Buying Your First Rental Property

This post is not intended to replace an in depth book, it’s quick reference to give you some of the most important tips.

The very first property for any landlord, should be a 3 bedroom/2 bathroom single-family home.

They are the most desirable properties for renting, buying, and selling in most markets and the easiest to finance.

Note: Before you buy, hire a home inspector. It’s worth the few hundred dollars to have a clear understanding of any current (or on the horizon) problems like roofing repairs/replacement, air conditioning failures, plumbing backups, etc.. These types of large expenses can hurt first time landlords quite a bit.

When it comes to features and amenities, don’t worry about making significant upgrades. Rental properties should be kept simple, especially the interior design neutral.

When you’re ready to fill your vacancy, conduct a complete tenant screening. Bad tenants can cause quite a bit of damage and/or heartache even in the very first tenancy.

Finally, be sure to use a comprehensive lease agreement.

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