New to Real Estate · Camp Lejeune, NC · Member since 2021 · 44 posts · 32 votes
Hello! I am looking to buy my first townhome and am planning on bringing in tenants to help cover the mortgage/add some additional cash flow each month. Any tips/tricks I should know before buying? Thanks!
Hi Aidan! Smart move on bringing in tenants to help with payments. I would recommend you form professional relationships with vendors nearby. (Plumbers, electricians, painters, contractors, etc) just in case you need to use them in the future. This will help you in the future to prevent you to have to scramble and find someone later on.
Also, decide if you will allow pets, smoking, customized decorating, etc. Going into a contract crossing all "Ts" and dotting all "Is" is important and helps you get taken seriously.
I would also run a back ground check on your tenants. Even if they are friends or mutual acquaintances, as the owner, you do not want to be left stranded because the tenant was not a good one. Good Luck! hope this helped!
Aidan - will you be buying the property as a rental property or as a primary residence ? if buying as primary residence and getting a loan - your lender wont want to hear about you renting it