New landlord requesting tips on rental - laundry, pets, lease

[Grace Olinger]

Hello,

I am a new landlord of an owner occupied small multifamily property and was hoping to get some advice from more experienced investor/landlords. 

- I will be putting laundry in-unit, but not sure what to look for. Which brands do you prefer for low maintenance and reliability? Some people say LG is reliable, some say it's hard to repair and should go with Whirlpool/GE. Should I go with top loading verses side loading washers? I can't imagine the look/aesthetic of the laundry machines really matter especially when it'll be in a laundry room, what do you think?

- What are your experiences with allowing pets in rental units? As a new landlord and an occupant on the first floor unit, I'm thinking about just not allowing pets, but I understand (as a pet owner) that the demand will be much higher if I allow them. Also, does it affect your homeowner insurance?

- When you started out, how did you draft up rental leases? What are some uncommon items for lease that I should think about adding in (i.e. I heard of people adding all items that tenants are responsible for even as small items as vacuuming common areas). 

- Do you have any other tips for a new landlord? Maybe something that that you found surprising after your first rental unit?

[Nathan Gesner]

Lots of questions. I suggest you buy a few good books on managing rentals; that will answer most of your questions. The Biggerpockets bookstore has a good one from Brandon. I personally like "Every Landlord's Legal Guide" by NOLO because it's full of practical advice but it also points you to your State laws. It's updated annually and they have a great website.

You can buy a lease through Biggerpockets for $100 or upgrade to Pro and get access to them as part of your membership. It's approved for your State and it's as good as any lease you'll find. I've seen hundreds and speak from experience.

Yes, you should allow pets. If you don't, many tenants will sneak them in or claim them as support animals which can't be discriminated against. Learn how to screen the animals, limit them, and monetize them. You can typically make an extra $50 - $100 per animal, per month. Set up a system for inspecting every 4-6 months to prevent any damage from getting too far along.

Best appliances? I buy Amana, which is typically the cheapest, and they do just as well as anything else. I manage 400 rentals and have pretty good experience, but maybe someone else is more knowledgeable.

Other tips? I have 1,047 more but don't have the time. :)  Read some books and you'll find the answers to 80% of what you're looking for. Then come back and refine your knowledge through Q&A.