When I bought my first property and placed my first tenant...I was a complete disaster! No point in beating around the bush right! As a Memphis real estate investor, I learned just enough about rental property management in Memphis, TN. to be dangerous and I certainly was. I was dangerous to my bottom line and dangerous to my future earnings.
By not being diligent with the learning process and making sure I had all the information I needed in place, I was jeopardizing my families investment in that property. Here are some tips that I learned the hard way and you can learn the easy way! Follow these steps and operating an investment property as the landlord can be made easier and less stressful.
What are the laws in your state or municipality
There are different laws around the country for both landlords and renters and you absolutely must know the laws that pertain to your area. That being said, here is the easiest way to learn those laws.
First, contact local property management companies and ask for their guidance with local land lording laws. It may take more than one call, but be proactive and ask for their assistance. Most will be more than happy to answer a few of your top questions.
Second, contact local landlords that advertise properties for rent in the local papers. Many times, with an offer to buy them lunch or dinner, a local landlord will spend time telling you how they operate and what they know about local laws. (Read More)