Lessons I Learned as a First-Time Landlord (and What I’d Do Differently)
Becoming a landlord was an exciting milestone in my journey as an investor. I’d read all the books, listened to countless podcasts, and convinced myself that I was prepared. But let me tell you—nothing teaches you like real-life experience.
Owning rental property has been rewarding, but it hasn’t come without its fair share of lessons, mistakes, and “what was I thinking?” moments. Looking back, there are things I did right and plenty I’d do differently. Here’s what I’ve learned so far and some advice to help anyone starting their landlord journey.
Lesson 1: Screening Tenants Is Everything
When I first started, I underestimated the importance of thorough tenant screening. I was eager to fill my property quickly, so I accepted the first applicant who seemed okay. Big mistake.
What I learned:
Credit scores, income verification, and references are non-negotiable.
A good tenant isn’t just someone who pays rent on time—they respect your property and communicate well.
Rushing the process to avoid vacancy can cost you more in the long run.
What I’d do differently:
I now use tenant screening tools like RentRedi, which streamline the application process and give me detailed insights into potential tenants. I also trust my gut—if something feels off, I pass, no matter how “good” their application looks on paper.
Lesson 2: Maintenance Requests Are Inevitable
I knew maintenance was part of the job, but I didn’t realize how quickly those calls would come. From leaking faucets to HVAC repairs, it felt like something always needed attention.
What I learned:
Preventive maintenance can save you time, money, and headaches.
Having a reliable handyman or contractor on speed dial is a must.
Clear communication with tenants about maintenance timelines sets expectations and builds trust.
What I’d do differently:
I now budget more conservatively for maintenance and repairs. If I expect 10% of the rent to go toward maintenance, I plan for 15%. It’s always better to overestimate.
Lesson 3: Know Your Local Laws
One of the scariest moments as a new landlord was realizing I didn’t fully understand my local tenant-landlord laws. Whether it’s security deposit limits, notice periods, or eviction procedures, ignorance can land you in hot water.
What I learned:
Laws vary widely by state, county, and even city.
Staying compliant protects both you and your tenants.
Regularly brushing up on laws (or hiring a property manager) can save you from costly legal battles.
What I’d do differently:
Before renting out any property, I’d spend more time studying the laws specific to that area—or work with a property management company to ensure compliance.
Lesson 4: Property Management Is a Job
Managing a property is much more hands-on than I expected. Between collecting rent, handling tenant requests, and managing repairs, it can feel like a part-time job.
What I learned:
Self-managing can save money, but it’s not for everyone.
Property management software can make your life easier.
Sometimes, outsourcing to a property manager is worth the cost.
What I’d do differently:
I’ve started using RentRedi to simplify rent collection and tenant communication. For properties farther from home, I’m open to hiring a property manager to take the load off my plate.
Lesson 5: Expect the Unexpected
No matter how well you plan, surprises will happen. For me, it was an unexpected repair that wiped out several months of cash flow.
What I learned:
A strong emergency fund is essential.
Flexibility and problem-solving skills are key.
Rental income isn’t always predictable—plan accordingly.
What I’d do differently:
I’d set aside a larger buffer before taking on my first tenant. Having three to six months of expenses saved gives you peace of mind when things don’t go as planned.
Lesson 6: Relationships Matter
A good landlord-tenant relationship goes a long way. I’ve found that treating tenants with respect and fairness often leads to better outcomes for everyone.
What I learned:
Clear communication prevents misunderstandings.
Being approachable encourages tenants to report issues early, saving you from bigger problems later.
A good relationship makes tenants more likely to stay, reducing turnover.
What I’d do differently:
I’d prioritize regular check-ins and make sure tenants feel comfortable bringing up concerns. Small gestures, like prompt responses or a holiday card, can make a big difference.
Closing Thoughts
Being a landlord isn’t always easy, but it’s incredibly rewarding. The lessons I’ve learned have made me a better investor and taught me skills that extend beyond real estate—like patience, resilience, and problem-solving.
If you’re thinking about becoming a landlord or are new to the game, my advice is simple: embrace the challenges, learn from your mistakes, and keep improving. The journey is worth it.
Have questions or want to share your own landlord lessons? Drop a comment below or join my community for more tips and insights!
Here’s to growing and learning,
Alec John Fidan
