How do you start your first renter property?

7 Replies

Hi,

I just bought my first turnkey out of state property from the roofstock (still in the closing process). How does anyone start their first rental property? is there anything I need to be aware of? and what should I be expected in the coming weeks/months? any tip or experience to me?

Thank you!

Tony

@Tony Zhang   These are probably questions you should have vetted out before you purchased the property.  : )

I'm going to assume you bought out of state so you need to get yourself a good property manager first and foremost. If you have a good property manager then they should be able to help guide you through most of what you need.

Best of luck to you though and congrats! 

Get a property manager, learn everything you can from them. Run questions past them on repairs, how to handle situations with tenants when they ask you what you want to do, etc... To start, you need to expect you'll make some mistakes, you'll think you understand things one way and later have a different view, and you'll grow. Get people you can talk to that have experience and use their help.  I have a chat group with friends who all invest and we're always trading notes. 

@Tony Zhang I agree with some of the other comments here. If your turnkey provider has not engaged with a property manager, you should do so. You don't want to be dealing with tenant and/or maintenance issues from a distance. Its great you made the leap to make your first investment, many folks never get that far. Best of luck to you!

Hello BP community, I’m needing some advice on weather or not to pursue a deal. I’ve never owned rental property but I’ve become inspired by seeing some the the podcasts on BP. I started considering purchasing a 2 family or 4 family unit (with-in my means). However as I was searching on line I found a 14 unit complex for sale just 20mins from me. I don’t have that kind of cash flow. How could I go about getting the funding? Any advice would be appreciated. Thanks, Jose.

@Tony Zhang

Get a good Property Manager and learn along the way. You took a great step (the most important step) that many people don't. 

If your turn-key provider doesn't have an in-house property manager (which I think they should have), ask them for a recommendation and go from there.

Goodluck and Congratulation! Cheers to many more properties under your belt.

Even a property manager won't solve your problems. How do you know you're getting a good one if you don't even know the fundamentals of real estate investing? I highly recommend you read a good book on the basics of managing a rental. My personal favorite is "Every Landlord's LEgal Guide" by NOLO because it is full of practical advice from beginning to end and it includes the specific laws for your state. You should also consider researching what a property manager does and some red flags to watch for when looking for one.