So being a Landlord is not easy. Initially there was a lot of cleaning, painting, a few minor updates to both homes regarding furnace and electrical.
The hardest part of the whole rentals in my opinion initially was going to be getting them rented and then screening your renters.
#1 SCREEN YOUR RENTERS
After placing signs 4 rent in each yard we were flooded with phone calls as many as 7 or more calls a day. The homes are on busy streets within our town, which was a great bonus. There were so many calls, so frequent that we just could not keep up. I'm sure we missed calling some potential callers, but we were doing the best we could. We received calls from all ages, with and without jobs, and one person wanted to rent the house and run a fortune telling business out of it. Within 2 weeks both units were rented with full security deposits and each with a 1 year lease signed.
We didn't have to pay a single mortgage payment out of our pockets which was great, but we had instant cash flow with both units. Our mortgage lender said, " You will cash flow instantly, let me know if you back out of purchasing."
Even though I was not on board at first this was one of the first great money decisions we have made.
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