Trying to make a checklist for my new property
I am just about to move into my new 4 unit property. I have read up and know all the basics I need to set up but what does everyone feel is something they wished they had done in the beginning?
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#5 General Real Estate Investing Contributor
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@Matthew Anderson the inherited tenants can be a problem and need to be thoroughly vetted; the prior LL may have been too lenient. All the best!
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#5 General Landlording & Rental Properties Contributor
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Here’s three good tips to winning as a landlord and they are the three biggest reasons many fail too
Be friendly ..but don’t ever be friends !
Don’t believe any tenants BS stories
If they don’t pay or if they cause trouble file eviction
ASAP donot wait around !
@Dennis M. Thank you for the advice I will keep that in mind.
@Bjorn Ahlblad
@Bjorn Ahlblad thank you I'm trying to figure out a navigate how to handle the new tenants at this time
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@Matthew Anderson one more tip. Don't go to your rental properties in your Porsche; better to have an old pick-up instead!
Setup a basic accounting system. The $50 buildium or similar systems cost will save you hours of excuses collecting rent. I recommend the online payment and get used to the accounting so its like a machine by your next purchase. Make statements and late fees auto from the start.
@Blake Garcia Thank you for the advice
@Matthew Anderson learn the laws and add compliance to your checklist. We have a lease signing package, it includes a pre-move in property inspection, the lease, the brochure "protect your family from lead in the home" and a lead paint disclosure which are both required to give tenants moving into pre 1978 housing for example.
Love the @Ned Carey suggestions. You can find tons of great tips in the Mike Butler book "Landlording on Autopilot" - great read with tons of practical advice.
@Joseph Firmin I just added it to my Amazon wish list. I see it is available in an Audio version.
Originally posted by @Matthew Anderson:I am just about to move into my new 4 unit property. I have read up and know all the basics I need to set up but what does everyone feel is something they wished they had done in the beginning?
Was it mentioned? Read Brandon and Heather Turner's book on rental management. I'm about one third of the way through and it's gold, Jerry, gold. Mike Butler's book is good too.
Originally posted by @Joseph Firmin:Love the @Ned Carey suggestions. You can find tons of great tips in the Mike Butler book "Landlording on Autopilot" - great read with tons of practical advice.
Just downloaded it yesterday and wow love the list of what you need at the end if each chapter.
Originally posted by @Michael King:Originally posted by @Matthew Anderson:I am just about to move into my new 4 unit property. I have read up and know all the basics I need to set up but what does everyone feel is something they wished they had done in the beginning?
Was it mentioned? Read Brandon and Heather Turner's book on rental management. I'm about one third of the way through and it's gold, Jerry, gold. Mike Butler's book is good too.
No I haven't but will now I spent tons of time on building a team finding a deal so now it's time learn how to manage them.