New to Rental Property Investing

Pensacola, Florida
Managing Your Property
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New to Rental Property Investing

Tannia Castro
Member since 2025 · 1 post · 1 vote

Hi everyone, I’m Tannia. I'm new to rental property investing and excited to learn from this group. I’d appreciate any guidance or tips to start on the right path. From choosing a property management company to landscaping companies.  Thank you!"

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Lake Lutes
Real Estate Agent · Fort Walton Beach, FL · Member since 2018 · 143 posts · 114 votes
1y

Thanks @Raymond J. Rodrigues!! @Tannia Castro - happy to chat and get you going on the right path! I operate from Pensacola to Destin to PCB. I'll shoot you a message!

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  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    1y

    @Tannia Castro

    Welcome to the exciting world of rental property investing, Tannia! You're taking a great first step by joining this group and seeking guidance. Here are some tips to help you start on the right path:

    1. Education Is Key
      Invest in yourself first by reading or listening to books and podcasts about real estate investing. The BiggerPockets community has excellent book recommendations, such as The Book on Rental Property Investing by Brandon Turner. You'll gain valuable insights into evaluating deals, financing, and managing properties.
    2. Local Networking
      Plug into local investor meetups in your area, the Pensacola area should have tons of groups. These groups are goldmines for finding mentors, reliable vendors, and other investors to learn from.
    3. Property Management
      Choosing the right property management company can make or break your experience. Look for a team with a strong track record in managing rentals like yours, especially in your target area. A good manager will handle everything from marketing to maintenance and tenant screening, saving you time and stress.
    4. Vendors and Landscaping
      Building a team of dependable vendors—like landscaping companies, contractors, and insurance agents—is critical. Look for professionals who understand the unique needs of real estate investors. For example, I often recommend working with vendors who specialize in rental property maintenance or have experience with rental landscaping to keep your property looking great without overspending.
    5. Start Small and Smart
      Focus on buying a property that fits your budget and investing goals. Evaluate potential rental properties with a keen eye on location, cash flow, and potential appreciation. In areas like Frisco, Plano, or Arlington, proximity to major employers and universities like TCU or SMU can make a big difference.
    6. Stay Curious and Persistent
      Real estate investing is a marathon, not a sprint. There’s no single right answer to every situation, but the more you educate yourself and build your network, the more confident you'll become.

    Lastly, don’t hesitate to ask questions here, no matter how small they seem. The real estate community is full of experienced investors happy to share their knowledge. Best of luck on your journey, and remember, delayed gratification is your best friend in this business!

    McCaw Property Management4.4902 Reviews
    WebsiteView Page
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  • Katie Smith
    Member since 2023 · 348 posts · 190 votes
    1y

    Hi Tannia!

    That's so exciting that you're diving into the rental property world! Have you had a chance to check out any local meetups or REIA (Real Estate Investors Association) events? They're a fantastic way to connect with local investors who can share their experiences and recommend trusted professionals they work with.

    You’ll likely meet key members of your team at these events, including insurance agents, title companies, lenders, realtors, and even wholesalers. It’s a great way to build a strong network and build relationships!

    Best of luck as you get started—let me know if there’s anything I can do to help!

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    1y

    @Tannia Castro

    Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.

    Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.

    Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

    To avoid going through the same poor experience, keep reading.

    Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.

    In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

    It's often a case of not doing enough research, as they don't know what they don't know!

    Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

    So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

    EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

    This also leads owners to ASSUME simpler is better when it comes to management contracts.

    The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

    A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?

    We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

    EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

    P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

    Logical Property Management4.9446 Reviews
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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    1y

    Hi @Tannia Castro welcome to BP! @Lake Lutes is in your neck of the woods and can assist you with identifying rental properties. He is an investor focused realtor and investor himself. I hope this recommendation helps! He's a great guy. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5125 Reviews
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  • Brian TeeterBusiness Member
    Little Rock, AR · Member since 2021 · 75 posts · 64 votes
    1y

    I agree with Katie above.  Network and find a referral from other investors.  Look for a PM is also an investor/owner in your market. 

    501-951-7100
    Turnkey Property Management4.8170 Reviews
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  • Lake Lutes
    Real Estate Agent · Fort Walton Beach, FL · Member since 2018 · 143 posts · 114 votes
    1y

    Thanks @Raymond J. Rodrigues!! @Tannia Castro - happy to chat and get you going on the right path! I operate from Pensacola to Destin to PCB. I'll shoot you a message!

    1Reply
  • Jennifer Hoyer
    Northern Virginia · Member since 2024 · 7 posts · 4 votes
    1y

    Piggybacking on what Michael Smythe wrote, ask what the PMC's turnover rate is and do not let them put your home in a newbie's portfolio. New PM's get their experience at the owner's expense and it takes at least 4 years to really get a handle on this business. Ask if their handyman is in-house--which I've seen turn into a "charge up to the owner authorization threshold for every single visit".  Ask if any of the contractors are related to the PMC's employees.  The PMC I left to start my own PMC had at least 2 "preferred contractors" related to key players in the office so high rates and poor service fell on deaf ears. I'm amazed and delighted daily by Lady Landlords FB page and highly recommend joining at least 2 Landlord FB pages as well as these here in BiggerPockets. It's like flash cards for fast learning. Buckle up and enjoy the ride!

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  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1y

    Welcome to Bigger Pockets Tannia!

    If you’re looking to invest in your backyard, it helps to network with as many locals in the industry as you can. A great way to start is by attending RE events and joining a local investors association. You can usually find some events by doing a simple google search.

    [email protected]614-662-1652
    Reafco - Samuel Diouf528 Reviews
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  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    1y

    I would say the key would be to narrow in on an area (this could be a city if you are not from that area and investing remotely), or this could be a part of the city (some local streets) if it is in your backyard. From there, I would start to run numbers on those deals in that area/streets, and then start to connect with local agents/PMs to get an even better feel for pricing on homes along with rents for them. 

    The McKernan Group4.954 Reviews
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