Finally! I’m going to be a first time landlord...

[David Richard]

I never thought I would be a home owner... especially since I live in NYC. But a coworker told me about Union City, Nj and it looks like I’ll finally have my first property by the end of the month!

My first two family property is in Union City, NJ. I’m in my 30s and I will be living on one duplex and I’m renting out the other place.

I’m fairly new and I just finished attorney review and locked my rate in at 3.125% with conventional loan. I did put 15% down.

I’ve only been reading about investing property for the last month or so but I’m learning a lot!

Anything I should know about renting a unit out? What I should prepare for? How much savings I should have in case something happens? I’m just absorbing as much information as possible.

Thanks so much!

[Bjorn Ahlblad]

Congrats! If you plan to self manage learn as much as you can about tenant screening and the local tenant landlord laws and regs. Find a lease and get familiar with it. Create a screening process and have written selection criteria that you apply evenly to all applicants and stick to it. Learn to say"NO"; Practice! I'd want to have 15k in reserves just in case. Come back and ask if you have questions.