Managing my first rental property

[Byron Scott]

Hey BP,

I am completing my first deal and I am planning on managing the property myself. Can anyone give me suggestions for managing? I was trying to find property management software but don't know what to go with. How should I go about collecting money? Communicating with tenants and inspecting the property throughout the year?

[Ray Harrell]

First rule...NEVER MAKE FRIENDS OF YOUR TENANTS. Second rule...ALWAYS SERVE A 5 DAY PAY OR QUIT NOTICE, NO MATTER WHAT THE EXCUSE (dead spouse, lost job, hospital, doesn't matter. Express your empathy and serve the notice). Third rule...YOU OWN THE PROPERTY AND MAKE THE RULES, NOT THE TENANTS. Maintain a safe, comfortable dwelling, and take care of repairs, but DO NOT respond to tenant requests to make their home a palace! And believe me, as a new owner, they will try ALL of these things!