Investing in Rental Real Estate

[Bellman Tumasang]

What procedures and formalities do you follow when investing in rental real estate?

[Kenneth Garrett]

@Bellman Tumasang

Here is a list

Separate bank accounts for each property when you start out.  Do not commingle funds with your personal money

Develop a Rental Application 

Develop a lease that is compliant with your State or local laws. When I started I use the our local MLS local lease

Develop procedures how you will screen applicants.  I use smartmove from TransUnion

How will you collect rent.  I use an electronic format

How will you handle maintenance complaints 

Will you self manage or hire a property manager

Read Brandon Turners book on Rental Property Investing and Managing Rental Properties 

Listen to Podcast

Good Luck.