Our First Renter

We moved out of our townhome, and after spending 2 days cleaning, painting, mowing, and planting a new flower bed, our first rental property was ready for occupancy. We decided to use a realtor to manage our first property. With my current job I am out of town alot and felt that my frequent absence would kill renter prospects. For the "modest" 10% monthly fee, they screen renters for credit and background checks, prepare the paperwork, collect the monthly rent, supervise the property, and process evictions if neccessary.

It took 2 months, but we finally got a young family into the property. I didn't realize what poor financial shape most people live in these days. It's not that they are poor, it's just that they mis-manage their credit and financial lives, and live well beyond their means. One prospective tenant pulled up in a shiny brand new Cadillac, but when we ran her credit report, she had a bankruptcy, numerous defaults on car loans/repossessions, etc. It became clear to me why people rent.

Another thing I learned was that if you have any sentimental attachment to a property that you've lived in, and are planning on using it as a rental, lose the sentiment. Just make up your mind that you are not going to get the property back in the same shape as it was when you rented it out. I went thru that emotion after cleaning the rental for 2 days. It's just a piece of property and this is business. If you don't plan on living in the home anymore, get over it.

Rental #1 is rented and the deposit and first months rent are in the bank.

Onward in search of rental property #2.