First rental property

[Katie Boston]

Hello All!

I need to start setting up my first rental property. Any suggestions on good articles to read on how to do the whole process and set up everything right?

Any info or help will be greatly appreciated!

Thanks!

Katie Boston

[Michele Fischer]

Hi Katie!  I would really look into local real estate groups that you can joining to get the state specific forms and paperwork you need, this is invaluable.  For the security deposit, we just set up a new savings account and I keep a list of who the tenants are and what balance should be in there, with ins and outs for the year to get to an accounting of current balance.  Start thinking about your criteria for a tenant and what you will and will not be flexible on.  Pitbulls?  Sex offenders?  Prior bankruptcy?  Eviction?  Market rent?  Deposit amount?  Income?  When would you want a co-signer?  I always feel like buying a property is like having a baby - we spend so much energy and research on having a good delivery (buying a property) and don't get prepared for the event immediately following, taking care of a baby (tenant).  Good luck!