Quote:
Originally Posted by DETRoadster
Man, stellar feedback, Dudes. THANK YOU ALL!!!!
You and I run in different circles, MK. You're in the M6 circle with your property management companies and no time for the fiddly details. I'm in the M2 circle and feel compelled to change that water heater myself to save $200.  |
You've gotten some amazing advice here as well as mine.
Seriously, I understand the temptation to do-it-yourself because it's your first baby. I understand because I did the same thing and I regret it to this day. I made every first time mistake possible. Let me list them for you:
No LLC. I put this first because NEVER run this through yourself. NEVER. The potential liability is too high.
No PMC. I would have put this one first but no LLC is even more ridiculous.
Off the shelf leasing contract. No other words are necessary.
Loose background check. Again, no other wards are necessary.
Keep it strictly business. No personal relationship with the tenant but always be cordial.
NO PETS. I cannot tell you how important this is. NO PETS.
If there is carpet, pull it and put hard surfaces everywhere.
Don't rent to lawyers. Sorry to impugn the profession but no lawyers.
I can't think of anything else but my first go at this was a horror story and I have to tell you that doing the first two will eliminate all possibilities of the latter points. Good luck, my friend.
Cheers-mk