New to Rental Property Management

2 Replies

Hi! Everyone, I’m new rental property management, I wanted to ask a couple questions and if anyone could give some feedback that would be great! We are from north jersey, and my dad currently has 21 units, but is retiring and passing everything to me to manage for the future. I have been working on the units for close 15 years with him....I’m 25 by the way. We have a contractor, plumber, etc. But I’m looking to get my own first building (multi family.) We have been to foreclosure sales will keep going, but I want to start working with people around the area to learn how to BETTER manage. I already graduated college so my main focus are the buildings, if can throw some advice my way! Please and thank you!

Updating your software, records and tax data retention. Back up these data in the cloud. These days tenants often are expected to deposit on line. I see a property manager who gets a monthly statement on each of his property. His job is very smooth.

You probably need to be comprehensive on background search and rental history. A bad tenant can make your life miserable. 

Also make sure your name is properly recorded and have adequate insurance covering your liability and on properties.

Good luck.

@Sam Shueh Yes! I learned that the annoying way of when people pay in parts like “here’s 600 and ill pay the next 400 in a few weeks” is quite stressful and has been for many years so I want to change that without affecting the cash flow. But I know that will be difficult, I will be going to my first Real Estate Investors and Managers Meeting in the middle of September to meet and network to learn about the ins and out of the rental management business and hopefully meet some great people!