Hi all, just want some advice/opinions on things I should do during/after closing on First Rental Property? Thank you.
Start making repairs if needed, list property online, change locks, get utilities transferred, prepared all applications(leave copies at property), finalize lease agreement, and decide on credit screening site. These are just a few things you will need to do.
keep a eye on the rental market and what's out there, also know the season can make a difference if it gets cold.
I also get to know the neighbors. They're your eyes and ears.
Check smoke detectors, co detectors, fire extinguishers, handrails on stairs, etc. document checking these items.
Learn the landlord-tenant laws for the city/state your rental is in. The good news is that the section of law for landlord-tenant laws, is not very large. So, it's not that hard to learn - if you don't already know it.
I love the Nolo Press books. They include contracts and forms that are simple and easy to understand by tenants. They spell out how to screen tenants, evict tenants, avoid discrimination issues, etc. See if they have one for where your rental is, or just get a generic one. They also have one for getting the best tax write-offs you can. I bought that one for my daughter. I used the one written specifically for landlords in CA, and used their contracts and forms. Anyway, I get no commission, but I love the Nolo Press legal books. They're so simply written, and by attorneys.
Good luck to you!
the nolo books also usually have a code for free downloadable forms - we just got the codes off the books in the library.
We also signed up for a free month of rocketlawyer to download a copy of our state specific lease to work on as the base of our lease as well as other forms.
We got copies of "truth in renting" and lead paint disclosure booklets from our realtor.
We also made a move in quick tip sheet with phone #s for utilities, info on garbage/recycling, etc.
take lots of pics inside n out. May need later on.
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