Just closed on our first rental property

[Gwen Pike]

Hello all! We just closed on our first property. Now what do we do?

[Jonathan Soto]

Will need more information. Is it a single or multi family. is it rented out, can you rehab it to add value to it. Rent it out to good tenants if its vacant and doesn't need work. Continue to saved for the next property. Best of Luck.

[Jim K.]

If you really need to ask that question, why did you buy the property?

[Jason D.]

Sell!!

[Shannon M.]

Congrats!!! It’s scary but exciting! If you’re comfortable managing yourself a book that I loved and found helpful was Brandon Turners The Book on Managing Rental Properties. Lots of information on how to build systems and forms. If not, don’t be afraid to hire a management company. 

[Gwen Pike]

@Shannon McEwan Thanks for the advice! Since this is my first rodeo, I thought I would get more information on my tenants from the previous owner. All I received was a lease agreement and their phone numbers. But as they say, it’s not easy being green!

[Gwen Pike]

@Jonathan Soto Hi Jonathan! It’s a duplex with inherited tenants. I don’t know if there’s a podcast on now you have the property, let’s learn how to manage. Shannon suggested I get Brandon book. Thanks for responding!

[Shannon M.]

@Gwen Pike I completely understand! I’m right there with you! Hang in there. You have to start somewhere. I promise no one here got to where they are now without learning and starting where you are.

[Chris Virgil-Stone]

Read landlording on autopilot.

[Karen Rittenhouse]

@Gwen Pike - Read and study your state laws on landlording. You must know what your state allows and local tenant rights.

I've written a book The Essential Handbook for Landlords, (on Amazon) because I've had hundreds of rental properties and managed hundreds for others.

• Read the rental agreements you received to know what agreements your tenants have now that you must honor.
• Write those tenants to let them know where and to whom they should now send monthly payments.
• See when those current agreements expire. As soon as you can, create new leases for them with wording you want. 
• Be sure you have a great real estate attorney who can help you with your contracts and is also a litigator to go to court with you if needed. All attorneys will create contracts for you but most are not litigators meaning they will not go to court. If I have someone create contracts for me, I want them to be willing and able to defend me if challenged!

And I have a blog, KarensPerspective, where I've written a lot on landlording. I was a coach for a long time and I found that it is not uncommon for people to buy rental properties and have no idea what to do next, like you, so I wrote my book where everything is in one place and I could stop repeating myself!

Congratulations and good luck to you.

[Aziz Raji]

Congrats! Steps closer towards financial freedom.

[Megan Phillips]

I second Brandon Turner's book.

Get familiar with state tenant laws. 

Read these forums.