Newbie investor renting out there first property, best advice

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Newbie investor renting out there first property, best advice

Luke Hoffman
Jasper, IN · Member since 2018 · 40 posts · 11 votes

My wife and I will close on our first property on Tuesday! We are super excited about this next step. We plan to use the bigger pockets pro landlord forms for Indiana. What is the best piece of advice you have received when beginning your real estate journey?

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  • Tyler McDonald
    Suffolk, VA · Member since 2021 · 54 posts · 33 votes
    5y

    I'm not much further along the road than you are but the things I keep hearing from local mentors and family friends are:

    -Be intentional.  

    -Put thought into everything but move forward

    -Have a learning mindset 

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  • Luke Hoffman
    OP
    Jasper, IN · Member since 2018 · 40 posts · 11 votes
    5y

    @Tyler McDonald love it! I can honestly say I used to spend maybe an hour every other week learning about real estate but now that I have one I’m spending an hour a day! Always learning!

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  • Elise Hazzard
    Property Manager · Saint Petersburg, FL · Member since 2016 · 183 posts · 51 votes
    5y

    @Luke Hoffman

    Congrats on the acquisition. Be sure you have read your state statutes pertaining to landlord and tenant rights. Using state specific forms is great but there are often timing and other obligations you cannot miss.

    Also, use an app that can store texts; most tenants want to text but you will need a paper trail of communication.

    good luck and happy hunting for a good tenant

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