I have my first rental

[Bernice Monroe]

Im SUPER excited!I have my FIRST rental. But im also nervous.Im not sure how this is going to work out for me. Since Im always at work I hired a property manager and has put all my trust into them.In your opinion what constitute as a good property manager?Hopefully everything works out for the best.Now my question is,eventhough I only have one investment,should I hire a lawyer just in case anything were to happen on my property?Or I shouldnt worry about that until I actuallly start building my portfolio???

[Stetson Miller]

@Bernice Monroe Congratulations! Since the @Joshua Adlam covered the entirety perfectly, I would just like to reiterate the point that response rate is the single most important factor to look for in a PM. Not only is it important for your own inquiries and questions, but this is representative of how quickly your tenants will have their issues addressed as well. Seconds matter in emergencies, you never know when something like that may come into play!

Regarding an attorney, dependent upon your contract, legal issues are something that should be handled almost entirely by your PM. In the case they aren't, they should be able to refer you to a trusted professional. Let them carry the cost of having an attorney on retainer, since the liability falls on them to prevent any lawsuits from occurring in your rental. On the other hand of that, it will never hurt to have a previously formed relationship with an attorney you can trust. Ask around and see if anyone will take an expense-paid lunch invitation. Worst they can say is no, and you're in no worse situation than when you started!