How to manage your own rental property and not through a PM

[Peter K.]

Hi all, I'm looking for a guide to managing a rental property myself? I am within a local area of where the home will be located. my question is: 1) How do I draft a contract once I find a possible tenant for a lease? (do I need a lawyer, etc) 2) For monthly payments- do I have to physically goto the place to collect or is there some sort of online payment system a personal landlord can use? (preferably a very low cost that doesnt eat away at my rent income) 3) With regards to maintenance- where is a good place to start for me to find a handyman that can come to the property instead of me having to be there? thanks all in advance!

[Anthony Barbato]

Hi Peter Kim

1. There are many examples/samples of contracts online. That could be a very good start for you. Then from there, I'd make sure you know all of your state and local laws, and I would begin adjusting the sample contract to include things that you want and/or need. Before finally using the contract, I'd recommend your attorney look it over to be sure everything looks good.

2. I would try to completely avoid picking rent up at the property, if at all possible. We allow tenants to pay using ACH transfer, or a website called Cozy.co which allows tenants to pay using a bank account or credit/debit card for a small fee. We do also allow snail mail for tenants that are not very tech-savvy, but we make sure they understand that rent must be RECEIVED by us by their due date, so they must mail accordingly.

3. As for repairs, start to build relationships with local contractors/handymen. You will definitely go through many before you find yourself a good repair team, but always keep in mind that you get what you pay for.