Soon to be New Landlord of a Duplex! Any tips?

Question

What's up BP family! I will becoming a Landlord within the next month or so as I close on a duplex. Does anyone have great advice for new landlords? I am a pretty good communicator and already have a business-like mindset, but I know a lot more goes into it. I'm looking for tips/advice on managing software, screenings (and which softwares to use), when to list for rent, how to get the best tenants and just things I should know overall. I appreciate all advice given, thank you!

Nathan Gesner · Answer

The biggest mistake made by Landlords? Not knowing how to handle tenants. How to screen, how to write a lease, when to collect the deposit, what to do with animals, how to deal with lease violations, etc. Most Landlords lose tens of thousands - or walk away from investing - because they burn out dealing with problems that are fairly simple to prevent.

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

Biggerpockets sells a Lease Agreement Package under "TOOLS" at the top of your screen. $100 for a lease and several other documents, written by investors and attorney approved for your state. It's better than what you'll get from most attorneys and what you'll find on the internet.

Thomas O'Donnell · Answer

Thanks for the references! Appreciate it!

Thomas O'Donnell · Answer

Oh yeah, and also best things to include in your leases and what should be hard NO's when going through possible tenants.