6340 Westfield Blvd, Indianapolis, IN 46220
(463) 207-0234austin@austincoon.com

Managing Your Property

Your First 90 Days as a Landlord

Guide · Author: Austin Coon

The first 90 days of ownership set the pattern for everything after. Landlords who start with systems — a documented condition report, a real reserve account, and a maintenance process that isn’t their phone number — almost never become horror stories.

This guide is the operating manual for your first door.

Days 1–30: set up the machine

  • Complete a photo-documented move-in condition report with the tenant present, signed by both parties. It is your only defense in a deposit dispute.
  • Open a separate account for rent and reserves; keep 3–6 months of full carrying cost per door.
  • Register utilities in your name or confirm the tenant transfer, and set up your rent collection system — online, automatic, and never cash.
  • Introduce yourself to the tenant in writing: how maintenance requests work, how notices are delivered, and who to call.

Days 31–60: learn the property

  • Locate and tag the main water shutoff, electrical panel, and HVAC filter — and change the filter yourself the first time.
  • Build your vendor list before you need it: plumber, electrician, HVAC tech, and a handyman. Ask Austin for his preferred contractor list.
  • Review your insurance and confirm you hold a landlord policy, not a homeowner policy.

Days 61–90: run it like a business

  • Keep a property P&L from month one — rent collected, every expense by category — and compare it to your underwriting at year-end.
  • Know your lease’s notice deadlines for renewal or non-renewal; Indiana’s rules favor landlords who follow their own paperwork.
  • Decide honestly whether self-management still makes sense: 8–10% of collected rent is the market price of the job you’re doing.

Common questions

How much should I hold in reserves?

Three to six months of full carrying cost per door — payment, taxes, insurance, and HOA — separate from your rehab budget, plus a monthly capital reserve inside your numbers.

What’s the biggest first-year mistake?

Skipping the move-in condition report. Without it, every deposit dispute becomes your word against theirs — and small claims court becomes a coin flip.

When should I hire a property manager?

When the phone calls cost you more than the 8–10% fee, or your first vacancy stretches because you can’t show the unit on workdays. The Cash Flow Model on this site lets you price the hire before you make it.

Want to run this with Austin?

Bring your address, your numbers, or just your questions — Austin works through them with you before you\u2019re committed.