First time landlord?

Investment is an important aspect of real estate that sometimes stands alone or can be combined with home ownership. The idea of having a multi-unit building to help with the payments is a common goal and one that can work well in the right circumstances. But be sure you know what you are getting in to. It's important to have reliable resources, especially when entering a new venture.

One very important recommendation is that you contact the Rental Housing Association of Northern Alameda County. For a fairly small membership fee you will have access to lots of resources including the necessary forms and disclosures. This is particlarly important to avoid running afoul of local rent control ordinances. Tenants have rights that must be respected. A good tenant is an important asset to you if you have rental property. But remember, this is a business relationship. Treat it that way by knowing the relative rights and responsibilities of both parties. Failing to maintain your property and good relations with your tenants is like not changing your oil or letting your tires go bald. But it's worse because it seriously affects other people and their day to day living.

To get my income property clients off to a good start I give them their first year's membership as a closing gift from me. Treating this like a business will help you just in case things go wrong. Their web site is http://www.rhanac.org/ . I have a client who joined so that she could rent out her little condo while in Europe. It has been a big help to her.