I'm new and I'll be renting out my primary residence.

[Tiffany Hayden]

Hi everyone. I'm in MI (metro detroit area) and looking to move. My husband and I are looking to purchase a foreclosure (or short sale) to move into and we will be renting out our current home. We are doing this for 2 reasons. The first being because I really want to start investing in real estate. I figured this would help get me started. I would love try and build up to owning 10 sfh's to rent out. The second reason is because our family has outgrown our current home.

We make ~$75k annually from W2 jobs and we don't have any non mortgage debt.

I'm looking forward to reading through the forums and absorbing as much as I can.

Thanks everyone!!!

[Account Closed]

Tiffany,

Welcome to BP!

The best advice I can give if you are going to be managing the property yourself is to set the tone on your first contact with the potential tenant.

Think back to when you were in school, you knew based on how the teacher was if you could mess around the entire school year, or if it was serious business. Same thing goes with tenants. If you are firm and strong up front, it sets the standard which will not be compromised (late fees, repairs, etc)

Best of luck!