First rental property

2 Replies

Long story short after 7 months of looking for a property, I have a closing in the next 10 days for my first rental property any advise of what I should do before the closing? Any advice on what's next after the closing? I am kind of new to the bigger pocket community and just starting out on real estate so if any of the people that have been on the real estate business for the longest can give me any advice I would highly appreciate it. Thank you.

Don't make any big purchases till after closing (new car, open new credit card account, etc.) as lender will do a last credit check and deny your loan based on new debt. I've seen it happen. I hope you have started advertising your property for rent looking for a new Tenant to move in ASAP. Usually right after closing, we head to the house and install the cheapest mini blinds from home depot or lowes in all the windows. Tenants are always breaking them so $5 each is much better than allowing tenants to drill holes for window treatments that they then tear out and damage walls. We charge tenants for each blind they break and the new install is super easy. Tenants never fuss over $5 when they know they broke it. They will fight you over $50 custom treatments tho. I would also take 200 pictures of the property to prove condition prior to tenant moving in. I take one of every wall, the floor, and the ceiling of each room. I take them of each window with the blinds open and another closed to prove they are perfect. I also take one of every cabinet open and closed to show how clean everything is. These pictures have saved me thousands over the years! I then take another 200 when the tenant moves out and another 200 just before a new Tenant moves in. That way its a time stamped condition record. I also fill out a written condition report prior to every move in and move out. Be sure you have a great LANDLORD friendly Lease. You would be surprised how many Leases are out there that are Tenant friendly and cost a landlord big money. I use a 15 page Lease approved by the Virginia Board of Realtors. I love it. Lastly, make sure your Lease requires the Tenants to have a rental policy and name the Landlord as an "Additional Interested Party". That way if they cancel the policy, the insurer is required to notify you. The Tenant is NOT charged extra to name an additional interested party. Good luck.