Househack/Landlord newbie, any advice??

Question

I am under escrow with this duplex, 2 bd 1 bath each and am taking on this new role as landlord. I am curious to discover any advice anyone has to offer while being a new landlord. Can/Should I use a generic tenant contract from Google or should I hire a lawyer to help me craft one? What resources do I need to effectively screen tenants, how do I run their credit or criminal history? Anything helps, thanks!

Aaron Arnold · Answer

Jumping into the landlord game with your duplex is a smart move, but yeah, it comes with its fair share of homework. First off, while grabbing a lease agreement off Google might seem like the easy route, it's kinda like using a one-size-fits-all shirt for a diverse group of people; it might not fit perfectly. Laws are super local, changing from one place to another, so it's a smart move to get a lawyer to tailor that lease specifically for your spot. This way, you're covered legally, and your lease includes everything from rent details to what happens if someone decides to turn your living room into a circus ring.

Now, about finding those gold-star tenants, it's all about the background check. There are a bunch of online services that can run credit and criminal checks without breaking a sweat. You'll want to make sure your tenants can comfortably afford the rent—usually, their monthly income should be about three times the rent. And don't skip on chatting with their previous landlords; you'll get the real scoop on what they're like.

Remember, being a landlord is not just about collecting rent; it's about being fair, knowing your stuff, and keeping your property in tip-top shape. It's a bit like being part of a community. You're providing a home, not just a house. Plus, there's always more to learn, so don't shy away from landlord forums or local real estate groups. They can be goldmines of info and support. Good luck, and here's to finding tenants who treat your place like their own!

Jon Schwartz · Answer

@Jose Aguilar, fellow Cali landlord/house hacker here.

Firstly, take advice from out-of-staters with a grain of salt. They don't really know what they're talking about.

Secondly, you don't need a lawyer to draft a lease!

Thirdly, zillow.com and apartments.com both offer great, free tools for taking rental applications, screening tenants (via credit reports), and even doing leases and rent collection. Check them both out!

Fourthly, buy "The California Landlord's Law Book" by an organization called NOLO. You can buy it on Amazon. It explains everything you need to know about being a landlord in California.

Good luck!

Best,

Jon

Glen Wiley · Answer

California can be weird. Most states Realtor associations provide a standard residential lease suitable for your state. I recommend starting with that. If you change it you may want to have an attorney look at your changes.

I use zillow or apartments.com to accept applications, both offer services to run credit and do background checks.

For screening you need to set your criteria before you start advertising.

I recommend reading a book on landlording, my favorite is "Landlording on Autopilot".

Househack/Landlord newbie, any advice??

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