New landlord: Need advice on apps to manage your property and lease agreements
Most Popular Reply
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
1yManaging on your own seems easy . . . until it's not. The forums are full of self-managing landlords who make little mistakes that turn into big mistakes that cost them years of cash flow (or more).
If you want to be a DIY landlord, I recommend books, blogs, classes, or other resources to educate yourself quickly.
The DIY Landlord Book4.7248 Reviews
24 Replies
- Member since 2023 · 5 posts · 1 vote1y
Quote from @Keri Win:
I will be renting 4b2.5b home in the suburbs of Ga in the next few months. It's has hardwood throughout, fenced yard and screened patio, great school district etc. I will include appliance except microwave and small dogs will be ok My question is I want manage the property by myself. do have a contractor/Handyman that is reliable. My question is where do you get your lease agreement and what app do you use to manage your property? And screen tenants? The home is on a septic tank so i need to be specific with septic care. I am not in an HOA so there is no rental restrictions.
I pulled my lease from Bigger Pockets - they have state specific leases and all the addendums. I also just signed up for Rent Redi (thru BP). I am using this for applications, screening and rent payments. RR also offers rent reporting to all 4 credit bureaus which is really nice. Good luck!
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes1y
Managing on your own seems easy . . . until it's not. The forums are full of self-managing landlords who make little mistakes that turn into big mistakes that cost them years of cash flow (or more).
If you want to be a DIY landlord, I recommend books, blogs, classes, or other resources to educate yourself quickly.
The DIY Landlord Book4.7248 Reviews - Member since 2023 · 5 posts · 1 vote1y
Quote from @Wendy Zost:
Quote from @Keri Win:
I will be renting 4b2.5b home in the suburbs of Ga in the next few months. It's has hardwood throughout, fenced yard and screened patio, great school district etc. I will include appliance except microwave and small dogs will be ok My question is I want manage the property by myself. do have a contractor/Handyman that is reliable. My question is where do you get your lease agreement and what app do you use to manage your property? And screen tenants? The home is on a septic tank so i need to be specific with septic care. I am not in an HOA so there is no rental restrictions.
I pulled my lease from Bigger Pockets - they have state specific leases and all the addendums. I also just signed up for Rent Redi (thru BP). I am using this for applications, screening and rent payments. RR also offers rent reporting to all 4 credit bureaus which is really nice. Good luck!
- Member since 2023 · 5 posts · 1 vote1y
Quote from @Wendy Zost:
Quote from @Keri Win:
I will be renting 4b2.5b home in the suburbs of Ga in the next few months. It's has hardwood throughout, fenced yard and screened patio, great school district etc. I will include appliance except microwave and small dogs will be ok My question is I want manage the property by myself. do have a contractor/Handyman that is reliable. My question is where do you get your lease agreement and what app do you use to manage your property? And screen tenants? The home is on a septic tank so i need to be specific with septic care. I am not in an HOA so there is no rental restrictions.
I pulled my lease from Bigger Pockets - they have state specific leases and all the addendums. I also just signed up for Rent Redi (thru BP). I am using this for applications, screening and rent payments. RR also offers rent reporting to all 4 credit bureaus which is really nice. Good luck!
@Keri Win I just realized I made a typo! I meant all 3 credit bureaus, apologies
- 1yKeri WinMember since 2023 · 16 posts · 5 votesOPThanks so much!
Quote from @Wendy Zost:
Quote from @Keri Win:
I will be renting 4b2.5b home in the suburbs of Ga in the next few months. It's has hardwood throughout, fenced yard and screened patio, great school district etc. I will include appliance except microwave and small dogs will be ok My question is I want manage the property by myself. do have a contractor/Handyman that is reliable. My question is where do you get your lease agreement and what app do you use to manage your property? And screen tenants? The home is on a septic tank so i need to be specific with septic care. I am not in an HOA so there is no rental restrictions.
I pulled my lease from Bigger Pockets - they have state specific leases and all the addendums. I also just signed up for Rent Redi (thru BP). I am using this for applications, screening and rent payments. RR also offers rent reporting to all 4 credit bureaus which is really nice. Good luck!
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes1y
You get a lease agreement from an attorney. You can also buy a Landlord Forms package from Biggerpockets, me, or find one online and hope it's sufficient and legal.
You don't need an app to manage your property. See my software guide below.
Here's a detailed guide on how to screen applicants: Application Screening Guide
My Landlord forms package includes a septic addendum, or you can try finding one online with a Google search.
Anything else I can help with?
Software is a common question on BiggerPockets. Here are some things to consider:
- Most investors don't need software until they have 5-10 rentals. You only need a place to track tenant information, payment history, maintenance, etc. You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it. Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.
- Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. Do you need all this for a couple of rentals?
- There is no perfect software out there. Every system you try will have flaws, or you may salivate over a feature that appears in other software.
Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.
I recommend conducting thorough research on each app online to understand their offerings, pricing, etc. Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements. Try to narrow down your options to the top 3-4. Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function. Perform the same task in each app to ensure a fair comparison.
- Load a property with pictures and details.
- Market that property.
- See what your marketing looks like from the public's perspective.
- Submit a fake application to see how easy the process is.
- Run a credit/screening report on yourself.
- Enter a maintenance request, assign a vendor, and attach a fake invoice.
- Enter charges to the tenant's ledger.
- Enter recurring charges and automatic late fees.
- Sign documents electronically.
- Run owner reports.
After testing a few apps, one should clearly stand out. It's important to choose that one and commit to using it. Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object. You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds. At that point, it's worth researching and finding a solution that better meets your needs.
The DIY Landlord Book4.7248 Reviews - 1yJonathan GreeneBusiness MemberReal Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
You are not ready to be a landlord based on the content of your post. That doesn't mean that you can't, but you need help. If I were you, I would get a realtor to rent the place so you have assistance with tenant choosing and then figure out how to manage it yourself if you want to, but I would be worried for you. You can use a site like Azibo for free to manage, it does everything you need it to. How old is the septic? If you want to have the least maintenance possible, make sure you fix and repair everything before you take on your first tenant.
Zen and the Art of Real Estate Investing59 Reviews - 1yArvand SabetianBusiness MemberMember since 2024 · 62 posts · 21 votes
I think most others have already provided sound advice.
I wanted to emphasis having a conversation with your tenants about the septic tank, not just a clause in the lease that you assume they'll read and understand.
Many people are unaware of what they can be doing that causes issues to septic tanks (e.g., flushing the wrong items).
Also, make sure you do a walkthrough yourself prior to filling the unit. Document the condition of your property inside and out so you have that as a reference point later down the road. - 1yKeri WinMember since 2023 · 16 posts · 5 votesOPOmg thanks for this wealth of information! I will definitely do a trial of the app to see if it fits my needs.
Quote from @Nathan Gesner:
You get a lease agreement from an attorney. You can also buy a Landlord Forms package from Biggerpockets, me, or find one online and hope it's sufficient and legal.
You don't need an app to manage your property. See my software guide below.
Here's a detailed guide on how to screen applicants: Application Screening Guide
My Landlord forms package includes a septic addendum, or you can try finding one online with a Google search.
Anything else I can help with?
Software is a common question on BiggerPockets. Here are some things to consider:
- Most investors don't need software until they have 5-10 rentals. You only need a place to track tenant information, payment history, maintenance, etc. You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it. Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.
- Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. Do you need all this for a couple of rentals?
- There is no perfect software out there. Every system you try will have flaws, or you may salivate over a feature that appears in other software.
Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.
I recommend conducting thorough research on each app online to understand their offerings, pricing, etc. Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements. Try to narrow down your options to the top 3-4. Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function. Perform the same task in each app to ensure a fair comparison.
- Load a property with pictures and details.
- Market that property.
- See what your marketing looks like from the public's perspective.
- Submit a fake application to see how easy the process is.
- Run a credit/screening report on yourself.
- Enter a maintenance request, assign a vendor, and attach a fake invoice.
- Enter charges to the tenant's ledger.
- Enter recurring charges and automatic late fees.
- Sign documents electronically.
- Run owner reports.
After testing a few apps, one should clearly stand out. It's important to choose that one and commit to using it. Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object. You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds. At that point, it's worth researching and finding a solution that better meets your needs.
- 1yKeri WinMember since 2023 · 16 posts · 5 votesOPYes having a conversation will be helpful so that they clearly understand how to care for a septic and that you cannot flush certain items. Thanks for that pointer….I will also be getting the septic pumped prior to renting.
Quote from @Arvand Sabetian:
I think most others have already provided sound advice.
I wanted to emphasis having a conversation with your tenants about the septic tank, not just a clause in the lease that you assume they'll read and understand.
Many people are unaware of what they can be doing that causes issues to septic tanks (e.g., flushing the wrong items).
Also, make sure you do a walkthrough yourself prior to filling the unit. Document the condition of your property inside and out so you have that as a reference point later down the road. - Real Estate Agent · Memphis, TN · Member since 2019 · 365 posts · 264 votes1y
Bigger Pockets has lease agreements, renewals and all kinds of docs available. There or a realtor should be able to get you one that's provided to them at no charge.
I use mysmartmove.com for the credit checks and background checks. Bigger Pockets had a useful application I used for screening my residents
- Lender · Knoxville, TN · Member since 2024 · 112 posts · 23 votes1y
I know a lot of investors who have had the same feelings as you. Mostly without exception they have told me, the worst mistake they made was trying to do it on their own. They all have property managers now. Most were renting below the market.
Using a property manager can significantly benefit you in several ways:
1. Expertise and Experience: Property managers have specialized knowledge in managing properties, including understanding local market trends, legal requirements, and tenant relations. Their expertise helps in maximizing property value and minimizing risks.
2. Time Savings: Managing properties can be time-consuming, involving tasks like tenant screening, maintenance coordination, and rent collection. A property manager handles these responsibilities, freeing up your time for other ventures or personal pursuits.
3. Tenant Management: A property manager conducts thorough tenant screenings to find reliable tenants and handles lease agreements, renewals, and evictions if necessary. This results in lower vacancy rates and better tenant retention.
4. Maintenance and Repairs: Property managers have established relationships with contractors and vendors, ensuring timely and cost-effective maintenance and repairs. They can address issues quickly, which helps maintain tenant satisfaction and property condition.
5. Financial Management: Property managers provide detailed financial reports, handle rent collection, and manage operating expenses. This transparency will help track your investment performance and make informed decisions.
6. Legal Compliance: Navigating landlord-tenant laws can be complex. Property managers ensure compliance with local, state, and federal regulations, reducing the risk of legal disputes and penalties.
7. Marketing and Advertising: A property manager has the resources and knowledge to effectively market and advertise rental properties, attracting prospective tenants and reducing vacancy periods.
In summary, hiring a property manager can streamline operations, enhance profitability, and provide peace of mind for you, allowing you to enjoy your investments rather than being bogged down by day-to-day management tasks.
A property manager will give you more time to expand your investment portfolio. That's where you should be.
- Investor · Madison, WI · Member since 2014 · 124 posts · 43 votes1y
Quote from @Nathan Gesner:
You get a lease agreement from an attorney. You can also buy a Landlord Forms package from Biggerpockets, me, or find one online and hope it's sufficient and legal.
You don't need an app to manage your property. See my software guide below.
Here's a detailed guide on how to screen applicants: Application Screening Guide
My Landlord forms package includes a septic addendum, or you can try finding one online with a Google search.
Anything else I can help with?
Software is a common question on BiggerPockets. Here are some things to consider:
- Most investors don't need software until they have 5-10 rentals. You only need a place to track tenant information, payment history, maintenance, etc. You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it. Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.
- Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. Do you need all this for a couple of rentals?
- There is no perfect software out there. Every system you try will have flaws, or you may salivate over a feature that appears in other software.
Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.
I recommend conducting thorough research on each app online to understand their offerings, pricing, etc. Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements. Try to narrow down your options to the top 3-4. Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function. Perform the same task in each app to ensure a fair comparison.
- Load a property with pictures and details.
- Market that property.
- See what your marketing looks like from the public's perspective.
- Submit a fake application to see how easy the process is.
- Run a credit/screening report on yourself.
- Enter a maintenance request, assign a vendor, and attach a fake invoice.
- Enter charges to the tenant's ledger.
- Enter recurring charges and automatic late fees.
- Sign documents electronically.
- Run owner reports.
After testing a few apps, one should clearly stand out. It's important to choose that one and commit to using it. Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object. You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds. At that point, it's worth researching and finding a solution that better meets your needs.
I agree with @Nathan Gesner that property management software can sometimes be overkill at first and that you likely don't need to use a full blown software at first until you get more units.
I do recommend something to collect rent that is NOT check, Venmo, CashApp, Zelle one day one. The automatic late fees and payment reminders are SUPER useful at any unit size. I'm recommending apartments.com as my top starter pick because it is the only one I've found that is truly free to both the landlord and the tenant with no fees (monthly or transaction fees) ! It also has some other limited property management features you can test and see how you like.
I actually just made a whole video about this over at my YouTube channel :) - 1yAlecia LovelessPro MemberMember since 2019 · 3k+ posts · 2k+ votes
@Keri Win I self manage and use MySmartMove for my background/credit checks. Each adult tenant over the age of 18 must fill one out. You will need their names and email addresses.
I don’t use software to manage but have a few spreadsheets I have created.
If this is your first/only property I wouldn’t overthink it or overburden yourself trying to streamline everything while you’re just starting out.
I got my lease from a fellow landlord that had an attorney draw it up. I have added a few little things here and there that are specific to my situation.
Might I suggest a separate addendum with regards to the septic system that ALL adults sign and covers what you want them to know. I would also include in this addendum who is responsible for what. Such as Landlord will pay to pump and maintain system as needed.
Tenant will be responsible for all charges associated with malfunction of the system due to misuse. (Which can be documented by your septic company if there is a clog or backup).
- 1yKeri WinMember since 2023 · 16 posts · 5 votesOP
Quote from @Hussain Harun:
Quote from @Nathan Gesner:
You get a lease agreement from an attorney. You can also buy a Landlord Forms package from Biggerpockets, me, or find one online and hope it's sufficient and legal.
You don't need an app to manage your property. See my software guide below.
Here's a detailed guide on how to screen applicants: Application Screening Guide
My Landlord forms package includes a septic addendum, or you can try finding one online with a Google search.
Anything else I can help with?
Software is a common question on BiggerPockets. Here are some things to consider:
- Most investors don't need software until they have 5-10 rentals. You only need a place to track tenant information, payment history, maintenance, etc. You can easily do this on a spreadsheet, and it will take less time to track than finding and learning new software. If the software is not simplifying your life or making you more accurate, you shouldn't use it. Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.
- Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports. Do you need all this for a couple of rentals?
- There is no perfect software out there. Every system you try will have flaws, or you may salivate over a feature that appears in other software.
Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.
I recommend conducting thorough research on each app online to understand their offerings, pricing, etc. Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements. Try to narrow down your options to the top 3-4. Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function. Perform the same task in each app to ensure a fair comparison.
- Load a property with pictures and details.
- Market that property.
- See what your marketing looks like from the public's perspective.
- Submit a fake application to see how easy the process is.
- Run a credit/screening report on yourself.
- Enter a maintenance request, assign a vendor, and attach a fake invoice.
- Enter charges to the tenant's ledger.
- Enter recurring charges and automatic late fees.
- Sign documents electronically.
- Run owner reports.
After testing a few apps, one should clearly stand out. It's important to choose that one and commit to using it. Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object. You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds. At that point, it's worth researching and finding a solution that better meets your needs.
I agree with @Nathan Gesner that property management software can sometimes be overkill at first and that you likely don't need to use a full blown software at first until you get more units.
I do recommend something to collect rent that is NOT check, Venmo, CashApp, Zelle one day one. The automatic late fees and payment reminders are SUPER useful at any unit size. I'm recommending apartments.com as my top starter pick because it is the only one I've found that is truly free to both the landlord and the tenant with no fees (monthly or transaction fees) ! It also has some other limited property management features you can test and see how you like.
I actually just made a whole video about this over at my YouTube channel :)Thanks I will check out your channel!
- 1yKeri WinMember since 2023 · 16 posts · 5 votesOP
Quote from @Roger Mace:
I know a lot of investors who have had the same feelings as you. Mostly without exception they have told me, the worst mistake they made was trying to do it on their own. They all have property managers now. Most were renting below the market.
Using a property manager can significantly benefit you in several ways:
1. Expertise and Experience: Property managers have specialized knowledge in managing properties, including understanding local market trends, legal requirements, and tenant relations. Their expertise helps in maximizing property value and minimizing risks.
2. Time Savings: Managing properties can be time-consuming, involving tasks like tenant screening, maintenance coordination, and rent collection. A property manager handles these responsibilities, freeing up your time for other ventures or personal pursuits.
3. Tenant Management: A property manager conducts thorough tenant screenings to find reliable tenants and handles lease agreements, renewals, and evictions if necessary. This results in lower vacancy rates and better tenant retention.
4. Maintenance and Repairs: Property managers have established relationships with contractors and vendors, ensuring timely and cost-effective maintenance and repairs. They can address issues quickly, which helps maintain tenant satisfaction and property condition.
5. Financial Management: Property managers provide detailed financial reports, handle rent collection, and manage operating expenses. This transparency will help track your investment performance and make informed decisions.
6. Legal Compliance: Navigating landlord-tenant laws can be complex. Property managers ensure compliance with local, state, and federal regulations, reducing the risk of legal disputes and penalties.
7. Marketing and Advertising: A property manager has the resources and knowledge to effectively market and advertise rental properties, attracting prospective tenants and reducing vacancy periods.
In summary, hiring a property manager can streamline operations, enhance profitability, and provide peace of mind for you, allowing you to enjoy your investments rather than being bogged down by day-to-day management tasks.
A property manager will give you more time to expand your investment portfolio. That's where you should be.
I only have 1 property to managed that is going to be about 9 miles from where my primary residence will be, I agree property manager is an excellent decision but for investors with more units.
- 1yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
@Keri Win how much time do you think you'll have to invest to learn how to properly manage your rental?
What do you make per hour at your day job?
Do the math, it's rarely worth an owner's time to DIY manage - and that's before the costly mistakes!
Of course, you won't listen to this common sense because you know more than everyone else here on BP and will have to learn the hard way.
So, recommend you find and attend some local investor meetings or commit to watching all the videos and reading all the material here on BP that you can.
Good luck:)
Logical Property Management4.9450 Reviews - 1yKeri WinMember since 2023 · 16 posts · 5 votesOPThank you for the pointers, having the tenants sign the septic portion is a grey point!
Quote from @Alecia Loveless:
@Keri Win I self manage and use MySmartMove for my background/credit checks. Each adult tenant over the age of 18 must fill one out. You will need their names and email addresses.
I don’t use software to manage but have a few spreadsheets I have created.
If this is your first/only property I wouldn’t overthink it or overburden yourself trying to streamline everything while you’re just starting out.
I got my lease from a fellow landlord that had an attorney draw it up. I have added a few little things here and there that are specific to my situation.
Might I suggest a separate addendum with regards to the septic system that ALL adults sign and covers what you want them to know. I would also include in this addendum who is responsible for what. Such as Landlord will pay to pump and maintain system as needed.
Tenant will be responsible for all charges associated with malfunction of the system due to misuse. (Which can be documented by your septic company if there is a clog or backup).
- 1yKeri WinMember since 2023 · 16 posts · 5 votesOPNot the reply I expected considering asking questions is a part of the learning process but thanks for your insight!
Quote from @Drew Sygit:
@Keri Win how much time do you think you'll have to invest to learn how to properly manage your rental?
What do you make per hour at your day job?
Do the math, it's rarely worth an owner's time to DIY manage - and that's before the costly mistakes!
Of course, you won't listen to this common sense because you know more than everyone else here on BP and will have to learn the hard way.
So, recommend you find and attend some local investor meetings or commit to watching all the videos and reading all the material here on BP that you can.
Good luck:)
Have a great day :-) - Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes1y
I self manage some of my properties (the Class A ones near my house), and have management for others (the Class C+/B- ones farther away from my house). Self-managing is not that hard and the properties that I manage perform much better (less turnover, better managed, don't have to pay a PM). I wish I had the time to manage all of my properties but I don't. If I only had one, obviously I would just self manage. That said, there is a learning curve.
I'd recommend starting by researching your local landlord/tenant laws and learning them inside and out. Laws also change often so you have to stay up on those changes. In my area there is a great landlord/tenant handbook on the county website that is a great resource, perhaps your area has something similar and I'd get super familiar with that.
My biggest advice is screen well and place good tenants. However while doing so you also need to make sure to comply with any fair housing laws that apply to your property to make sure you are not at risk of being accused of discrimination. Research the appropriate laws for your property and follow best practices to avoid any discrimination accusations: use the same criteria for everyone who applies, know what the protected classes are, which questions are legal to ask and which aren't, and only deny applicants for legal reasons etc. As an owner-operator you will be able to screen tenants a little more carefully than a PM typically does in my experience.
I used several lease templates that I found as a starting point, then created custom leases for my properties from those, and had my lawyer review them. That worked well for me. I just advertise on Zillow/ Hotpads/ Facebook Marketplace etc. and use a background check website. CTM econtracts (similar to Docusign, writeable PDFs will also work) for applications and electronic lease signatures. No other software. Good luck!
- Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes1y
I understand that for some reason you want to self manage. I do find it’s funny that you say managers are for people with more properties. I’d argue it’s the other way around. People who have more properties tend to eliminate the manager and bring it in house. Feel free to manage yourself and don’t consider thsi an argument against it, just things you may not have considered.
1) You’re going to “guess” at the market rent. You don’t have 500 or 1,000 other rentals in the area to judge market rent. There’s a 99% chance you’re going to ask to much and sit empty for an extra month or two. (Costing you more than hiring a PM.) or charge too little (Costing you more than hiring a PM.)
2) You are NOT going to know all the landlord laws. Do you have to keep the security deposit in a separate account? Do you have to pay interest? Is there a limit on how big it can be? Is there a limit on what you can charge as an application fee? How much notice to raise rent, non-renew, post notices or start evictions?mDo you have to accept the first applicant that qualifies?
3) Are you going to face fines for fair housing violations? (Making judgements based on family status, number of kids, medical animals, etc etc..)
4) When you get that first repair call 10pm Saturday night for a leaking roof or water heater do you have a trusted/dependable guy to call and get it fixed that night?
I'm not saying you can't do it, I'm just saying it's not worth doing unless you're unemployed and like doing it or your rents are high and your maintenance is low. In which case I would hire a PM to screen and place the tenant and then self mange. I do this with my only out of state property. It's a townhome with $3,500/mo rent. The HOA takes care of everything outside of the studs and I save enough to just replace anything that breaks and skip the repairs.
- 1dRachid AbadliBusiness MemberInvestor · Sacramento, CA · Member since 2024 · 129 posts · 33 votes
As a new landlord, the most important thing is getting a state-specific lease — not a generic template. Every state requires different disclosures (lead paint, mold, bed bugs, Megan's Law, etc.) and has different rules for security deposits, late fees, and notice periods.
For apps: TurboTenant is the easiest free starting point — covers listings, screening, leases, and rent collection. Avail has a cleaner design. Innago is fully free with no per-unit fees. Don't pay for Buildium or AppFolio until you're managing 10+ units — it's overkill for your first property.
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