This is my 1st Property I am managing. As a new landlord what tips or advice does anyone experienced have that I might use
Some helpful information I've come across in my time as a landlord include:
1. Be sure your lease is state specific and add addendum's to your lease - Many posters on BP have great ideas to add - see: https://www.biggerpockets.com/forums/52/topics/442...
2. Thoroughly VET prospective tenants (criminal, background & credit history), check out their social media, get references. There are some great online screening services out there
3. Treat it like a business, you may feel bad at times, but at the end of the day you aren't their friend, and this is your money on the line.
4. Decide whether you want to offer month-to-month, 6 month, yearly or multi year leases. Shorter leases seem to give you more flexibility.
5. Eviction laws are different in every state, have a thorough understanding of how these laws can affect you should you have to evict.
6. Have a good team of reliable people in place, should something go wrong. Local meetups can help you meet some licensed professionals in your area such as, plumbers, electricians etc.
7. Systematize everything from rent collection to record keeping, there are many online softwares that can help you out with this.
Hope this was helpful!
Thank you I appreciated it. I've done some reading watched some videos,but as you may know you must have some experience
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