First time landlord requesting help with renting out property

[Aaron Hunt]

Dear BP Community, 

We are in contract for our first investment property. I am gearing up to rent the place out and wanted to get myself informed and setup.

Conduct open houses and viewings when the property becomes available.

- Ask interested tenants to submit application fees.

---> Should I charge an application fees or not ? If yes, how much application fees?

---> Appreciate recommendation on where I can get an application from?

- Run Background checks and Credit check

---> Appreciate recommendation on which tool or site to use for this

- Select a tenant that best meets the criterion

- Income is 3X rent

- Credit score is 620 +

- Is able to provide references from previous landlords and has no negative history

----> Anything else I should include in this criteria. (I am sure I am missing stuff here)

- Setup a lease

---> Do you have any recommendation on where I can get a lease template document.

---> I think I will have some more questions when I get to this part on what to include and what not to include in the lease

- Set up rent collection

---> Appreciate recommendation on which tool or site to use for this

Guys, this is my first time being a landlord, so I would really appreciate feedback, recommendations and forgive me for any dumb questions.

[Chelsea Kline]

Hi @Aaron Hunt! Congrats on your first investment property!

These are great questions. Bigger Pockets has made it easy for you by listing resourceful services for landlords. I would recommend viewing the landlord resources tab under Tools for the services and forms you mentioned.

I would check these out and make a decision on what would best fit your landlording needs! Best of luck to you!