If you start with just one rental property you can eventually make enough money to purchase more. Everyone has to start someone, so when you secure your very first tenant you will need to make a lasting impression. Paying for newspaper ads can be expensive, and you might need to show your property to many different potential tenants before you are able to locate the right one. In addition, running background checks and calling references will take both time and money. This is why it will be extremely important for you to retain good tenants for as long as possible. You and your first tenant may want to sign a six month lease before you commit yourselves to a more long-term contract. This trial run will show both parties whether or not their short-term financial arrangement will be a good fit or not.

During the first few months after your tenant takes possession of your property you should try to do your best to show that you are a good landlord. You may not hear from your tenant for months on end, but if you are ever told that a repair needs to be made you must act promptly. Because you are just starting out, an expensive repair may be too much for you to handle on your own. This is why having a landlords insurance policy will help you to make the best impression you possibly can on your first tenant. Simply call your insurance agent and you can get your repairs made in no time flat.