Just purchased a multi family in Shelton CT. Any advice for a first time land lord?
What is the best way to market and rent your property?
Is section 8 the best way to go?
What should be mandatory clauses on your renters agreement?
Feel free to give any advice!!
Howdy @Jean Torchon - some more details would help! Shelton is a pretty decent town, what type of property did you get in what neighborhood? Did you do a comparative search on Craigslist for your area for pricing?
There are some other item's you need to address:
These are the beginning things you need to know to make sure your lease will work.
@Jean Torchon multi families are great specially for cash flow but they have their own set of issues. Advice? there's so much that you will benefit more from them if you have specific questions.
So here are a few random ones:
* Put a "team" together for repairs/maintenance unless you plan on doing them yourself.
* Get a good lease ( you can find one here on BP) or have your attorney draft one, or use a generic one from Staples and add a few or a lot of addendums to try to customize it.
* Select your tenants VERY VERY carefully! your success and stress level will be very closely linked to whom you select as a tenant ( one of the reasons why some landlords do not like section 8 tenants - I do have a few section 8 tenants myself)
* Learn the tenant/landlord laws of CT. You can grab a free booklet discussing them at any courthouse.
* learn how to manage people/ different personalities specially in a multi family situation ( you will have to manage different tenant expectations regarding noise, parking, common area use, cleanliness, etc)
* Craigslist has a bad reputation but it can be a great resource. Use if to check what other landlords are asking for rent for comparable apts. You can also use the "rent" section of realtor dot com for ideas.
Talk to other landlords in your area and learn from them. Set the rules with your tenants from the get go and be firm but also a little bit flexible based on the situation. Above all, remember that we landlords are in a customer service business! Good luck...
Good news... there are lots of resources (like BP) and I would check out books on the topic (lanldording, ideally for your scale)... The classics and even some new ones are mentioned on BP in a few threads. Landlording (by Leigh Robinson) is a classic chestnut (if a bit dated) of the field, but there are many more out there.... You get to study and learn both on the ground and in a book--so it is a unique opportunity to gain experience fast....
Best of luck.
Online advertisements are the best in my judgement; Craigslist, Postlets and Rentlinx (I would put an ad up on all three). I would also recommend reading The Landlord's Survival Guide by Jeffrey Taylor, which is my favorite book on property management and takes a very unique approach to the business.
Congratulations on your investment and becoming a landlord! Best way to market is to write a great description and take awesome photos showcasing your property. Where to advertise depends on your budget. You can post free on various outlets like Craigslist and Postlets.
Pre-qualify prospective person when they inquire about the property by establishing rental qualifications for your application process. Read up on landlord/tenant law in CT and consult an attorney if you have specific questions. Learn about Fair Housing laws.
Scroll through the Landlord section of the BP forums here for lots of information. Also search generic rental agreements online. You can Google "CT Lease" and a few options come up. For specifics, I would have an attorney assist with adding more clauses to ensure you're protected the way you want to be.
Welcome to the Best Real Estate Site on the Net.
It is always nice to see another Ct., Resident in the forums.
Click on the “learn tab” at the top of this page, and you could be spending many hours on the Information that is available.
I think one of the most important aspects of any business is to try to be consistent and set up a system. For instance, landlords should perform background/credit/criminal checks on all prospective tenants. If you set this up in your business, be consistent and check everyone. Also, try to administer the rules equally to all tenants. We sometimes forget that we are running a business and get involved in the charity business. It is difficult when a tenant can't pay the rent, but it is equally difficult when we can't pay the mortgage or the landscaping bill.
You can rent your property on craig's list, rentlinx, apartment.com, there are various websites. You can also create your own website advertising your properties with pictures and videos. Our lease is not prohibitively long and lists all the basic language. You can always have a lawyer look over your lease to ensure it is comprehensive and protects you.
Thank you for all your great responses. I wish you all great success and hopefully I can be a great help to all as well, sooner than later. God Bless