All Forum Posts by: Callie Currier

@Callie Currier

it's not just time, it's expertise.  for example, they will screen tenants according to strict criteria, and shield you from screening and placement issues.

you should of course do whatever you want.  if you want to self-manage, that's fine.  for a lot of us, though, we don't want the screening issues, we don't want the maintenance calls, etc.

if you really want to learn - start working on your own self-management checklist, AND interview a bunch of PMs.  ask them about their prices, processes, copies of their agreements, etc.  then you'll know what they do vs. what you will have to do.

Hi @Callie Currier - welcome! There are rental management software programs you can leverage at a fairly reasonable price, which is what I used to get started (I'm still a newbie). They offer lease agreements, application services, tenant screening, move in checklists, and auto-pay for tenants. I'll DM you what I used so you can check it out. Good luck!

Quote from @Callie Currier:

Quote from @Nicholas L.:

@Callie Currier

i'd hire a PM.  yes, you'll learn more by doing it yourself, and it will also take up more of your time.  you will need to manage your PM - so that will be plenty.  find a bunch of PMs and interview them. ask them for copies of their management agreements and read them.  look at their listings.  take them out for coffee.  there's a whole education there.

Thank you for the advice. If I get overwhelmed or end of not having the time, then I’ll look into a property mgr. I really want to do it myself. Is the time constraint the main reason you’d recommend a PM? 

I commend you for sticking to your guns and wanting to manage yourself. Everything is intimidating and can be overwhelming the first time you do it. After you place a tenant or two, it won't feel like a big deal. Get those reps in! Erick's response/checklist was awesome and very detailed! I would definitely check out Brandon Turner's book on managing rental properties if you haven't already. Also, BP offers state specific forms. I downloaded the AZ forms (before becoming an agent and having access to the AAR forms) and they were very thorough. 

My wife and I self-manage 4 LTR (tenants) and 1 STR (guests). The time constraint really is not that bad once you have everything in motion. I have the same thought process - I will continue to self-manage until it does make sense to spend our time doing it.

Take a narrated video.

@Callie Currier

i'd hire a PM.  yes, you'll learn more by doing it yourself, and it will also take up more of your time.  you will need to manage your PM - so that will be plenty.  find a bunch of PMs and interview them. ask them for copies of their management agreements and read them.  look at their listings.  take them out for coffee.  there's a whole education there.

Hi Callie,

Congrats on purchasing your second home and transitioning your primary into a rental! It's completely normal to feel overwhelmed during this process, but I’m here to help guide you through it.

1. Inspection: While not always required, it's highly recommended to get a home inspection before renting. This ensures that your property is safe and up to code. It can also help identify any potential issues that you might want to fix before a tenant moves in, which can save you time and money down the road.

2. Lease Agreement: When it comes to lease agreements, using a solid, state-specific template is key. You can find reliable lease agreement templates through legal platforms like Rocket Lawyer or LawDepot. Since you have a pool and fireplace, it’s essential to include specific clauses addressing the use, maintenance, and liability related to those amenities to protect yourself legally. You may want to consult a real estate attorney to ensure your lease covers all necessary details.

3. Tenant Screening: Screening tenants is critical to ensure you’re getting responsible renters. You’ll want to check their credit, rental history, and criminal background. Platforms like Zillow, Avail, and TurboTenant offer tenant screening services that can streamline this process for you.

4. Photos: Yes, taking photos of everything before your tenants move in is a smart move. Thorough documentation helps if there are any disputes about damages at the end of the lease. It’s best to take clear photos of all rooms, appliances, and any amenities, as well as any existing wear and tear.

5. Checklist: Here’s a quick checklist to get you started:

• Get a home inspection (optional but recommended)
• Fix any outstanding repairs or issues
• Create or customize your lease agreement (covering pool/fireplace)
• Set up tenant screening processes
• Take detailed photos of the property
• Secure proper insurance (consider rental-specific policies)
• Establish a move-in/move-out inspection process
• Clarify utility responsibilities in the lease
• Consider a property manager if you prefer hands-off management

Don’t worry, you're on the right track by doing your due diligence. If you need further assistance or want to discuss property management services, feel free to reach out. I’m here to help!

Best regards,

Erick Gonzalez

Quote from @Callie Currier:

Hi,

I’m in the process of buying a second home and turning my primary into a rental. I’m currently fixing a few things on my primary to get it ready to rent. I’m a little overwhelmed on the to do list, details of lease agreements and where to get one, as well as tenant screenings. Do I need an inspection on my primary before renting it out? Do I take pictures of everything before renting in case there are damages when the lease ends? Trying to do my due diligence, but not sure where to start and what exactly to do. Also, I have a pool and fireplace so I want to cover myself on the lease agreement. Sorry, it’s a lot. I need a checklist of some sort. TIA!

Hi Callie,
Have you considered hiring a property management company? 

Callie, glad to see you jumping into the rental game. It can be very rewarding! It can also have some pitfalls. Unfortunately there is really no checklist. There are a lot of good resources for being a successful property manager and many meet up groups to participate in. I would encourage you to read everything you can related to property management and get involved in your local groups and find a mentor there.

I will be glad to share our lease agreement we use here in Oklahoma. I would recommend you run it by your own attorney to ensure it fits your needs. I do not buy rental properties with pools so you will definitely want to add something into the lease to cover that. You can also require a renter to provide renters insurance that covers any risks that you require.

We can also arrange a phone call with my property management team to answer any questions. We always try to help new investors and pay it forward!