17. You bought your first rental property, now what? | with David the Diy_Landlord
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 --- Support this podcast: https://podcasters.spotify.com/pod/show/nerdsguidetofi/support