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