Various new landlord questions

[William Donaldson]

Greetings BP! I recently closed on my first investment property as a 20 year-old college student. I will save over $6k in rent/year while I finish my undergrad and will live for free while cash-flowing $200-300 a month after all expenses. I think it's a good first step, not a home-run, for my future investing career. With that in mind, I have a few questions:

---I will be furnishing the unit (4br/4ba) as it brings in $30 more per month per person. Where is the best place to find affordable, durable furniture? The furniture stores I've seen have more expensive, custom furniture and Craigslist is a decent option but will not provide all the furniture I need in a timely manner. I'd like for most of it (dressers/nightstands) to be identical.
---Where can I find the best information on what I can put in a SC lease? My father has investment properties and therefore a lease contract, but I want to make sure my lease has everything in it that I need and is legally allowed.
---How do I issue a cash receipt for when a tenant pays in cash?
---I had to obtain an investor-type loan (6.5%) because I had no credit (but had cash/past income). Will paying a mortgage boost my credit enough in a year to refinance at a lower rate (FHA)? Is there a way to estimate my future credit score?

I may post more questions in the thread. I appreciate any and all help you can provide! Thanks!

[Jon Holdman]

You can buy cheap, basic furniture at Walmart, Target, or similar stores. I'd not worry about everything looking alike. Over time, it certainly won't. You can try thrift shops and Habitat for Humanity Restores, too.

I think Karen Margrave is thinking of "twin long" beds. Same width as a twin, but longer.

I use a receipt book from Office Depot for cash receipts.

Yes, over time, paying the mortgage should improve your credit and possibly allow a refi. The limiting factor may be income. You won't be able to count rental income as income until you have it on two year's tax returns.