First rental property guidance!

[Paige Seeley]

I'm closing on my first investment property this week! Since this is all new to me, I'm looking for some advice and I had some questions about self-managing the property. 

1. Would you recommend periodic check-ins at the property to assess for upkeep and potential maintenance issues? if so, how often if the tenant has a year lease?

2. Best way to handle maintenance requests from tenants

3. Since I'm only at 1 property right now, bookkeeping should be fairly simple. But any recommendations on a system? 

4. Best way for collecting rent, security deposit, etc. with 1 property. I was thinking of offering Zelle, Venmo, cashier's checks as options- I want to try the inevitable situation of having a personal check bounce.

5. what platform would be recommended for a lease generator? I know bigger pockets offers their own but wasn't sure if anyone had any experience with using those documents and if it's worth the money?

6. I thought about offering a credit towards the utilities and having the tenant cover whatever the remaining monthly utility bill would be as an incentive to hopefully rent this property faster, any thoughts or recommendations on this?

Thanks everyone! 

[Drew Sygit]

1) At least annually, preferrably 60 days or so before lease renewal, so you do NOT renew someone who doesn't take care of the property. Otherwise, it would depend on the maintenance requests and what is observed during them.

2) Require them in writing, so you can track them! Text is okay if you can copy the texts somewhere else. Get a GoogleVoice number, which allows this. Only exception is "blood or flood" emergencies (everything is an emergency to a tenant).

3) whatever your tax professional recommends.

4) Any way but NOT picking rent up or accepting cash - unless tenant direct deposits to your bank account.

5) You'll want to improve your lease over time as you deal with tenant issues. Most leases you access for free are very basic and worth exactly what you paid for them.

6) Why would you do that? Will just invite broke tenants and utility abuse.

How are you going to screen tenants?