All Forum Posts by: Corby Goade

 You should have a lease with anyone who lives in a property that you own. It protect you more than you think. Just because you don't have a lease does not mean you have the right to kick them out whenever you want- quite the contrary- there is likely an implied right for them to live there and you have no lease violations to back up your case. 

Put everyone on a lease that covers whatever behaviors you might be concerned about and then you can legally evict them when they violate the lease. 

Also- I am not a lawyer, you should consult with an attorney in your state. 

Good luck!

Hi Lisa!  Yes, Jonna really is the best!

I have a property management company as well and have been doing that for 15 years, so if I can advise or assist anyone with those issues, I'd be happy to.

While I can appreciate that you are interested in helping homeless vets, I would be hesitant to make your first landording experience one where you work with a high risk population. Yes, rent is guaranteed, but managing tenants that have been recently homeless, presumably unemployed and hopefully drug free could be daunting to say the very least.

Consider what the market rents in that area are- what quality of tenant do you think you could attract? Could you get gainfully employed tenants with reasonable credit?

Beyond that, your numbers look fine to me, I would just be concerned about your tenant placing plan, it could be very difficult to manage as a newbie.

Best of luck!

Many title companies will run searches like this for you.

It's important that you identify your rental criteria, put it in writing and stick to it no matter what. If you don't want a tenant with credit under a 650, then don't rent to anyone, under any circumstances, with credit under 650. These simple steps will serve and protect you for years to come.

There are great tenants out there- as a landlord you have to be patient and screen properly. That is literally the most important job you have. Also consider the neighborhood and condition of your property. What kind of tenants are you attracting? Finally, I can tell you from experience, a month or two of vacancy is much less expensive and painful than a year or two or five with a terrible tenant. Good luck!

Hey @Cody Stone, me too! Let's meet for lunch or coffee some time soon.

Some great ideas there, thanks very much. Definitely going to reach out to Realtors,  never though of that. Thank you!

We have a property management company and the few contracts we have came our way organically. We are ready to step up our game and start pushing for more management contracts, but don't have experience marketing to rental property owners. I'd love to get some advice on who and where to market and advice about the best way to land those contracts.

Get a 30 year, but pay it like a 15 if your goal is to build equity more quickly. You'll have way more flexibility in qualifying for a new loan and if you have a couple lean months, you have the option to pay the regular payment.