Bought Your First Rental Property? Here’s What Happens Next

You bought your first investment property. Congratulations—you’re officially a landlord. Now what? In Episode 9 of The MD & G Show, Monica Dunlap, the Doctor of Real Estate, and George Dunlap break down what happens after you close on your first rental property and start dealing with the day-to-day realities of being a landlord. The first decision may be whether to self-manage the rental or hire a property manager. Monica and George discuss why managing your first property yourself can be a valuable learning experience when you have the time and live close enough to the property—but also why your personal workload and circumstances matter. They also share mistakes from their own investment journey, including a property where rental restrictions created unexpected problems—another reminder that investors need to understand the rules surrounding a property before relying on rental income. Your first investment property is only the beginning. How you manage the property, choose tenants, protect the asset, and control expenses can determine whether that rental becomes a successful investment or an expensive headache. Subscribe to The MD & G Show for practical conversations about real estate investing, rental properties, mortgage lending, property management, and building long-term wealth. Timestamp Topic 00:00 You Bought Your First Investment Property — Now What? 00:33 What Does It Actually Mean to Be a Landlord? 00:54 Property Manager vs. Self-Managing 01:43 Should You Self-Manage Your First Rental? 02:23 Do You Have Enough Time to Manage It Yourself? 03:23 Learning From Your First Landlord Experience 04:24 How Do You Find a Tenant? 04:49 Do You Need Property Management Software? 05:31 Rental Documents & Lease Agreements 05:53 Be Careful Using AI for Lease Documents 06:14 Where to Advertise Your Rental Property 06:37 Why a ‘For Rent’ Sign Isn't Enough 07:11 What Happens When Prospective Tenants Start Calling? 08:09 Use Rental Open Houses to Save Time 08:39 Using a Lockbox for Rental Showings 09:15 Tenant Selection Should Be Based on Due Diligence 10:03 Why Renting to Friends & Family Can Get Complicated 11:03 How to Properly Screen a Tenant 11:43 Rental History May Be the Most Important Check 12:47 Should You Call Previous Landlords? 13:30 The One Question to Ask a Previous Landlord 14:18 The Cost of Choosing the Wrong Tenant 14:51 Check HOA Rental Restrictions Before Buying 15:14 Why Every Investment Needs an Exit Strategy 16:32 Should You Allow Pets in Your Rental? 17:30 What Happens If the Tenant Has Undisclosed Pets? 18:39 Why Allowing Pets Can Expand Your Tenant Pool 19:22 Background Checks & Criminal History Screening 19:50 Screening Helps Weed Out Non-Serious Applicants 20:28 What Appliances Should a Rental Include? 21:37 Why Tenants Can Supply Their Own Washer & Dryer 22:35 Basic Rental Appliances: Stove & Refrigerator 22:40 Should Utilities Be Included in Rent? 24:00 Have Tenants Pay Utilities When Possible #RentalProperty #LandlordTips #RealEstateInvesting #PropertyManagement #MDandGShow