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Apr 12, 2024
12:16:21pm
Best Guess 3rd String
About to become a first time landlord. Many questions, suggestions appreciated..

Located in Utah. 

Some questions I have:

  • What's the best way to collect rent as a landlord? I imagine electronic is best. I would initially shy away from Venmo, as it seems like it would break the co-mingling of cash requirement for an LLC (technically, not allowed by Venmo unless a business account).  
  • What's the best way to do a background check on potential tenants? I assume this is worth doing? 
  • Is it worth paying a lawyer to create an LLC and associated documents?  I've created LLC for a super small side business I have, but a rental property would have much more likelihood of having legal issues. 
  • The property would be about an hour away from me.  I wouldn't be able to timely take care of issues due to the distance and work.  I'm weighing the options of hiring a management company or finding a handyman who I can hire for specific jobs.  Between renters would likely be a mix of me and the handyman for any repairs and getting it ready to rent. 

 

What other tips/suggestions do you have?

Best Guess
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Best Guess
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Jun 15, 2022
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May 5, 2024
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