Buying first rental property and would like some advice!

[Hank Austin]

I am about o go see a property that is going to potentially be my first rental property and I was going to use the approach of portraying myself as a property manager rather than the actual owner/buyer of the property and was wondering if when i am seeing the property if i come into contact with any tenants not only what questions i should ask them but also how i should introduce myself. I am thinking of just saying that I am a property manager and am seeing the property for the "investor" or something along those lines. but mainly what questions would you ask the tenants that could probe well for info. thanks in advance!

[Steve Rozenberg]

I don't think that having a hide and seek mentality is the best way to run your business. If you are serious about owning a rental property business then take the time to create policies and procedures along with proper structure before you even think of buying a home. This is why so many investors get into legal trouble or lose all their money. They get so focused on buying the deal and never think about the business model of how to run the property as a profitable business along with all the laws and regulations and knowing all the rights afforded to your tenants. Do not make the mistake of buying something and not knowing what to do after you close. I can say this because I made this mistake and bought several dozen homes and almost went bankrupt. I would be happy to give you some ideas of things that you should think about before you buy, let alone what to say to a tenant. Also you want to make sure you are not violating any local or state laws on what you can and can not say to tenants.