Need Advice on First Time land lording!

[Hyram Ramirez]

Hello BP, So Last week I posted about a potential Investment Property. Well Good News is that I am under contract and loan is in process for my first buy and hold property!!! I will need to do a little bit of rehab, but it will be ok. So now I am trying to get some help with land lording. I Know that I have to screen my tenants thoroughly. The property is a 3/2 house and will be listed for rent @ 1600/month. I know every market is different, but I was wanting to know things like, what should be included in rent? How much security deposit should I charge? Do I pay any Utilities? Should I include free WIFI? Alarm Service? Do I provide washer/dryer or do the tenants? Do I maintain lawn or tenants? Pet Fee? Should I rent out 20'x20' storage shed in back? If so How much? Any advice helps. Thanks

[Brad Hammond]

Hi @Hyram Ramirez, congrats on getting your first deal, that is a huge accomplishment!!  I think your best bet is to look at other rental listings in your area.  That will give you a better idea as to how to answer a lot of those questions.  I do have a few general tips for you though.

Security deposit is usually 1 month's rent.  Things like cable, WIFI, and alarm service are typically the tenant's responsibility.  Most property managers charge a pet fee of around $25-$45 per month as well as an additional security deposit.  Lawn care is typically the responsibility of the tenant.

These are all general answers and every region is different so look into other listings and see what they are doing.  Good luck, you got this!