How To Manage Your First Rental Property

How To Manage Your First Rental Property | New Landlord Tips

Рет қаралды 17,481

3 жыл бұрын

If you're just starting out managing your rental property here are some first time landlord tips! A lot of people find themselves as "accidental landlords" where they rent out their house after they move, only to realize there is a lot more to it than they thought. Comment down below your best tips for new landlords!
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Richey Property Management is a residential property management company serving Northern Virginia. Our goal is to elevate the Landlord/Tenant experience by providing outstanding service and communication and through the use of innovating technology and creative problem solving. Our years of experience and dedication to enhancing the lives of our clients make us a clear choice when selecting a property management company.
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Пікірлер: 26

@bdill3445 2 жыл бұрын

I’m a new land lord. No prior experience. My husband met two men at dinner one night that own a lot of rentals. They told him to never have a lease agreement. That doesn’t sound right.

@madalinecheshirentddev4276 Жыл бұрын

New land lord here as well. ALWAYS have a lease agreement for legal reasons. It will keep you out of court and you can hold them accountable for any damages made. My advice , try to keep away from voucher tenants and large families.

@goldsport 2 жыл бұрын

Great video! Thoughts on software for property management? Would love a video breaking down the pros/cons of big ones like DoorLoop, Property Matrix, AppFolio, etc.

@DailyreadwithNee 2 жыл бұрын

Great video! New subscriber

@jonathankerner2094 2 жыл бұрын

Well done. Thank you for a very professional and informative video. I look forward to seeing more from you! Well done.

@mitchellcolegrove4164 2 жыл бұрын

So the biggest advice is to find a real estate professional to help you on this from what it seems

@raystarky3896 5 ай бұрын

Great Important Informational Video, now i know why my Dad & Mom started me with learning how to work on houses in 1971, and My Mom always had to deal with the white collar Legalism and my Dad always Dealt with the blue collar Legalism until 1984 then I had to start fixing the houses and deal with the tenants. My Mom and Me were good business partners until she past away Dec 2018. I would say out of the 14 other trades i learned is that Real state and property management have been by far the Best profitables

@searchbug 2 жыл бұрын

Such an informative post, especially for those who are starting out rental properties. Here's our additional take to this matter. Landlords, please consider doing background checks to all your prospect tenants. There's a lot of danger or possible damages if you miss out doing this step. Your properties can be forfeited if ever your tenant uses your property in illegal activities. This is something you want to ignore as it will cost you hefty fees just to prove that you are in no way connected to the illegal activities done in your property.

@raygordonteacheschess5501 9 ай бұрын

That's illegal in many places. Unless you really like litigating, then in my case you found the right person.

@sl4983 5 ай бұрын

What country

@Eager2BFit Жыл бұрын

How can I get a business loan to update/renovate my current rental property I had for 10 years?

@RachelBianchi Жыл бұрын

Do you recommend any software for beginners in the technology? I heard DoorLoop is very user friendly but I'm scared to take that leap.

@LuisDiaz-ib4jp 3 жыл бұрын

Thank you so much God bless you for sharing this information 🙂🙂🙂👍👍👍

@ryanbrady5909 3 жыл бұрын

Thank you for the content. Where is a good place to get a lease agreement for Virginia?

@RicheyPropertyMgt 3 жыл бұрын

We think the VRLTA lease is good state-wide (www.nvar.com/docs/default-source/pdfs/standardized-forms/lease-vrlta---k1354ed1cf7db5c78366c709642ff00005f0421.pdf?sfvrsn=d4c0b70d_2). You might find different localities in VA interpret things a little bit differently but overall this is a good, standard lease for Virginia.

@erod707 2 жыл бұрын

@@RicheyPropertyMgt How about Texas?

@vmd0734 Жыл бұрын

I have a question as a renter. My old landlord sold the property through a realtor and called me 3 days ago to tell me he has sold the property and transferred my lease to the new landlord. He told me the new owners name but said he wasn't sure of his name, which is puzzling to me. He also said he dies not have the new guys phone number either. Maybe its because he did it through a realtor? Anyway, my old landlord said the new one has my number and would reach out to me that day or the next day. It's been 3 days, and no phone call or anything. Its also the 3rd (rent is typically due on the first of the month). I dont know how to pay rent to the new owner, or how to even get in contact with him. Advice?

@RicheyPropertyMgt Жыл бұрын

i think I'd ask your old landlord's Realtor for the contact information for the buyer's Realtor- Realtors will have each other's information so that's probably easiest. And it would be hard for the new landlord to charge you a late fee since you've never been given any contact info or any method to pay the rent. Document your calls/emails to the buyer's Realtor so you have proof you've made a good faith effort to find the landlord's info and pay.

@titusdavis2.0 5 ай бұрын

Didn’t teach me anything about being s as Langford just told me to get a property manager

@annwright8665 Жыл бұрын

I check the rental house every 4 months. My renter of tens yrs from 4 months ago to yesterday has taken all the bathroom tile off the wall in the shower , bathtub combo. I’m in shocked! They put up a plastic wall board. Can I evict them?

@sl4983 5 ай бұрын

Who do you check every 4 months? Do you think the landlord business is right for you? Renters have a right of quiet and peaceable enjoyment.

@realf1rme 2 жыл бұрын

so i had to evict tenants and they left the house real bad compared to how we gave it to them . can i hold PM accountable ?

@gritskennedy5007 9 ай бұрын

Why would a renter ever take on the expense of having hvac servicing,? Why would any renter pay extra cash with the overcharging that is rampant these days overcharging for rent it is absolute greed. The cost of rent is higher than a mortgage. DO NOT RENT YOU WILL PAY MUCH MUCH LESS IF YOU SIMPLY PURCHASE YOUR OWN HOME.

@RicheyPropertyMgt 9 ай бұрын

The video talks about the landlord looking into having the HVAC serviced- not the renter. That’s definitely something a landlord should be considering to keep the home maintained.