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Updated almost 4 years ago,

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5
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3
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Joshua McGowan
3
Votes |
5
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New Landlord: seeking best podcast episodes and other advice

Joshua McGowan
Posted

Hey BP!  After years of listening to podcasts, searching for deals, and making failed offers, I just put my first investment property under contract (finally!).  

My wife and I are super excited to be taking this step, but also a bit nervous, and we want to do our best to set ourselves up for a smooth transition.  Is there a list somewhere of the "top 10 podcast episodes for new landlords" or something like that?  Or perhaps just some personal favorites of yours on the subject?  I know that there are several that I've listened to over the years that I'd probably benefit from hearing again now that I'm at this stage, but I can't remember which they were.  

I'd also greatly appreciate any advice that you may have for someone taking their first steps into land-lording!  My mom owns some properties, so I've seen first-hand the importance of screening tenants properly, but I would be curious to hear what your rules for tenant screening are, for example (e.g. monthly income at least X times rent, credit score at least X, etc.).

My property is a duplex in a B class neighborhood.  Both units are outdated and at least 35% below market rent for an updated unit.  Unit 1 is a month to month section 8 tenant, and Unit 2 has 6 months left on lease.  We would like to ask the month to month tenant to move out, update the unit, and list for market rent.  Do you have any form letters that you use for asking tenants (with month to month leases) to move out?  Are there any legal pitfalls I should be aware of?  Any special rules in the case of section 8 tenants?   

Thanks in advance for whatever you can share.  Excited to be joining the club!

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