What have been your very best landlording tips?
Over the past couple of years we have focused mostly on flipping houses in Arizona. But starting this year, 2017, we are now starting to pick up rental properties that we are turning into lease options. So far we have picked up 4 properties in Arizona that we have lease optioned and we have 4 more that are in the various stages of rehab and coming to market.
As a fairly new landlord, what I would like to know is what have been the very best tips that have helped you the most when you started out as a landlord?
Thanks for your helpful tips.
Most Popular Reply
Hi @Shiloh Lundahl,
On the acquisition side, it took me a long time to fully understand cash flow calculations. How to properly forecast costs for repairs, maintenance, CapEx, vacancies, and even learning that I needed to include property management costs even if I were managing the property myself.
On the management side, the two most important things are tenant screening and tenant retention. Turnovers are where you lose money as a landlord, so those two tasks become the highest priority.
Please don't hesitate to reach out over PM at any time!
Cheers,