LOOKING FOR A FIRST TIME SINGLE FAMILY LANDLORD

12 Replies

Need a step by step how to landlord guide for single family home.

Mostly interested in how to attract and screen prospects. What is the best software.

Payment collection options.

Thanks in advance!

Try Tellus App for your property management software. They can help you all of the stuff you need for property management, from listing your property, screening tenants, rent collection and financial tracking. All of their features are free! I've been using it for a while and everything goes well. 

google North Carolina landlord/Tenant laws. Download everything you find from a .gov address. That will be the basis of your landlording career. You must know all the laws in this business because you are in charge of providing housing to others. Do not take that responsibility lightly.

@Mikhail Loshkarev Check out Brandon Turrner's book--it's awesome, and has a chapter on screening tenants that you'll like. I got it as an audio, and listened while driving....took a couple weeks, not too long.

I've never read Brandon's book but hear it's good. I highly recommend "Every Landlord's Legal Guide" by NOLO. Full of practical advice, updated every year, and it includes a summary of state-specific laws and links to where you can read the law for yourself. I highly recommend you read all the state laws, highlight them, study them, and act within them. NOLO also includes a lot of common forms to use. They aren't perfect but it's a good start.

As for application screening, consider using Cozy.co or TenantCloud or an of the other online systems. These are free for Landlords with a very inexpensive upgrade to accept online payments.

Hi Mikhail.  


Marketing a Single Family Home
is a little different.  You're not marketing to the same apartment seeker or even MultiFamily dweller.  Keep your prospective tenant in mind when creating your listing.  You could be targeting small families looking for their own place or an older couple looking to downsize and not worry about maintenance.  Write an ad that appeals to your target renter.

For rent collection, many of us are big fans of Cozy because it's simple to use and free for both the landlord and tenant if you use ACH transfer.  If you need something more robust for PM, then check out TenantCloud.  It will cost a little but but it has a few more PM features you might find helpful.

Screening is a whole other topic.  Review some of the posts on this forum to get a sense of the issues you will be facing and how to deal with them.  

When it comes to a screening service, too many landlords think they are all the same so they go with the cheapest or most convenient option but be careful because they don't all report the same things.  SmartMove is a favorite but you can get the exact same report for less with other services.  If you go with the screening service your PM software provide just be sure to research it and make sure it's a comprehensive credit and background check. 

I hope that helps!