All Forum Posts by: Crystal Sherman

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them. It's updated yearly and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

@Crystal Sherman Where are you in the process now? 

I would add to what others have said screen well.  Call previous landlords, don't just go by a credit score, look at payment patterns. Are they overextended, do they pay late on other things? 

Follow what is going on in the local landscape as far as laws are concerned. 

Housing stock in RI is older, look at the lead laws and see what it would take for your property to comply.  Also look at the neighborhood when buying. 

Hey crystal 

hope all is well 

I was actually thinking on purchasing in the rhode island area 

do you have a realtor in mind ? 

Hi Crystal.  I have been doing property management for 25 years+ so I could share some thoughts.

What type of rental property did you buy/ are you looking into?

Your forms (such as your application and lease) are very important.  A lease is the way YOU want to conduct your rental so choosing one randomly/ already done may not be correct for you.

Resident screening is very important but there are state laws and even federal laws (disparate impact as an example) that you want to be careful about.

Having a few key maintenance people is very important as well because that is an area of great concern to the resident.

I could go on but feel free to ask more questions.  I would be happy to help.  Good luck!

Quote from @Crystal Sherman:

I am in the process of purchasing my first rental property and am looking for any advice on what to anticipate as a new Landlord. I have done some online research but am interested to hear firsthand what things I should be prepared for and probably expect as a new landlord. 

1. Be prepared for maintenance and repairs, as well as dealing with tenant issues and potential vacancies. Consider budgeting for these expenses.
2. Familiarize yourself with the local landlord-tenant laws to protect yourself and your investment.
3. Screen potential tenants thoroughly to avoid any issues in the future.
4. Consider hiring a property management company if you are not comfortable managing the property yourself.
5. Establish good communication and relationships with your tenants to foster a positive renting experience for both parties.

I would suggest making sure you are screening your tenants very carefully. It's crucial to get the right tenant in place, not just the first one that responds with the correct income. I use mysmartmove.com to run screening and it has worked well. 

The second thing is to find a great local handy man you trust for minor repairs. You can ask around to your local agents to see if they have any good people to recommend. This will take alot of stress off your plate when something pops up. 

Lastly, get a simple software that collects rent, late fees, updates maintenance requests and tracks payments. I use Hemlane.com for this because it is inexpensive and easy to use. 

Good luck and great job taking the first steps