Rental Property Investor · Science Hill, KY · Member since 2017 · 6 posts · 1 vote
So I just spent the last 4 months rehabbing a previously foreclosed home in Central KY. I’ve put a lot of time and money into doing so and have built great equity in this property already. My Question now is this what’s my next move. I have spent months trying to educate myself on the process of managing it myself and looking into the pros and cons of utilizing a property management company. I would really like to manage it myself but the legalities of doing so kinda have me a little scared to be honest. For example if I was able to put everything into the lease agreement that I wanted too it would be 30 pages which I completely understand would detour anyone from wanting to rent from me. I know everyone recommends finding an attorney to review your documents but then how do you know your selecting the right attorney. Really wish I had a local Mentor but unfortunately I live in a small town and it doesn’t seem like there is a lot of people willing to help. The legality of it all kinda has me stumped.
Alpine, AL · Member since 2017 · 13 posts · 4 votes
8y
@Randy Campbell
Randy,
When we did our first house we talked with several real estate agents about rental property and leases. We live in a very small town outside Birmingham and folks here are pretty laid back. The agent recommended a closIng attorney abd I went and met wIth her. She had a lease that she recommrnded and gave me for free.
The attorney will help you with the state rental laws and keep you from having a 30 page lease. You will want an attorney familiar with real estate on your team. They will be handy when you Tenet issues.
Talk to bankers and real estate folks about local attorney’s, then go meet them. It’s a free meeting and you are interviewing them.
Good luck
Wayne
Alpine, AL · Member since 2017 · 13 posts · 4 votes
8y
@Randy Campbell
Randy,
When we did our first house we talked with several real estate agents about rental property and leases. We live in a very small town outside Birmingham and folks here are pretty laid back. The agent recommended a closIng attorney abd I went and met wIth her. She had a lease that she recommrnded and gave me for free.
The attorney will help you with the state rental laws and keep you from having a 30 page lease. You will want an attorney familiar with real estate on your team. They will be handy when you Tenet issues.
Talk to bankers and real estate folks about local attorney’s, then go meet them. It’s a free meeting and you are interviewing them.
Good luck
Wayne
Alpine, AL · Member since 2017 · 13 posts · 4 votes
8y
@Randy Campbell
Also, don’t be intimidate with managing up to 5-10 Properties. It’s not to bad as long as you have a good reliable plumber and electrician. The renter interaction can be fun. We take a friendly approach but always let folks know up front, “we will evict you“ If uou dont pay rent.
Wayne
Rental Property Investor · Science Hill, KY · Member since 2017 · 6 posts · 1 vote
8y
@Wayne Holliman good info and thanks for your response. I actually met with a local realtor today that also manages a few properties himself and he gave me a lot of insight on how things work in our area. I think networking is a big key to success.
Alexandria, VA · Member since 2016 · 111 posts · 164 votes
8y
@Randy Campbell You can also find a good real estate agent for tenant placement if that's what concerns you too. That's what I did for my first property. She took care of showings, interviews and background/credit checks of all the applicants. She charged me half months rent.