General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Let's Move Out! Can Anyone Help?!
Greetings, Fellow Investors! My name is Kyle and I am in a situation where I will soon be moving out of my first-bought property, an Owner-Occupied Duplex, and moving in to my next property, a Single-Family Home! I wish to hold on to the first property as a rental property, but there are things that are new to me that I need to accomplish in order to be able to do that, and I am on here posting to wonder and see if anyone has any knowledge or advice that they might be willing to share on the topic!
Some things that keep wracking my brain are:
1.) If the Duplex will be available for rent starting on September 1st., then when should I post listings for rent? How soon is too soon?
2.) Although I am working out of town from where both of these properties are, I plan to return sometime in July - If I start showings in August (one month before the space is available), is that too late? Should I find a way to start showing the property before August? I, and my roommate-tenants currently occupy said space, and will until August 31st...
3.) The property is in good condition and most things are kept in check very easily - I have a great handle on the property as I moved in and did all of the work to it myself, and got a lot done in a very short period of time. Having said this, would it be worth it to hire property management? The Duplex will be about one hour away from, what will be my new, residence, so pressing matters aren't hundreds of miles away or anything, but it WILL be completely in the tenants hands and I will not see the property every day like I have had the luxury of doing so for as long as I have lived there.....
4.) What can I do to go about finding the right tenants to entrust the care of the property? Tenants will need to do things like replace furnace filters and keep the water softener filled with salt, etc. Even things like snow / ice removal, or reporting minor problems before they comes big ones, are things that scare me - How can I help this situation?
5.) Should I consider putting either, or both, of my properties in L.L.C.s or into Land Trusts? Why? Why not? I want to protect myself, but is it necessary? I have an Umbrella policy, but is that enough? If I SHOULD use an L.L.C. or Land Trusts, how could I go about doing this?
Thank you for reading, and even more for replying - Your guys' experience and knowledge is so well valued above and beyond as much as I can make you aware of it.
I look forward to using your guys' advice in my future of renting my first full-on-Landlord-hands-off Property!