New Landlord Advice - Biggest Thing You Wish You Had Done Differently

[Tylor K.]

So after closing on my first property in February (a duplex that I bought FHA and will owner occupy for three years since I got the tax credit before doing another one) and spending the past 6 weeks doing rehab on the rental side (16 gallons of paint, refinished all ceilings, replaced missing trim and installed trim where there wasn't any, a new coat of finish on the hardwood floors, custom closets (thanks to dad working for a closet company), added a washer and dryer (craigslist), new light fixtures, etc), I found renters and they are signign their lease tonight. Not sure if maybe I underpriced the unit a bit, but its a 3/2 with a garage, dishwasher, and decent amenitites in a less than perfect neighborhood and I have it rented for $1100 (tenant pays own utilities except water and garbage). I posted it on CL and had about 20 responses in the first two days and 3 showings the first day (one of the showings are the accepted applicants and I pulled the ad on the thrid day to stop the responses). I think I have a good lease (from the state multi-housing association), non-smoking addendum, drug free/crime free addendum, have screened my renters and met them twice. We will be doing the condition walk-through and report together and taking lots of pictures.

So with the long prelude over, my question is this - looking back at your landlording experiences, what is the biggest thing(s) you wish you had done differently? Any advice for things I should make sure I do/don't due?

Thanks for all the guidance the posters to this site have provided through the forums on this site - you guys really have driven my interest in REI to a new level and provided some good tools to take tangible steps toward achieving my REI goals.

[Jon Holdman]

Well, for one thing I'd put in fewer appliances. Unless its absolutely required, no way would I put in a washer and dryer or a garbage disposal. I'd even think twice about a dishwasher.

As far as actually dealing with the tenants, no slack. You WILL get taken advantage of. If you have a late fee, charge it the first day its due and insist on getting it. Post a "pay or quit" the first day you can if you don't have the rent. Its a business. They you're customers, not your friends.

Personally, I'd never live next to my tenants, but too late for that.