Summary: A buyer has made her first purchase of investment property and is wondering how to go about renting it. The most important thing you can do to make investment property successful is to find good quality tenants. You'll also want to follow any local rules or regulations with your investment property.
Q: I've just bought my first rental property. Do you have any advice for me on renting it out? And, do you have any recommendations for books I should read?
A: Congratulations on purchasing your first rental property. Let me be the first to tell you, making it a financially successful endeavor takes a lot of hard work and plenty of patience.
The most important thing you can do to make your investment successful is to find good quality tenants. There are a lot of ways to do this. But offering a great property at a great rental price will yield tremendous results.
For example, when Carole places an ad to rent her Oakland, California rental property, she puts it on the market at a very competitive rate -- or even slightly below the going market price. She will typically get dozens of potential renters knocking at her door from a single ad. The last renter she had offered to repaint the unit for her if she would let him sign the lease.
In addition to offering the unit at a competitive price, be sure to follow any local rules or regulations on tenants. You don't want to run afoul of any local laws.
As far as books go, I like anything by Robert Irwin. I also enjoy reading Robert Shemin's books, like the Millionaire Real Estate Landlord. For tax information, Nolo Press publishes Every Landlord's Legal Guide, which I've found helpful.
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Comments
Adam says
You could try this site http://gotrenter.com. They have an online database of tenants you can search through...not expensive at all either :) that's my two cents anyways!
Jenn@thinkglink.com says
@Adam Thanks for your comment. Since this story was originally published there have been more of these tenant database/research tools popping up. RentBureau.com is a good one to check on your potential tenants payment and credit history.