New investor in Allentown seeking advice and pointers
Hello all,
I'm fairly new to BiggerPockets, but truly love all the information and resources I have gained as a result of reading other people post and comments. I'm empowered daily.
I will be closing on my first investment property this Friday in Allentown, PA. The property is a 4 bedroom single family home, located in the central area. I have a ton of questions and welcome advice and pointers about being a landlord. Below are a list of questions I have (sorry there's so many questions lol).
Questions:
1. What's the best way to collect rent ?
2. Should I accept Section 8 tenants ?
3. Should I go to a realtor to create my lease/find me a tenant.
4. How do you figure out the rental market value for your property?
5. Should I get Renters/landlord insurance ?
6. How do you find your tenants or list your apartment?
7. Does the landlord have to pay for trash removal/water?
Thank you in advance!
Most Popular Reply
1. What's the best way to collect rent ? Automatic EFT is good, if not checks. I try no to do cash.
2. Should I accept Section 8 tenants ? I don't for now, nothing stopping you though.
3. Should I go to a realtor to create my lease/find me a tenant. I use the PA realtor form for the lease. You don't need to be a realtor to use the forms.
4. How do you figure out the rental market value for your property? I am familiar with the area, but you can also use Rentometer.com to get an idea.
5. Should I get Renters/landlord insurance ? You need to get landlord insurance aka DP, the renters should get renters insurance.
6. How do you find your tenants or list your apartment? I post online using zillow, hotpads, etc.
7. Does the landlord have to pay for trash removal/water? It will depends on the city, eg Bethlehem makes the LL reponsible for the trash. What I do is include the trash and water, but factor in the cost in the rent. I don't like changing water and sewer (and associated costs) name each time a tenant moves out.