New Landlord

[Richard Beatty]

Finally!Friday I've closed on  my first  investment/house hack property. It is a 3 family in the Dorchester Ma area. As a new landlord, what are the do's and don'ts? Any tips or suggestion to get me ready for what's to come. 

Thank you in Advance!

[Dana Dunford]

@Richard Beatty - - Welcome to BP!

Definitely use the BP resources and "tools." Listen to the podcasts. Some major points:

• The most costly expense is a bad tenant! Do not accept someone who doesn't meet your minimum requirements. It's better to have your property vacant for a little longer until you find someone qualified. Otherwise, you're going to spend a lot of money dealing with a bad tenant.
• Charge a late fee if a tenant doesn't pay on-time. You want to set a precedent with your tenant(s) that they need to abide by the lease.
• Here are some quick tips that I put together (a checklist) on how to manage your property. Feel free to download and check off the items.