Top 5 Mistakes First-Time Landlords Make (And How to Avoid Them)

Becoming a landlord for the first time is exciting—and a little intimidating. Whether you’ve inherited a property, bought your first investment home, or turned a former residence into a rental, you’re stepping into a new world of opportunity.

But it’s also a world full of unexpected challenges.

At Upventures, we work with countless first-time landlords in Oklahoma and beyond. And we've seen it all. Here are the top 5 mistakes first-time landlords make—and how you can avoid them to protect your investment and peace of mind.

1. Underestimating the Time Commitment

Mistake: Many first-time landlords think managing a rental property is as simple as collecting a check once a month. But between maintenance calls, inspections, tenant communication, rent collection, and legal responsibilities, the hours add up fast.

How to Avoid It: If you have a busy career or live out of state, consider hiring a professional property manager or rental co-host. At Upventures, we handle everything from emergency maintenance to tenant screening so you don’t have to spend your weekends chasing down plumbers.

2. Skipping Thorough Tenant Screening

Mistake: Accepting the first tenant who fills out an application is tempting—especially if your property’s been vacant for a while. But bad tenants can cost you more in repairs, unpaid rent, and legal fees than a few weeks without a lease.

How to Avoid It: Use a consistent, fair, and thorough screening process. Look for solid income verification, rental history, background checks, and references. At Upventures, we use tech-backed tenant screening that’s fast and reliable so you never have to gamble with your investment.

3. Not Understanding Local Laws and Regulations

Mistake: First-time landlords often don’t realize how many local, state, and federal regulations apply to rental properties. From fair housing laws to security deposit rules and notice requirements, legal mistakes can cost you big time.

How to Avoid It: Stay informed—or partner with someone who already is. As Oklahoma property management experts, Upventures ensures full compliance with every law that affects your rental. We stay up to date so you don’t have to.

4. Setting Rent Too High or Too Low

Mistake: Many first-time landlords guess what rent should be, using outdated comps or emotional pricing. This can lead to long vacancies or leaving money on the table.

How to Avoid It: Use real-time market data and neighborhood trends to price your rental competitively. At Upventures, we use smart pricing tools and local expertise to keep your listing appealing and profitable—whether it’s a long-term rental or a short-term Airbnb.

5. Failing to Treat It Like a Business

Mistake: Some landlords treat renting like a side hustle or passive hobby. They make decisions emotionally, forget to track income and expenses, and delay repairs to save a few bucks.

How to Avoid It: Your rental property is a business, and it should be treated like one. Have systems in place for accounting, maintenance, tenant communication, and legal compliance. If that feels overwhelming, that’s what we’re here for.

Bonus Tip: Don’t Go It Alone

First-time landlord mistakes are common—but they’re also avoidable with the right support. Whether you need full-service property management, co-hosting help for your Airbnb, or just someone to answer questions, Upventures is here to be your partner in property success.

We’ve helped investors across Oklahoma—and out-of-state—turn stressful rentals into thriving assets. Ready to stop worrying about what you don’t know? Let us help you avoid rookie mistakes and start earning like a pro.