished you put in your first lease? Things that you wish you invested in? Screening ideas? Things that you would have done differently?
Any help and tips would help, and yes, I have already read Rich Dad, Poor Dad!
@Tasha Davis I would read Brandon Turners book on Managing Rental Properties. There is lots of actionable advice that will help tremendously.
Best of luck!
@Tasha Davis I found the book Landlording on Autopilot to be a great learning tool.
I'll check these out! What type of investments do you guys do?
My personal experience says to make sure you are up on the fair housing laws and do a thorough credit and background check.
@Tasha Davis Congratulations on your purchase! The 2 books that were recommended are great reads. Here is a good read I send to all my clients when purchasing multi-families, there is a a wealth of good information in there:
On that note its always better to hold out for a great tenant then settle for someone just to get the place rented. Also if the other unit is vacant go in and fix everything that you think could be an issue later on. This is also a good time to 'tenant proof' the unit, lots of articles on here regarding that.
Make sure your lease is solid and applicable to NY. A lot of the generic leases online won't protect you very well in the tenant friendly state of NY. Having an attorney do one can be pricey but well worth it at the end of the day. If you go that route, make sure you hire an attorney that is familiar with tenant law and evictions.
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