So…you bought a rental property. Now what?

David from @DIY_Landlord is back on the pod, and we are diving into the ins and outs of managing your properties. There is a TON of incredible advice shared in this episode, so I marked the highlights for you. Have a pen and paper ready and be prepared to reference this again and again. I am beyond excited to share this with you all!

[3:19] Understand the laws—GOOGLE is your best friend here.

-Try searching things from the tenant perspective, ie “how to stop my landlord from evicting me in xyz state”.

- Know the basic safety regulations (smoke alarms, lead paint, etc).

- How much notice do you need to give? When can you change rent? The more you understand, the less you’ll have to fear!

[7:48] Tips on inheriting tenants:

-understand who your tenants are before you even purchase the property

-set expectations and provide guidelines for tenants (rent payment, what you are doing for them and what you aren’t)

-use a letter of introduction: there’s a good sample on Bigger Pockets

[13:55] Make sure your accountant loves you:

-use a sheet for every property and list out your expense categories separately, including capital expenditures

-pros/cons of accounting software: buildium, app folio, quickbooks (don’t worry excel or google works just fine for me)

[26:30] Get informed delivery for your PO box and thank us later :)

[28:10] Have a list of major contractors ready

-you need HVAC, electrician, plumber, handy man (your local home improvement store often has a list!)

-network with local real estate investors

-see how things are fixed so you can troubleshoot things in the future and save yourself some cash

[43:26] Marketing your properties

[50:20] Formula for how you list, showing properties, etc.

-features, location

-include tenant qualifications

[56:15] David’s tenant screening process

-check for evictions

-landlord reference (2-3 years) …these are valuable! Have some questions ready.

-credit report

-criminal history

-income 3x the rent

Resources you should check out!

Cozy.co

www.buildium.com

www.appfolio.com

Rently

www.avail.co

www.Rentometer.com

Happy.co