How to Manage Your First or Next Rental (and Save Thousands of Dollars)

19 snips

Jan 29, 2025

Managing rental properties made easy! Discover the key steps to take before purchasing your first rental. Learn about crucial lease agreements and how to handle tenant maintenance requests without the hassle. Streamline communication with essential software and avoid common landlord headaches. Get tips on managing security deposits and conducting effective inspections. Plus, hear a heartfelt story about overcoming struggles in your real estate journey. Success is just a few strategies away!

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ADVICE

Use Estoppel Agreements

Before closing on a rental property with existing tenants, send an estoppel agreement.
This verifies lease details with tenants, ensuring accuracy against the seller's claims.

ADVICE

Hire a Property Manager (If Needed)

If self-managing seems daunting, interview and hire property managers while searching for rentals.
Clarify all property management fees, including lease-up charges, to avoid surprises.

ADVICE

Create Unit Information Sheets

Create a detailed unit information sheet for each property, including everything from square footage to appliance details.
Use this to guide your listing creation, lease agreement, and future maintenance.

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