HI GUYS! Question about your first rental income =)

[Fred Gonzalo]

Good morning guys.. Love the site. Today is my first day..  

Im a new investor, who bought a property about 8 months ago. Have a new property manager since the house is about 1 hour away... Had to get rid of the previous property managers since they never answerred their phone or gave me updates or even fix the house as they promised. Anwyay, about 2 weeks ago, my property manager called me and said they have a new tenant..gave me some numbers and said they would email me the lease. Since im a beginner...MY question is..  Do i get the first month security or any of that? when will I expect my first rental check..  4 weeks? 6 weeks? and do they all come in at the same time? Whats a voucher? I would just like to know whats next after the property mgr told me..OK we got a tenant for you.  and how long does the process take before i see anything via email or snail mail like copy of lease if thats what im supposed to get.

Thank you so much guys..

The house i bought was about 45k...and 15 to rehab in NEW JERSEY. As i understand a wise investment if to get rental income instead of selling in that area.

[Justin Fraser]

What town is the property in? A lot of these questions are ones you should be asking the property manager.  You should follow the local laws to take the security deposit- equal to 1.5 month's rent, but I'd expect the management company to be handling this. Your property manager should be able to tell you when the rent will come in, what their fee will be, etc. They should also be able to provide you with the lease.