How did you learn about being a landlord?

Question

I've been planning to buy a 4 unit home on an FHA mortgage, and rent out three of those units. Problem is; lately I've been looking at information related to being a landlord and well... it's really complicated. I want to learn but I'm afraid if I continue learning in bits and pieces from unrelated sources on the web, my knowledge will have gaps. Is there a better way? What did you do?

Bill S. · Answer

First place I rented, I did all wrong but came out ok. Learned as I went. Best Landlording book is "Landlording" by Leigh Robinson. Very detailed and has a form for EVERYTHING, more than you need. It's a cook book. Follow it and he will lead you down the path. Most libraries have it.

Also like the advise of the consulting the seasoned Landlord attorney.

Michaela G. · Answer

Like I learn most - jumping in feet first ;-).

Yes, it's great to educate yourself and have others to ask, but I also see people get hung up with 'analysis paralysis ', because there's always something else to learn and they're afraid to start until they have everything (which isn't possible)

Granted, I'm a 'big picture person' and it's my natural tendency to not go into every little detail until it's too late ;-). And I would not suggest my way of handling business to others. I do many things differently than what a business person would suggest. But this way is working for me and overall I have gained much more this way than I lost.

So, read up on your local tenant-landlord laws, talk to some other landlords, and then jump in

Andrea M. · Answer

Personally, I did a lot of research online (market rents for locations), attended section 8 landlord briefing, familiarize myself with the Tenant/Landlord Act and the rest was trial and error.

However since stumbling upon bigger pockets, I read a lot of the postings good and bad regarding various landlord/tenant issues. Every tenant for me is a new experience and a new lesson on how to improve my process.

Colleen F. · Answer

You will still learn it bit by bit.  Did you learn what you do for a living all at once?  I think everyone on here is still learning.  I learned some from reading , some from sources on here,  a lot from my state landlord tenant handbook, and also experience.  Aside from all that is mentioned above learn how to use applications and screen tenants, hopefully that will save you from having to learn some of the more difficult aspects of landlording too soon.

As you move forward a good practice to follow is while the internet and books can be a good source of supportive information-  if you need an expert (legal , financial) it is worth paying one. No one can know everything.

Dawn Anastasi · Answer

I did the following:

1) Read a lot (I didn't have Bigger Pockets at the time, didn't know about it)

- Books

- Articles online

- The state statutes and city guidelines

2) Attended landlord training classes offered by my city

3) Picked up things as I went

Elizabeth Colegrove · Answer

@Philip Sample

I also recommend buying a few books and reading them on the state tenancy laws. I own property in SC and VA but never CA. Therefore I am reading two books about tenancy laws in CA.

Deborah Burian · Answer

All the advice above is terrific, especially finding a good attorney and knowing your landlord/tenant law.  If you want to take years off your life, spend a morning in eviction court... That may cure you of the desire to be a landlord :-).  If you still want to move forward, the most practical advice we studied was a book called "Managing Rental Properties for Maximum Profit" by Gerald Perry... my edition is 2000, I'm sure it's out of date but just a wonderfully practical tome on the nuts and bolts.

Aly W. · Answer

My first step was to consult with an attorney who specialized in landlord/tenant law and was very well known in my rental property city. I had already gotten a tenant and signed the lease with her. The attorney pointed out a major flaw that the tenant, far more wise in the rental world than I was, ultimately took full advantage of. It was too late to change the lease, but the attorney gave me a copy of the lease they use, and defend, in court. I used that one going forward.

One doesn't usually want to think about evictions or court actions when first becoming a landlord, but you must be fully aware of the landlord/tenant law in your state/city. A consultation with an attorney is usually free; make sure you have a competent attorney on your team. And not one that specializes in divorces, adoptions, DUI's, or real estate purchases. One that is very familiar with leases and evictions. You'll eventually go down that road.

Bill Gulley · Answer

I didn't have a clue when I rented my first rental, not a clue other than from my experience as a tenant.

I suggest you begin by looking at your state landlord-tenant law statutes, they are probably on line. Your Public Housing Authority should have the HUD booklet for landlords, your local landlord association should also have materials on rental issues. You can go to the HUD website for qualification guidelines and requirements. You need to look at the Fair Housing Act and Americans with Disabilities Act. These two should keep you out of most troubles. Look to the state requirements for eviction and abandoned of property and collections.

Stay with local custom over anything you read on the internet, other than law, as any issue you may have will be under that jurisdiction. :)

Gary Hurst · Answer

You know how!  You've lived somewhere before.

1.)They must pay rent, you collect it and give them a receipt or have them deposit it in your bank account.

2.) Must follow whatever is in your lease.  If they dont you could give a warning or a notice to vacate for violations of lease

3.) Communicate both ways so no mis-understandings occur

4.) Pray

That's all I did.  You will learn and adapt as you go.

How did you learn about being a landlord?

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