Utah fourplex self managing clueless

[Michael Sharp]

Hello, I'm closing on a fourplex next week here in Utah. A small but growing town called Logan. I just retired from the military. I can't find any answers anywhere so I thought I would try here. I would love to self manage my first rental property, but I do not know how or where to get leases or anything set up. I am totally dumb as a rock in this area. I being told by realtors just pay 10% to a property management company is your only choice. I took good landlord program class. I can get a landlord business license for 10 dollars because of that class. But I know nothing about drafting a lease or all those many, many forms that must be filled out. I have listened to bigger pockets podcast a few times but all the talk about is after you have million doors or so. I can't find any information for complete newbies. I found books that break down numbers BUT things I NEED to know such as leases, pet adedums, etc. ALL the books I read just say give them one nothing says where or how to get all the stuff. Seems like EVERYTHING I read glances over the very first basic step and account set up in a NON LLC or business (loan can't be it's VA loan) where to get a lease, etc. My problem is the very, very basic stuff like that stuff does it fall from the sky and magically give it to somebody? I close next week I guess self managing is rocket science I have a masters degree and a retired army medical person and this is incredibly difficult to know the extreme basics I know the advanced stuff bigger pockets is filled with the ADVANCED million door people nothing in detail from ground zero. Can anyone help??

[William Hochstedler]

If you are planning to continue in real estate investing and grow a portfolio, I highly recommend you start of by self managing to better understand what a property manager should do.  The best resource for landlords in Utah is the Utah Apartment Association.  For $125/year they have leases, tenant screening tools, eviction services, etc.  The UAA is the organization that's helping the legislature write the tenant/landlord law here so most leases in the state are roughly based on theirs.

After a hear of managing you'll be better able to interview property management companies with a much better understanding of how they earn their money and manage expectations of that relationship.

Welcome to BP!