My First Rental - What are your best tips for a 1st timer?

[Joshua Sclafani]

We are almost done fixing up our first rental property and aim to have it rented ASAP. It's a 1920's bungalow in a very trendy neighborhood in Tampa and we want top rent for it (of course). I've listened to all of the landlord/property management podcasts on BP and have gleaned so many great bits of advice but I'm hoping to glean some tips from you BP gurus, anything you wish you knew BEFORE you rented out your first place. I would be incredibly grateful for any tips you are willing to share!

[Thomas S.]

Memorise the state landlord tenant regulations and learn how they are applied.

Understand that it is your responsibility as a landlord to train your tenants.

Applicants are not people they are a collection of facts you need to assess.

Screening is easier and less expensive than evicting.

Trust no applicant, they all lie about something. (the nicer they seem the more they lie)

You are in business for the sole purpose of making a profit.

Once you turn the keys over you no longer have control of your property.

THERE IS NO PLACE IN BUSINESS FOR EMOTIONS

These all seem like negative items but the fact is to protect yourself you must be a cynic in this business. Tenants do not give a rats a** about their landlord. They will do what meets their needs first.