First Rental Properties

7 Replies

I just acquired my first rental properties. Two buildings both containing 3 units each. Each rents at about $600-800 range. I have no mortgage or money owed on these. Any advice or "must knows" about entering this business. I've been educating myself endlessly but it is nice to get some more tips from experienced landlords and property managers. 

I plan to have both properties rented out in the next month. 

  There are many on bp that would like to be in your shoes, A newbie with 2 three units and NO MORTGAGE ! WOW !! I wish that someone would have impressed upon me the importance of screening your tenants. That is the nugget of wisdom that I wish to pass on to you. Give them a home that you would be proud to live in,  screen them well and you will be well on your way to becoming a happy landlord.

@Michael Scarpato

Congratulations on your newly acquired triplexes and welcome to the world of landlording.

Below, are some links to get you started in your new role.

https://www.fanniemae.com/content/tool/landlord-guidance.pdf (Fannie Mae landlord guidance)

https://www.biggerpockets.com/renewsblog/2013/01/0... (How to rent your house)

http://www.biggerpockets.com/renewsblog/2012/12/09/how-to-be-a-landlord/ (How to be a landlord)

https://www.biggerpockets.com/rei/pay-rent-online-payment-tools/(Online rent payment)

Congratulations! I would second what @Dan Dawson said and take your time screening tenants. Of course you are anxious to get all of your units rented out, but it is so important to make sure you have the best tenants possible. This will help minimize your risk of costly and time consuming evictions down the road. Be sure to verify their employment and rental history and follow the same screening procedures for every prospective tenant.

From our entire team, we wish you an incredibly successful future.

Congratulations that is absolutely amazing!!

One of the biggest keys to my success has been my lease and the execution of the lease. This has helped me not only with tenant management but also profitability.

Here are two articles I wrote about it.

https://www.biggerpockets.com/renewsblog/2015/10/1...

https://www.biggerpockets.com/renewsblog/2015/11/2...

The biggest thing I learned was its a marathon not a spring and to simply keep with it.

@Elizabeth Colegrove you have touched on a subject that's near and dear to my heart. I've tried a few lease forms and I have come around to your philosophy on leases. I'm in Texas. Any suggestion on an experienced and well tested lease form for Texas (inclusive of the addendums) that I can leverage?

Thank you in advance for the referral and information. Perhaps the best answer is to just hire a real estate attorney to draft the docs (which they should have most of anyway) but I like the idea of them having the touch and changes based on practical experience of an investor.

Originally posted by @Steven Anderson :

Elizabeth Colegrove you have touched on a subject that's near and dear to my heart. I've tried a few lease forms and I have come around to your philosophy on leases. I'm in Texas. Any suggestion on an experienced and well tested lease form for Texas (inclusive of the addendums) that I can leverage?

Thank you in advance for the referral and information. Perhaps the best answer is to just hire a real estate attorney to draft the docs (which they should have most of anyway) but I like the idea of them having the touch and changes based on practical experience of an investor.

 I don't sorry. Since we are active duty so I always down load a legal zoom lease add all my addendum's (after checking that they don't violate state law) and than go from there.