First Rental, overwhelmed

[Douglas White]

Hey BP So I bought my first rental investment property. I closed on it about three weeks ago and I just finished my rehab phase. I put it for rent last night already have had about 15 some acquires and now I’m getting questions that I do not know how to handle. I’m asking BP and somebody that knows the Baltimore area can answer few questions.

What legal terms should I be aware of? I read MD page but only got information on is registering a house.

It will be pet friendly, anything I should be aware of I’m considering a down payment upfront or monthly payments.

I have people lined up to see the place what are the steps I take after they want to move in? What if it’s multiple people do I let them bid?

What leasing contracts should I obtain? What’s the safest way I can keep myself covered, should I get an attorney?

I am going questions about section 8 vouchers should I be interested in these?

Thanks in advance

[Alan C.]

Sorry to be harsh, but how could you buy a rental property without considering all the questions you are now asking?

It sounds like you bought the property hoping it would just work out. That is not a good strategy, especially when there is  so much information available.

Do you know about equal housing laws, rental registration, rental inspections, etc?

If you make a mistake in one of these areas, you could be facing large fines. 

Pardon my language, but you are doing this ***-backwards. 

You will now be trying to get this done quickly to get the place rented and that will cost you a lot in the long run.

I can give you one very valuable piece of advice: The most important thing you can do is to make sure you screen your tenant very carefully. Almost all housing providers will tell you it's better to have a vacant property than a bad tenant.

I'm president of a local REIA and we have a group of housing providers that meet to share their knowledge. I think you should consider joining this group or a similar one in the Baltimore area.

Best of luck.