All Forum Posts by: Therese V.

This is a 3 bedroom 1 bathroom home with basement and attic (tenants will not have access to the attic). Purchase price is $52k and rebuild estimate (according to bank appraisal) is $100k with appraisal being $55k. Home is located near Chicago.

My husband and I are shopping around for insurance quotes for our first rental property. Any suggestions as to how much coverage, what we need, how it works?

Thanks!

I know how you feel! We are waiting on closing (hopefully next week) on our first rental property. It is basically move-in-ready except for a few minor things that my maintenance man is going to do (out of state from us).

I've already thought about looking for the next property, lol. We basically already have a tenant for this one too.

No matter how much you say you can separate business from friendship as soon as your friendship enters a business relationship the dynamic changes. You mention you will also be living on the property. You will see your friends buy large items, be late on rent and get a new car. What thoughts will go through your head?

It is not worth it to mix business with friendships. If you truly considered them friends you would understand this and know that once you enter a business agreement the friendship will never be the same.

If you use a property manager the tenant probably wouldn't even know you were the property owner. (unless they looked the information up on the tax assessor site)

Thanks for the great tips!

I'm also making the rent a little lower to have better quality tenants. Property manager said can rent from $900-$1k, I am putting it for rent at $850. (plus will be closing in the middle of Nov in a snowy area)

Yes, that's another reason I want to be responsible for that.

How often should they be changed?

Do you change HVAC filters in your rental? A local property manager said to let tenants be responsible for that because it effects their own energy bill each month. I hesitate to agree because I wouldn't want them somehow accidentally messing something up, or just not changing it. What do you do, why or why not?

On a related note, do you clean air ducts? How often?

Thank you for the link and that website!

It looks great, is there a way I can print out a paper app for people to fill out and latter upload the data myself to do the background checks?

My property is located in a different state and my uncle, the maintenance man, will be showing/getting apps. He doesn't know how to use a computer. Do most people have internet access to fill out the app online or have you run into a problem with that? My tenants are mostly going to be lower-income people.

Is it $15 total for credit and criminal or $15 for each of them for a total of $30?

I am getting ready to create a rental application document and would like to know if there are any standard forms available or any that you guys can share?

Anything that I should definitely include and anything that I should avoid ( I know there are some things we aren't allowed to ask about)?

This will be our first rental property and I basically already have someone ready to rent, but want to make sure we do it by the books. It is a woman, her man and their baby. I know to get a copy of both of their IDs, any other documentation I should also get from them?

I'm so nervous, but glad we've finally taken the step, the house should close within the month.