Jun 3, 2024
2:27:40pm
BYUCougarsFan Political Junky
Use Baseline to collect rent. It automates it and has no fees.




Everything you have in the unit you have to service if it breaks, so be careful with that.

Do background/credit checks on every tenant. It's all on Baseline (they have an integration).

Advertise on Facebook Marketplace. Do some paid marketing on there as well (very easy to do).

Charge a pet deposit and a pet fee.

If they're late enough on rent that it goes into the next month, you need to either have written conversation with them of their commitment to follow a plan to pay it, or you have to serve a quick-eviction notice. Otherwise you lose rights to that month's rent.

You have to pay taxes on rent collected, even if you use that rent to pay off the mortgage. So save about 1/4th of it.

Most of the financial benefits aren't from cashflow, because cashflow is very low (and almost nonexistent after repairs, vacancies, etc.). Most of it is from equity growth after holding the asset.

Trying to think of others lol.
BYUCougarsFan
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