Rental Properties

[Channing]

I recently acquired my first rental property. With no RE experience I am pretty much flying by the seat of my pants. I think I have things pretty well under control, but wanted to see if anyone (A) had any property management suggestions (its a small 5 unit building) or (B) had any special lease provisions they have found particularly useful.

I do have a good lease drafted by a local law firm, but was specifically wondering if any quirky one off provisions work particularly well for anyone else.

[sagegrouse]

I recently acquired my first rental property. With no RE experience I am pretty much flying by the seat of my pants. I think I have things pretty well under control, but wanted to see if anyone (A) had any property management suggestions (its a small 5 unit building) or (B) had any special lease provisions they have found particularly useful.

I do have a good lease drafted by a local law firm, but was specifically wondering if any quirky one off provisions work particularly well for anyone else.

In some big cities (like DC, NYC and the DC Md. suburbs), there is a lot of harsh legislation that limits what landlords can do (like enter a private apt. under virtually any circumstance). You might want to inquire. There may also be exceptions for buildings with few units or landlords with only a little property.

Otherwise, I always found it to be a good idea to be on good terms with the tenants. Most people are reasonable, and if they like you, they are even more reasonable...

sagegrouse

[budwom]

Make sure you have gobs of liability insurance.