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📖 About This Playbook

This comprehensive playbook covers everything you need to know as a first-time landlord. Follow this step-by-step guide to navigate your first year successfully and set yourself up for long-term success in rental property management.

Phase 1: Getting Started (Before You Rent)

1. Legal Requirements & Compliance

Business Registration: Check if you need to register as a business entity (LLC, corporation, etc.)
Licenses & Permits: Some cities require rental property licenses or permits
Tax Preparation: Obtain EIN if needed, set up separate bank account for rental income
Insurance: Get landlord insurance (different from homeowner's insurance) with liability coverage
Legal Documents: Prepare state-specific lease agreement and rental application form

2. Property Preparation

Deep Cleaning: Professional cleaning throughout the property
Repairs & Maintenance: Fix all issues before showing to tenants
Safety Inspection: Check smoke detectors, carbon monoxide detectors, locks, etc.
Documentation: Take detailed photos and videos of property condition
Utilities: Decide which utilities you'll pay vs. tenant pays
Property Improvements: Consider value-add improvements that justify higher rent

3. Set Your Rental Criteria

Income Requirements: Typically 3x monthly rent (gross income)
Credit Score Minimum: Usually 650+ (adjust based on market)
Rental History: Require references from previous landlords
Background Check: Criminal history and eviction history
Pet Policy: Decide on pets, pet deposits, and restrictions
Smoking Policy: Clearly state smoking restrictions

Phase 2: Finding Quality Tenants

1. Marketing Your Property

Professional Photos: High-quality photos showcasing the property's best features
Online Listings: List on Zillow, Apartments.com, Facebook Marketplace, etc.
Signage: "For Rent" sign in front of property
Pricing: Research comparable properties to set competitive rent
Property Description: Highlight key features, location benefits, and amenities

2. Tenant Screening Process

Use our comprehensive Tenant Screening Checklist to ensure thorough screening:

Review rental application for completeness
Run credit check and background check
Verify employment and income (call employer directly)
Contact previous landlords (verify they're actual landlords)
Check references
Score applicants using consistent criteria

3. Lease Signing

Lease Review: Go through lease agreement with tenant, answer questions
Security Deposit: Collect security deposit (check state laws for limits)
First Month's Rent: Collect first month's rent before move-in
Move-In Inspection: Complete move-in inspection form with tenant
Keys & Access: Provide keys, garage door openers, mailboxes, etc.
Documentation: Keep copies of all signed documents

Phase 3: Day-to-Day Management

1. Rent Collection

Payment Methods: Set up online payment portal, accept checks, or use property management software
Due Date: Clearly communicate rent due date and late fee policy
Late Fees: Enforce late fees consistently (check state laws for limits)
Payment Tracking: Keep detailed records of all payments
Automation: Consider automated rent reminders

2. Maintenance & Repairs

Follow our Year-Round Maintenance Checklist for preventive maintenance:

Emergency Contacts: Maintain list of reliable contractors and vendors
Response Time: Respond to maintenance requests promptly (24-48 hours for non-emergencies)
Preventive Maintenance: Schedule regular inspections and maintenance
Documentation: Keep records of all maintenance work and costs
Tenant Responsibilities: Clearly communicate what tenant is responsible for

3. Communication

Professional Communication: Maintain professional, respectful communication
Response Time: Respond to tenant inquiries within 24 hours
Documentation: Keep records of all communications
Regular Check-Ins: Periodic check-ins to ensure tenant satisfaction
Use Templates: Consider using communication templates for consistency

Phase 4: Financial Management

1. Record Keeping

Separate Bank Account: Use dedicated account for rental income and expenses
Track Everything: Record all income and expenses immediately
Receipts: Keep all receipts organized by property and category
Use Our Template: Download our Expense Tracking Spreadsheet
Tax Preparation: Use our Tax Deduction Checklist to maximize deductions

2. Budgeting

Operating Expenses: Budget 1-2% of property value annually for maintenance
Vacancy Reserve: Set aside funds for vacancy periods
Emergency Fund: Maintain emergency fund for unexpected repairs
Cash Flow Analysis: Regularly review income vs. expenses

Common First-Time Landlord Mistakes

❌ Skipping Tenant Screening: Rushing to fill vacancy can lead to problem tenants
❌ Not Having Written Lease: Verbal agreements are not legally enforceable
❌ Poor Documentation: Not keeping records of property condition, communications, expenses
❌ Ignoring Maintenance: Small issues become expensive problems if ignored
❌ Mixing Personal & Rental Finances: Keep separate accounts for clarity and tax purposes
❌ Not Understanding Laws: Landlord-tenant laws vary by state - know your obligations
❌ Emotional Decisions: Make business decisions based on data, not emotions
❌ Underpricing Rent: Research market rates to maximize income

90-Day Action Plan

Days 1-30: Preparation & Setup

✓ Complete legal requirements and insurance
✓ Prepare property (cleaning, repairs, photos)
✓ Set rental criteria and pricing
✓ Create marketing materials and listings
✓ Set up separate bank account
✓ Prepare lease agreement and application forms

Days 31-60: Tenant Acquisition

✓ Market property and show to prospective tenants
✓ Screen applicants thoroughly
✓ Select best tenant
✓ Sign lease and collect deposits
✓ Complete move-in inspection
✓ Set up rent collection system

Days 61-90: Establish Systems

✓ Collect first month's rent
✓ Establish communication routine
✓ Set up maintenance vendor network
✓ Implement record-keeping system
✓ Review and optimize processes
✓ Plan for long-term success

Additional Resources

Essential Checklists

Calculators & Tools

Download This Playbook

Save this playbook as a PDF for easy reference throughout your first year as a landlord.

First-Time Landlord Playbook