How do I manage my first rental property?

Question

I bought a house with my VA loan in Jacksonville NC and was hoping to have it rented by October. However Hurricane Florence threw a wrench in those plans! My insurance is covering repairs which should be done in a couple weeks. I want to manage the property on my own but am looking for suggestions on how to market? Also once I do screen and choose a tenant, what legalities need to be put in place to ensure I get paid, my tenant is happy and I don't lose my butt if the place gets trashed... (Fingers crossed) Of course I need a contract but other than a good contract what else do I need to be aware of? Also what makes a good contract and where do I get one? I'm a newbie I could list a million more questions but I hope your answers lead me in the right direction! Thanks!

Edward Kiser · Answer

Awesome, thank you Jennifer!

Christine Kankowski · Answer

Make sure you are up fo date on Fair housing laws.  Have a clear list of requirements to be approved-  credit score, income, are pets allowed, rental history etc and make sure to verify EVERYTHING.

Know how you will handle repairs, collect rent.  Make sure you know how to handle if they don't pay rent, if they move extra people in, if they damage items-  what is tenant responsibility to pay- pest control, snow removal, gardening, pool service, filter changes.

Are you prepared to respond if they call you for little things like lightbulb changes, remove control batteries, etc.

Bigger pockets has a lot of iformation.  The more you know up front, them better you will handle the tenants. Best of luck!

Joe Gonzalez · Answer

@Nathan G.  Thank you

Nathan Gesner · Answer

You need to read a book like "Every Landlord's Legal Guide" by NOLO or "The Book On Managing Rental Properties" in the BP bookstore. Build a basic understanding of what it takes to manage and then refine your question.

Jenny Bayless · Answer

I like to market my properties on Zillow, since that syndicates to other rental websites (such as Trulia and Hot Pads).  Regarding the question on what legalities you need in place, I would suggest getting a lawyer-drafted lease so that it protects you and follows your state's laws properly.  The Book on Managing Rental Properties is a fantastic resource to get started.