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Updated almost 6 years ago,

User Stats

154
Posts
50
Votes
Eric P.
  • South Jersey, NJ
50
Votes |
154
Posts

Finally pulled the trigger!... Any landlord checklists out there?

Eric P.
  • South Jersey, NJ
Posted

After years of analysis paralysis and having to catch up from a few months of unemployment, I finally closed on my first rental property!  Friend of the family is retiring and moving out of state, wanted a quick sale and just came into some $.  So even though the house is valued about $150k I got it for only $100K!!! 

Mortgage, PMI, Insurance and Taxes = $950. Comparable rentals in the area are going for about $1,600.

The seller is actually renting back from me for about 3 months, which is nice because that'll take me right into spring.

What I'm looking for is a sort of Landlord checklist.  What are the little things I'll need that may be overlooked.  Smoke alarms, carbon monoxide, fire extinguishers on every floor...  That sort of thing.  Also, do I need to be registered as a landlord or anything in the state of NJ?  I feel like there is some sort of filing I would need to submit.

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