How Did You Secure Your First Rental?

[Account Closed]

Aloha BP family,

I was curious if people could share on how they secured their first rental to manage? What were some strategies you used to market your services? How does your services differ from "the other" property management company? I pose these questions because I would like to eventually manage a few rental units.

Thanks,

Ryan O.

[Douglas Larson]

@Account Closed

Aloha Ryan,

I only manage my own investment homes. I'm not an agent and have never managed other peoples' properties. I never had a manager on Maui when I lived and invested there. I had 5 rentals there and advertised in the Maui Bulletin, Craigslist and word of mouth. I live in Utah now and have tried out property managers but it always seems like they have a good initial message but never back it up with performance.

To get good tenants:

I start with nice properties.

I screen tenants with credit checks, references and try to visit their current home.

To keep good tenants:

I respond quickly to problems and repairs.

I tell them I appreciate good tenants.

To reduce late payments and other problems:

I spell out all lease terms up front by going over the contract line by line.

I always follow through promptly with penalties and late fees.