Second rental closed and occupied

[Patrick Britton]

I closed on my second out of state rental back in early July and the tenant finally moved in a week ago.  Here are the lessons learned from this one:

1.  if vacant, assume it will take 2 - 3 months to get a suitable tenant

2.  if section 8 and none of the occupants are under 6 years of age, you don't have to be as careful with paint as you otherwise would need to be.  

3.  even if in turnkey condition, expect to spend between $500 and $1,500 on making the place rent-ready. 

4.  when doing home inspection, tell the inspector you intend to rent the property, and if to section 8, make that abundantly clear

While not a lesson learned, it is critically important (especially when buying out of state) to make sure everyone else is doing their job.  This includes seller's attorney, your attorney, lender, home inspector, property manager and most important, TITLE AND ESCROW.  I had to correct the title officer 3 or 4 times, otherwise my cash to close would have been $5000 higher.  Needless to say they shall not be used again.  I had to double check things with the lender several times and fortunately those mistakes were tiny.  

One last thing.  When writing complex emails involving multiple people, be a professional and don't use pronouns.  He, she, they, them, our, etc., lead to confusion and delay.  Use proper nouns and be overly specific.  

That's about it for this last one.  On to the next!