Random Questions About First Rental Property

[Alex Juarez]

Hey BP!

So I'm finally getting my first rental property this week and I have a few random questions that I was hoping to get some help with. 

1. Utilities - I'm not sure how the utilities work. There is some light remodeling I'm going to be doing to the house, should probably take me about 2 weeks max. I asked my agent and she mentioned calling around and asking for a short term utility plan, so I'm going to be looking for a month to month utility provider. I really just need electricity and water, so if anyone can recommend someone I would really appreciate it! Also, if there's a different way of handling utilities, I'd love to hear it, because I was unaware that there was a month to month option so that's really the only option I see for this. 

2. Advertisement - I'm going to be self managing this property, and seeing as how I will need to do some light remodeling my agent recommend I go ahead and put a "for rent" sign out front just to start advertising it. I think this would be a good idea, but I'm not 100% sure on how I want to advertise it yet. What has been yalls experience with "for rent" signs? I'm only worried about advertising to the wrong people that the house is vacant. When I think about it though, I also plan on listing it on zillow and whatever sites I can find, so either way, the house will be advertised as being vacant somewhere. It's in a quiet neighborhood in Katy, and the neighbors seem nice, but I'm just a little paranoid. I even looked into a short term security system, but maybe that's me being too paranoid.  

3. Timing - After reading the book on managing rental properties, for what seems like the 100th time, there is a section where he mentions renting in December and January. In the book they recommend advertising a 6 month contract to hopefully start the lease around July, which is the peak period for rentals. Just wondering what kind of experience the seasoned landlords/property managers have had with trying to get a property leased in January/February and if yall went the 6 month route or 1 year route.

4. Rent Collection - I know this has been brought up a few times and after reading a few posts I think I'm going to go with Cozy since it seems like that is geared more for the people who are going to be self managing. It seems like a really great tool that not only collects rent, but can handle tenant applications and screening, track expenses, manage maintenance requests and can create a website for advertisement. Is there something else out there that's free and some one would recommend over this? For those using or those that have used Cozy, what has been y'alls experience with it? Would yall recommend it?

5. Random Advice - Also, if yall have any random advice for a first time landlord, I would gladly accept it!

If you've made it this far, thank you for taking the time to read through this! I really appreciate any help/advice yall can give!

Thanks!

Alex 

[Amy Fulbright]

I don't have answers for everything you list, but in Texas, there's a website PowerToChoose.org that allows you to compare electric rates across various companies.

As far as advertisement, I would also consider looking on Facebook for local parents' groups within Katy. Parents may know other parents going thru a divorce, where both parents want to continue living in the same school zone/etc. 

I do agree with the idea of having leases start/end in June/July because that's when rent rates are highest (relative to other months of the year)...