First time landlord. Any advice that I NEED to know

[Nadir M.]

I recently bought my third rental property. The other two are currently managed by my PM. My wife and I want to attempt to manage this one by ourselves. Personally, I want to hand it off to my PM but she really wants to gain the experience of managing on her own. This is an out of state deal. Parents live in the state where this house is located. I have a reliable HVAC and plumber. The house is in good standing condition. I wanted to write a post to get some suggestions or advice before attempted to self manage. I’m using Zillow to advertise as well as running a background check. Using Cozi for collecting rent. My lease I bought from BP. What are some rookie mistakes that are made and how can I prevent them?

Thank you,

[Cara Lonsdale]

To start, sit down and list all of your policies and rules.  Will you allow smokers?  Will you allow pets?  If so, what kind?  What kind of deposit do you want for them?  Pet rent?  Do you allow short term leases (under 12 mos)?  Do you allow felons?  What is your credit policy?  What is your income to debt ratio?
You get the idea.  By listing these things, you have a guide for when they come up.  DO NOT BREAK YOUR POLICIES!!!  If you do, it is always the one Tenant that will be your problem Tenant.  It always bites you in the end.  So, just stick with your policies.  IF you see a trend that requires you to change your policies, that is okay.  However, don't make exceptions for 1 Tenant here and there.  That is when you get into trouble.

I would also suggest that you create a Tenant binder that provides the Tenant with the contacts for who to call for things.  If you have boots on the ground there, add them to the binder.  A good handyman is a must.  Emergency services is a must.  If a pipe bursts in the middle of the night, you want them to call the company YOU have already vetted, and not some random contractor off the Internet.  Give the Tenant instructions for making their rental payment to you.  Include their move in inspection, and their move-out checklist so they know the expectations, as well as the initial condition that will be used to compare to their exit condition.  I would also suggest providing some contacts for landscaping/snow, even if it is their responsibility.  If they decide not to do it themselves, they can call your contact.

For marketing, Cozy.co is a great resource.  Did you know they take apps and run background and credit as well?  They also allow you to create a landing page for the property with pix and info so that you can send the link to anyone interested, and it has a link to the application process. 
Redfin also allows you to post, and they seem to have better lead generation than Zillow (at least that I have seen).  You can include your Cozy link there as well so that it points people to the application.
Consider a smart lock that can allow for self guided tours of the property if you don't have anyone to show it for you.  There are some good ones out there that you can control from your phone for single entry access.

Research a good eviction attorney.  Hopefully you NEVER have to use them, but better to already have a good relationship with one than to be fumbling later to find one who can jump on your case right away (time is crucial in this process).

Self management is doable if you have all of the necessary pieces.  Best of luck to you!