Managing first rental property

[Anthony Phillips]

Trying to get some insight on my first rental.

I am under contract on my first rental. The property is a SFH located in Lebanon, Tennessee just east of Nashville.

After the rehab of the property I would like to advertise the property, screen the tenants, and manage the property by myself.

I contacted the few property management companies in my area. The costs for full service management were the whole or half first months rent plus 10% of monthly rent. I think for that price my skills and proximity to the property that will not be needed.

I am about 15 mins from the property. I am very familiar with working on houses and doing rehabs on my personal houses. I know the maintenance or problems I can handle or I can contract work out.

I have some questions for the group

1. What ways do you guys advertise?

2. What program do you use for tenant screening?

3. I know this might vary but what credit score or other determining factors do you use?

4. Has anyone used the state specific lease agreement on BP if so how is it?

5. How do you collect your rent?

Thank you in advance for any of your replies and help or knowledge is appreciated

Anthony Phillips