First Rental Property

This is probably the worst blog subject title I have created in about a month. The creative juices for the subject heading just were not flowing today…

However, the content of this article, and especially the attached video is probably some of the best content I have created in about a month.

Once you have purchased a rental property, you must complete 3 important things.
On the day of your closing, you will get the keys to the rental property from your real estate lawyer. On that day, or the following day, you should go to your property and do a walk through. If your property is far from you geographically, then you can have a representative conduct the walk through on your behalf.

Here are the 3 things that you you should complete during your walk through.

1) Determine if there are working smoke detectors.

Take a look at and examine the existing smoke detectors. Determine if they are working, or if they need to be replaced. If they need to be replaced, make sure that you replace these ASAP and before anyone moves into the property. You can check to see if the smoke detectors are working by pressing the ‘test button’ on the smoke detector. If the smoke detector makes a ‘chirping’ noise, then it is working. With most smoke detectors, the chirping noise should stop after a few minutes, after you first press the test button.

2) Look for minor repairs

It is amazing what you notice on your walk through once you have taken possession of your new rental property. You notice things that you had not during your initial viewings of the property. I have noticed this happen a number of times to me. I figure this happens because during your own walk through, you are relaxed, and can take your time to look through and examine the entire house. Prior to this walk through, the previous times that you would have seen the property would have been during your viewings of the property with your Realtor, or during your home inspection with your Inspector.

3) Determine what needs to be cleaned up

It is amazing sometimes the different items that are left behind when people move houses. Sometimes people are very good, they clean the house up very well, and leave nothing behind for you. Other times, people are not very good, as they leave the house dirty, and they leave behind random items. My least favourite items left behind for me is garbage. My favourite item that has been left behind for me, intentionally, is a single beer in the fridge. I have had a bottle of Corona and a bottle of Heineken left behind for me on two different occasions.

Yesterday I took possession of another rental property in Hamilton, Ontario, Canada. I completed my walk through of the property today. Check out the video, and please leave me your comments at the bottom of this article. What did you like about the video? Would you like to see more videos like these?

[youtube]http://www.youtube.com/watch?v=TLChOxzge08[/youtube]