Getting Started

I met a nice young couple today.  They expressed an interest in getting started in the rental business.  It was very hard for me to come up with some positive encouragement.  I have had so much trouble this month with tenants.  Troubles ranging from drug busts, non-payment, getting ticketed for burning, property trashed, and then throw in a murder, that covers it, I guess.  The month is not over yet!

However, I did manage to give them some advice. 

1. Start slow , get one property working for you before starting on another.
2. Don't fix it up like you are going to live in it yourself.  Everything  should work and be durable.

Now that I am back home, I think of several other things that I should have mentioned like:

1. Don't acept payments on the move in amounts; get all the money up front.
2. Screen, screen, screen your tenants.
3. Get a list of everyones name and age that will be living there.  Full application on anyone over 18.
4. Be firm not nice right from the get-go.
5. Assume everything that they tell you is a lie.
6. They will sneak in the animals that they tell you can live somewhere else.

 On second thought, maybe these aren't positives just self-preservation.