First Time Property Manager

[Tom Vanderlinden]

I finally got another offer accepted on a duplex, which means moving and renting my house out and becoming a property manager. I know I need a contract and application. Where can I go to learn how to create those or find a template? Also, I need to screen for tenants right? How do you all go about doing that? I'm closing on the duplex June 8th and would like to be moved in shortly after and have the house ready by June 15th or July 1st at the latest. I know I'll need someone to clean it as I'll  be busy moving, but beyond these things is there anything else I am missing? I'm taking my first steps on this journey and am a little nervous about being the property manager so any tips would be appreciated. Thank you!

[Peter Philando]

  I'm moving towards self-management of my small portfolio. The approach I took was to use the vast amount of information already available on this site to get a "knowledge feel" of what it's going to be like.....spend some time a search through the forum to get a good understanding and feel for what others have done. You will find that you get most of your "general questions" answered. Now, when you get to specific questions, situations, etc you can post and start to get specific feedback. I would also start by looking at some of the free/not expensive management sites like, www.innago.com, www.tenantcloud.com...www.rentecdirect.com. This way you can easily add another property if needed. There is built-in screening in these sites that you can utilize. Search on the forum for screening tenants because there is step by step guide. If you do this you'll be just fine. Best wishes and much success!

[Christine Kankowski]

just a recommendation to get a solid lease and really verify everything on the application.  (Or use property management). Make sure your property follows all the rules of your state, specifically CO detectors -  and smoke detectors in all rooms, etc.  You can even hire PM company to place a tenant, and then just take over after that

Make sure you know the laws on fair housing.  Have rules in advance that you will use to qualify tenants. - what credit score, income level, pets accepted and not accepted.

best of luck.  I did it on my own for years until I became licensed and started a full-fledged company.