First time CT landlord looking for any helpful advice?

[Douglas Chasse]

I am finally closing on my first rental property this week. I wanted to seek out advice about leases , security deposits , choosing tenants, etc. The property is in Southington CT and I will be self managing for now. Is there anything that you wish you knew before you leased out your first property ?

[Nathan Gesner]

I recommend you educate yourself because you have no idea what you're in for. Asking strangers on the internet a couple questions doesn't even begin to address what you need to know.

A good place to start is to purchase "Every Landlord's Legal Guide" by NOLO. It's available in most bookstores, Amazon, or on the NOLO website. Full of practical advice on marketing, screening, collecting rent, late rent, terminations, evictions, animals, and more. They include some sample forms you can use. The best part is that they lead you directly to your state laws, which I highly recommend you print off, highlight, make notes, and keep handy.

The next recommendation is to make a list of common problems and then start working on solutions before the problem occurs. I recommend you start with the problems you're most likely to face first and work your way from there:

• How do I determine market rent? Where do I advertise?
• How will I screen applicants and keep out the bad ones?
• An applicant is not approved. How should I notify them?
• An applicant is approved and I offer them the rental. Now what?
• Applicant is approved but it's been a week and they haven't paid the deposit. Now what?

That's just a few examples. I could probably give you 50 problems you could face just with applications. Then you start managing and it gets exponentially worse.

Or you can do what 80% of private Landlords do: accept the first person that sounds good, hope for the best, and then pay the price when it goes wrong.