Buying and renting

[Tyler Letinski]

I'm looking for any advice on buying and renting. Looking to purchase my first property and rent it out. Is there anything I should look into and watch out for when getting into this business? I heard all the stories of bad tenants and that I'm not worried about. I'm more in this to give back and help others who can't get a house because of credit and other factors. Just want a little more info from other investors experiences and anything will be greatly appreciated, thanks. 

[Account Closed]

If you are in this to give back you should still be worried about bad tenants and those bad stories. You will want to help the good tenants who are on the right track but can't qualify anywhere else. You can help them get into their first place and establish a good rental history. If you get a classic bad tenant you won't be helping them, and you won't be able to help very many. 

Screening is still VERY important. You will want to set up your screening criteria to target those people who need a little help getting established.

BUT since you asked for my opinion, I would do your charity work in other areas or with housing organizations that are already established. I do a lot in other organizations but I run our rentals like a business. Doing this allows me to help even more people in areas I am more passionate about. In the rare case that I help a tenant out, it is one that has been with us for a while and I know their hardship is real. If possible I do it anonymously because I don't want to change their relationship with their firm but fair property manager.