Renting my property to tenants

[Marie Holmes]

Hello all. I am a flipper but I am interested in buying a property to rent out. I like the idea of a passive income and the Dallas market is a little dry right now when it comes to flips. Here is what I've researched so far by talking to my friends who are currently renting their homes out. 

1. Try to either buy from a wholesaler or drive around and find the properties on my own. 

2. Section 8 is better because it's guaranteed income. Yes I've heard stories about some section 8 tenants but the same thing can happen with any tenant isn't that the chance you take? 

3. Run their credit and collect a month's rent as a security deposit. 

What else do you suggest? Do you work with a property management company? Is it legal to have something in the lease to let the tenant know that I can inspect the house monthly? What is the best way for me to screen a tenant to make sure I have the right person living there? All feedback is appreciated 

[Thomas S.]

Owning rental properties is far from passive, it is a job. The 3 points you toushed upon in your post are extreamly roudimentry and do not come even close to what is involved in income property investing.

First thing you should do is educate yourself in regards to buying/investing in rental properties and study your state landlord tenant regulations. We can not simply give you a list of things to do as this is a business you are entering into that is very complex.

It is best that you sit down and study all information available to you on this web site and then possibly return for clarification.

You are considering entering into a entirely new business and must approach it from a professional perspective. There is far more to learn than can be even slightly touched upon in a single post.