Tips for rules to put in place when renting

[Mary Eubanks]

I am closing on our first long term rental. Any tips or rules to have in place is greatly appreciated!

[Nathan Gesner]

Quote from @Mary Eubanks:

I am closing on our first long term rental. Any tips or rules to have in place is greatly appreciated!

 Don't wait until a problem exists before educating yourself or thinking about how to handle it. Buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

Have a good lease and know it inside/out.

Know your state law. Have it printed, highlighted, and readily accessible. Update and review it every year.

If you really want to be good, make a list of all the things a property manager should do or problems they have to deal with. Marketing, application screening, late rent, unpaid rent, lease violations, early termination, adding/removing a tenant, pets, and much more. Prioritize the list based on which is most likely to happen first. Research your law, ask questions, see how others handle it, then write down how you would handle it, create templated letters or emails, forms, etc. Once you feel comfortable with that issue, move on to the next.

"Give me six hours to cut down a tree and I'll spend the first four sharpening my axe." ~Abraham Lincoln