Soon to be New Landlord of a Duplex! Any tips?

[Thomas O'Donnell]

What's up BP family! I will becoming a Landlord within the next month or so as I close on a duplex. Does anyone have great advice for new landlords? I am a pretty good communicator and already have a business-like mindset, but I know a lot more goes into it. I'm looking for tips/advice on managing software, screenings (and which softwares to use), when to list for rent, how to get the best tenants and just things I should know overall. I appreciate all advice given, thank you!

[Nathan Gesner]

Quote from @Thomas O'Donnell:

What's up BP family! I will becoming a Landlord within the next month or so as I close on a duplex. Does anyone have great advice for new landlords? I am a pretty good communicator and already have a business-like mindset, but I know a lot more goes into it. I'm looking for tips/advice on managing software, screenings (and which softwares to use), when to list for rent, how to get the best tenants and just things I should know overall. I appreciate all advice given, thank you!

The biggest mistake made by Landlords? Not knowing how to handle tenants. How to screen, how to write a lease, when to collect the deposit, what to do with animals, how to deal with lease violations, etc. Most Landlords lose tens of thousands - or walk away from investing - because they burn out dealing with problems that are fairly simple to prevent.

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

Biggerpockets sells a Lease Agreement Package under "TOOLS" at the top of your screen. $100 for a lease and several other documents, written by investors and attorney approved for your state. It's better than what you'll get from most attorneys and what you'll find on the internet.