Future Newbie Landlord /W some Questions. Advice Needed!

[Eric DeVito]

Hello all, so I have some questions as a future Landlord that I am just trying to figure out.

1) I am interested in a property that is a Short Sale and Utilities are currently turned off. If I do end up buying the property what steps should I immediately take next? Do I turn on the utilities? Will I  be paying for utilities until I find tenants to move in? How does this process work exactly, quite confused here.

2) How soon to I start looking for tenants? Should I do it myself or use a realtor?

3) How do I collect rent as a newbie landlord? Should I use a website or go in person and collect?

4) How do I create a lease agreement? What terms do you put in it? Some common things that should be in the lease agreement so to speak.

 Any other tips/advice welcomed! Thank you!

[Lelith Walker]

You should get insurance

then contractors bids

Do the outside of the house first

They might not need utilities turned on until the contractors start working inside the house

You will be paying for utilities until you find tenants to move in

Is the property close by?  If so then you can do it yourself.  If it is out of the state then get a realtor.

You can create a separate bank account and have the tenants place the checks in there.  If it is more than 15 units then its best to get a property manager.

There are websites that have sample leases for each city.  Use those and add what you want as long as it is legal.  For example the one that I live in I put in no pets, no smoking, no sublet, no waterbeds, no inflammatory speech displayed in window,  can't use the roof, decorations must not destroy walls. I let my lawyer look over the lease as well.