Board 8 > Are there any B8'ers who are Landlords? Got any Pro tips?

(+) Yeah! (+)

I will become the owner of a 3 story rental property in about 8 months and I'm pretty stoked about it. I've been researching my state's laws and whatnot but I was wondering if anyone here was a landlord and what kind of Pro advice I can get.

Doesn't have to be tons of advice and could even be tips but I'll take anything I can get.

Things like what to look for in a tenant (how to spot the good ones I mean), things I should focus on that can increase how much I can charge (what do people usually care about the most), what is the best way to collect rent (record keeping), What kind of contracts should I write (what should I include in the paperwork) etc.

I appreciate any and all advice offered and if you don't have any advice but would like to share any stories you might have as a property owner I'd love to hear that too.

Thanks a bunch and much appreciation! =)

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Hire a property manager to do everything for you.
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Don't be a dick to your tenants
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hire a property manager to be a dick to your tenants for you.

Upcharges for pets obviously. Use your head when getting tenants. Make them have a background check at their own charge to apply.
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hire a dick to be a property manager to your tenants for you
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Lol. Not surprised by the jokes but are there no B8'ers that own their own rental property?
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I conceivably could be in the same situation soon, albeit under different circumstances. I inherited my dad's house, and I don't plan on moving in. So once I get everything cleaned out, I basically have two choices: sell or rent.

So if we had this conversation in a year's time, I might have advice for you, but nothing at this time. I wouldn't be surprised if there aren't B8'ers who rent property, though. Most of us are 35 and below, which usually doesn't lend itself to being in that position. At best, you might find someone who works as a property manager.

SmartMuffin posted...

Hire a property manager to do everything for you.

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butter the floor
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Do you have any repair/maintainence skills, or are you going to have to hire people to deal with that?
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I ask because the only person I know that rents out property seems to have an advantage because he knows the property, its problems and the ways to fix them very well

So finding someone like that would be sweet
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My dad is a landlord, and I'm the building manager of one of his properties.

Make sure you have a standard guy you can call on to perform miscellaneous handyman stuff within a day or two of the problem, things like plumbing, broken windows, etc. Having to search for a guy after it happens makes everything take a million times longer.

Accept in advance that the most commonly damaged thing in an apartment when someone leaves is carpeting.
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banananor posted...

Do you have any repair/maintainence skills, or are you going to have to hire people to deal with that?

I'm pretty handy. I can usually google/youtube anything that I am unfamiliar with and learn pretty easily.
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