True Rookie Landlord

[Chelsea Yanc]

Hey all!

I'm have my first house built in Portsmouth VA and will be renting out two of rooms in a 3 bed 3.5 bath townhome. I'm a new landlord so I don't know where to start. I was told about this group through the real estate rookie podcast and wanted to see the hype. If anyone has guidance, I'd love to hear from you.

Best,

Chelsea 

[Michael Papps]

Chelsea,

I started out with house-hacking. There are advantages and disadvantages to house-hacking which you will discover as you go. Some advice

1. Screen, Screen & Screen your tenants! Zillow can help you screen tenants for free ensure prospective tenants have;

(A) Decent credit (Don't expect an 800-credit score from someone renting a room)

(B) 3x or more in income than the monthly rent cost.

(C) Criminal history is clean

(D) Provide references and call the references

2. Set shared space expectations before the tenant moves in and have those expectations in writing. For example;

(A) Quite hours

(B) Dishes

(C) Laundry schedule

(D) Guest policy

(E) Yard work duties.

3. Go with a month to month or a shorter lease period. This prevents you being stuck with a tenant that you do not vibe with.

Good Luck!

-Michael