Hello, my name is Jeff. I close on my first rental property purchase in 2 - 3 weeks. I wasn't expecting to buy my first rental property until next year, but I came across a deal that I couldn't let pass by. I joined bigger pockets to learn from people that have been successful in the buy and hold game and also because I have no idea where to start when it comes to doing background checks, marketing the property, and what I'm supposed to be tracking along the way. Hopefully I can absorb enough over the next couple of weeks to at least get me off to a good start.
Welcome to BP!
Welcome!!!!!is your property in Mt. Washington?
Hope you will enjoy the services of B.P.
Thanks for the warm welcome. @Kevin Allen the property is in Mount Washington.
Hi @Jeffrey Huff welcome to BP! You will find a ton of resources on here. Are you looking to manage the property yourself?
@Dan Barli Thank you. I have only been searching through the forums for a couple of days now and it has been extremely enlightening. I am planning to manage it myself. It's about 1/4 mile from my house.
@Jeffrey Huff welcome to REI and the BP community. You have certainly come to the right place to learn all about REI. I would suggest getting a good strong lease and getting to local investors in your area at REIA meetings. Good luck on your REI journey.
Thanks @Jim Wilcox. I've got idea of how I'm going to handle to just about everything except the lease. Any suggestions on where to look or who to talk to for leases?
Welcome to BP Jeff! I'm new to the site as well.
I agree wholeheartedly with @Jim Wilcox about the need for a strong lease (e.g. one that covers all types of situations). BP offers some if you upgrade to Pro and you can find them online as well. I currently have a rental in property management but I used to manage it myself. I probably have a lease saved electronically. Let me know if you'd like a copy.
Regarding background checks it has been a while since I managed my property in Texas but at a minimum have any prospective tenant fill out a thorough application. Then call their employer, references, and past landlords. Additionally, there are some good websites where you can pay for credit checks and/or criminal background checks. I'd recommend having them sign some kind of release of information document to ensure they know you'll be doing all those checks.
For advertising utilize all the free options you can (e.g. Craigslist, Facebook marketplace, and other real estate sites).
Hope this helps. Please let me know if you have any questions.
Thanks @Allan Bishop Jr. If you wouldn't mind that would be great. I'll look into upgrading to Pro as well. For background checks, I was planning on using smartmove or turbotenant. Haven't decided on which one yet. As an aside, a lot of my family lives in Hardin Co. I went to North Hardin and graduated from Central Hardin. Small world!
@Jeffrey Huff BP, local REIA groups, fellow investors like @Allan Bishop Jr. that are willing to share their lease are all good options to start. A lease is something you will likely always be changing and adjusting as you see fit. It will become stronger the longer you have it. Best to start with one that is a little more specific to your state but there are basic ones online as well. Also, keep in mind how you are wanting to handle pets. That will come up when screening tenants.
Third party services like SM and TT for BG checks are fine. BP has a coupon code for SM and I find them easy to use. Your prospective tenants will need to still fill out an application and that is on you and your own due diligence on screening them with past landlords, income verification, ect... as mentioned. If they pass the application stage then you can move onto the BG checks.
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